Chance Gates' Blog

$100 Down Payment Rules & Regulations

Where Do I Find HUD Homes?

Read more: http://www.brighthub.com/money/home-buying/articles/28618.aspx#ixzz1S7MIJO5b

Every NSP2 home for sale includes a $5000 Cash grant to be used for closing costs and a $15,000 interest free forgivable loan.   Applicants may also qualify for a WISH grant, which could provided up to an additional $15,000 forgivable loan.  Applicants can also purchase a Mortgage Credit Certificate through the Home at Last MCC Program offered by Neveda Rural Housing Authority

NSP2 targeted income groups

NSP2 activities are targeted towards two groups of people. Potential homeowners will be people making between 50% and 120% of the Area Median Income (AMI), and potential renters will be people making less than 50% of AMI. The AMI chart for Washoe County is as follows(FY 2011 Income Limits):

Area Median Income (AMI)

http://www.renoha.org/index.php?id=purchase

Mark your favorite properties and get instant updates price changes,  new pictures and status changes.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney

http://members.houselogic.com/articles/escrow-accounts-whats-deal/preview/

By: Susan B. Weiner

Published: October 22, 2010

Does your escrow account ever cross your mind? Probably not. But forgetting to monitor it can lead to lost money and a big headache.

Escrow accounts: lenders love them; you might not

As handy as they are, you’ll find some significant hitches:

• You lock up your money before your tax and insurance payments are due, since your lender is taking the money out each month, often long before the tax payment is actually due.

• Your lender usually doesn’t have to pay you interest on your escrow account—it varies by state.

• Your lender may screw up paying taxes or insurance, and even though it has to fix mistakes, you have to make the time and effort to follow up.

• There may be tax advantages to timing your property tax expenses—but you can’t do that if you’re paying a flat fee in escrow each month.

But your lender may insist on an escrow account because it:

• Helps guarantee your insurance and taxes will be paid.

• Ensures your lender will get the first claim on your house if you default, ahead of the local government.

In fact, your lender may do you the honor of charging you a flat fee for opting out of an escrow account, or it will add 0.25% to 0.5% to the loan amount if you decline to use an escrow account.

How to manage your escrow account

Your lender has to give you an annual escrow account statement and refund any available balance when you sell your house or refinance your mortgage. Check your escrow account statement carefully:

• Make sure everything adds up. “If I have my escrow statement, my property tax bill, and my homeowner insurance declaration page, and everything matches up, then I’m fine,” says Debbie Siegel, president of Westchester Mortgage in Newton, Mass.

• Check the size of the escrow account. Lenders are allowed to keep a reserve of no more than two months in payments in most states, and in some situations it’s even less. Your REALTOR® or lawyer can give you the skinny in your case.

• Contact your lender in writing if you find a problem in your escrow account. If your lender missed an insurance payment, it should pay any late fees as long as your mortgage payments are current, according to the U.S. Department of Housing and Urban Development. If your insurance is canceled as result of your lender’s late payment, you can sue your lender.

• Know your rights. Your lender must acknowledge your letter within 20 days and try to fix your problem within 60 days. If you’re still not satisfied, file a complaint with HUD.

Don’t worry, however, if your escrow account balance is temporarily negative. It’s probably due to a recent increase in your taxes or insurance. Your lender will pay your taxes and insurance, although you will need to reimburse your lender for the shortfall.

A final word: Usually basic home owners insurance will be paid out of an escrow account. If you have extra coverage for your original Matisses, for example, you may need to pay that premium directly to your insurer.

Susan B. Weiner has written on financial topics for Bottom Line/Personal, Financial Planning, Wealth Manager, and other national publications for more than 15 years. She learned firsthand that when your house combines two lots, your escrow account may initially fail to pay the tax bill on the second lot.

Mark your favorite properties and get instant updates price changes,  new pictures and status changes.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney

What type of help can a homeowner expect to get from a counseling service and why is it such an important first step?

The HUD certified counselors review the home owner’s overall financial situation and then guide them to the solution that best suits their individual situation. Everything from assisting homeowners in reviewing their monthly budget to determining whether loan modification or other options are appropriate. They also assist the homeowner in submitting the required documentation to the homeowner’s lenders. They can guide them through the entire process including credit repair. It’s important to note that every individual or family’s situation is unique and it takes a trained counselor to look at the situation and discuss with the homeowner their options.

Is there help for homeowners who have already gone through foreclosure and need help getting back on track?

Many of the counseling agencies, as well as credit counseling agencies, can assist homeowners to get back on track with a budget and the steps to take to repair their credit. Their goal is to have these people become homeowners again in the future.

Seek Free Consultation

Other HUD approved Credit Counselors in the State of Nevada can be found at: www.hud.gov

Types of documents you will need to locate and bring to your appointment:

• Any correspondence from the mortgage company or its attorney, even if it’s unopened
• Any documentation from the courts or the sheriff regarding a foreclosure
• Most recent pay stubs for all employment
• Last two months of all bank stat ements (all pages)
• Last year’s federal income tax return
• Property tax bill
• Copy of all household bills, (ie.car payment, insurance, utility bills, credit card bills)
• Hardship Letter

Logging in allows you to save your favorite properties and get instant updates price changes,  new pictures and open houses on the property.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

read more at http://www.foreclosurehelpfornevadans.org

http://www.foreclosurehelpfornevadans.org/things_to_avoid.php

• Beware of foreclosure rescue scams – Help is Free!
• Beware of anyone who asks you to pay a fee in exchange for counseling service or modification of
  delinquent loan.
• Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
• Never make a mortgage payment to anyone other than your mortgage company without their approval.
• Assistance from a HUD-approved housing counselor is FREE.

For more information go to: http://fightfraud.nv.gov/

Loan Modification

Is it Legitimate?

Don’t fall for scammers promising mortgage modification services they cannot deliver. Homeowners can check with the Better Business Bureau or the Nevada Department of Business and Industry to research licensed loan modification firms. The law requires licensing and bonding of loan modification providers. These licensed companies and agents are permitted to accept up-front fees, as long as they deposit them into a trust account and only withdraw them when the agreed upon services are provided. Before turning over ANY money or signing ANY paperwork, call the Division of Mortgage Lending at (775) 684-7060 in Carson City to see if the company is licensed and bonded through the Division of Mortgage Lending.

Get the Facts:

You can verify the legitimacy of loan modification providers by going to: http://mld.nv.gov/ and click on the button “List of Eligible Loan Modification Companies.”

Logging in allows you to save your favorite properties and get instant updates price changes,  new pictures and open houses on the property.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

By Duane Marsteller

Logging in allows you to save your favorite properties and get instant updates price changes,  new pictures and open houses on the property.

RISMEDIA, March 22, 2011—(MCT)—For more than a year, two federal agencies have urged homeowners with Chinese drywall to replace all electrical wiring when fixing their homes. Recently, the U.S. Consumer Product Safety Commission and the U.S. Department of Housing and Urban Development altered course—lending credence to a homebuilder group’s protocol, conflicting with a court-monitored national remediation program and drawing criticism from some quarters.

The federal agencies revised their drywall remediation guidelines to say that some, but not all, electrical wiring and components must be removed. The change stems from additional laboratory testing of electrical components that found that long-term exposure to hydrogen sulfide—the primary gas emitted by the tainted drywall—did not always substantially worsen the risk of smoke or fire.

“In general, residential electrical system components appear to be relatively tolerant of the corrosive environment created by problem drywall, if the system is installed properly,” a commission report says.

The commission and HUD also added 2009 to the range of years in which the corrosive drywall was installed in U.S. homes. The previous ending year was 2008. Drywall installed in 2009 was imported two to three years earlier, said the agencies.

The drywall, mostly imported from China, has been blamed for emitting sulfuric gases that corrode electrical and metal components, produce noxious odors and cause health ailments such as runny noses and headaches.

Concerned that corroded electrical wires could lead to a higher risk of fire, the commission hired Sandia National Laboratories in New Mexico to conduct long-term testing. The lab purchased electrical outlets, circuit breakers, wiring and other electrical components, then subjected them to eight weeks of testing that simulated 40 years’ worth of corrosive conditions that could be found in homes with the problem drywall.

Their findings: Some components corroded faster than others, depending on how often they were used, how well they were installed or connected, and other factors. Based on that, officials revised the guidelines to recommend replacing the following items that tend to corrode faster:

• Fire-safety alarm devices, including smoke and carbon monoxide alarms.
• Electrical distribution components such as receptacles, switches and circuit breakers.
• Gas service piping and fire-suppression sprinkler systems.

Other electrical wiring, such as that behind walls, also can corrode but not severely enough to always warrant their automatic removal, said both the agencies and laboratory.

But that recommendation was heavily qualified.

“While no fire, smoking or other safety events occurred during the course of this experiment, CPSC staff and Sandia are mindful of the limited scope and controlled conditions of this experiment,” they say in a 89-page report of their findings. “The experiment does not, and could not, possibly capture every permutation of conditions, wiring, installation, brands, environmental conditions and other possible confounding factors that are actually present in the affected houses.”

That concerns Mike Foreman, a Sarasota, Fla., construction consultant who has been researching the corrosive drywall for more than three years.

Foreman says the lab results are incomplete, noting that testing was limited to 110-volt outlets and wires with PVC insulation. Further testing needs to be done on 220-volt outlets and wires with other types of insulation for starters, he contends.

“It’s nice that they came out with this information, but it’s lacking detail,” says Foreman. “All it does is just add confusion.”

By revising their guidelines, the agencies now differ from those issued by a federal judge who is overseeing a consolidated court proceeding on Chinese drywall.

In a pair of rulings last year, U.S. District Court Judge Eldon Fallon said all electrical wiring should be removed as part of any repairs done under the court case. A drywall manufacturer is now following that standard as it fixes 300 homes in a pilot program that could lead to a national settlement.

Several attorneys in the case say it is unlikely Fallon will change his requirements, which can cost $100,000 per home to implement, as a result of the agencies’ revision.

But the agencies now are more in line with recommendations the National Association of Home Builders issued earlier this week. Some have criticized the builders’ protocol because it does not recommend the removal of all wiring.

“Now, we have complete alignment and a sense of relief for homeowners and builders that, if there is no corrosion in the wiring, it doesn’t necessarily have to be removed,” says Katherine Cahill, product risk services managing director for Marsh Risk Consulting, who helped develop the NAHB’s standards.

(c) 2011, Bradenton Herald (Bradenton, Fla.)

Distributed by McClatchy-Tribune Information Services

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

RISMEDIA, August 18, 2010—Realogy Corporation, a global provider of real estate and relocation services, announced that its chief executive officer Richard A. Smith traveled to Washington, D.C., today to participate in the Conference on the Future of Housing Finance. The invitation-only event is being hosted by Secretary of the Treasury Timothy Geithner and Secretary of Housing and Urban Development (HUD) Shaun Donovan.

The conference was designed to provide a forum for public input as the Obama Administration works to develop a comprehensive housing finance reform proposal for delivery to Congress by January 2011. In addition to the panel discussions moderated by Secretaries Geithner and Donovan, the conference included a handful of breakout sessions with a diverse group of experts, including Smith.

“We applaud the Administration’s focus on reforming the housing finance system and for their process of engaging key stakeholders in this ongoing dialogue,” said Smith, who has overseen Realogy’s operations since 1996. “We are proud to participate in this conference to share Realogy’s industry perspective as well as to represent all of the brokers and sales associates who are affiliated with our respective real estate franchise brand networks.”

Smith was invited to share his insights as part of Breakout Session One: “Key Players in a Reformed System: Role of the Private Sector and of Government.” The session was co-moderated by Diana Farrell of The White House, who serves as Deputy Assistant to the President on Economic Policy and Deputy Director of the National Economic Council; Jeffrey Goldstein, Under Secretary for Domestic Finance at Treasury; and Raphael Bostic, Assistant Secretary for Policy Development and Research at HUD.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog.  You can email me @  chance at ballard-company.com or http://www.myspace.com/chancegates

RISMEDIA, August 13, 2010—Through the existing Housing Finance Agency (HFA) Innovation Fund for the Hardest Hit Housing Markets (the Hardest Hit Fund), the U.S. Department of the Treasury will make $2 billion of additional assistance available for HFA programs for homeowners struggling to make their mortgage payments due to unemployment. Additionally, the U.S. Department of Housing and Urban Development (HUD) will soon launch a complementary $1 billion Emergency Homeowners Loan Program to provide assistance—for up to 24 months—to homeowners who are at risk of foreclosure and have experienced a substantial reduction in income due to involuntary unemployment, underemployment, or a medical condition.

“We remain committed to helping struggling homeowners, and this program will provide additional assistance to states hit hardest by unemployment,” said Assistant Secretary for Financial Stability Herb Allison. “This is part of the Administration’s comprehensive housing policy that has helped to stabilize a fragile housing market and allows responsible homeowners the chance to reduce their monthly mortgage payments to affordable levels.”

“HUD’s new Emergency Homeowner Loan Program will build on Treasury’s Hardest Hit initiative by targeting assistance to struggling unemployed homeowners in other hard hit areas to help them avoid preventable foreclosures,” said Bill Apgar, HUD senior advisor for Mortgage Finance. “Together, these initiatives represent a combined $3 billion investment that will ultimately impact a broad group of struggling borrowers across the country and in doing so further contribute to the Administration’s efforts to stabilize housing markets and communities across the country.”

Hardest Hit Fund
President Obama first announced the Hardest Hit Fund in February 2010 to allow states hit hard by the economic downturn flexibility in determining how to design and implement programs to meet the local challenges homeowners in their state are facing.

Under the additional assistance, states eligible to receive support have all experienced an unemployment rate at or above the national average over the past 12 months. Each state will use the funds for targeted unemployment programs that provide temporary assistance to eligible homeowners to help them pay their mortgage while they seek re-employment, additional employment or undertake job training.

States that have already benefited from previously announced assistance under the Hardest Hit Fund may use these additional resources to support the unemployment programs previously approved by Treasury or they may opt to implement a new unemployment program. States that do not currently have Hardest Hit Fund unemployment programs must submit proposals to Treasury by September 1, 2010 that, within established guidelines, meet the distinct needs of their state.

The states eligible to receive funds through this additional assistance, along with allocations based on their population sizes include:

Alabama – $60,672,471
California – $476,257,070
Florida – $238,864,755
Georgia – $126,650,987
Illinois – $166,352,726
Indiana – $82,762,859
Kentucky – $55,588,050
Michigan – $128,461,559
Mississippi – $38,036,950
Nevada – $34,056,581
New Jersey – $112,200,638
North Carolina – $120,874,221
Ohio – $148,728,864
Oregon – $49,294,215
Rhode Island – $13,570,770
South Carolina – $58,772,347
Tennessee – $81,128,260
Washington, D.C. – $7,726,678

HUD Emergency Homeowners Loan Program
This new program will complement Treasury’s Hardest Hit Fund by providing assistance to homeowners in hard hit local areas that may not be included in the hardest hit target states. These areas are still being determined.

The program will work through a variety of state and non-profit entities and will offer a declining balance, deferred payment “bridge loan” (zero percent interest, non-recourse, subordinate loan) for up to $50,000 to assist eligible borrowers with payments on their mortgage principal, interest, mortgage insurance, taxes and hazard insurance for up to 24 months.

Under the program, eligible borrowers must:

1. Be at least three months delinquent in their payments and have a reasonable likelihood of being able to resume repayment of their mortgage payments and related housing expenses within two years;

2. Have a mortgage property that is the principal residence of the borrower, and eligible borrowers may not own a second home;

3. Demonstrate a good payment record prior to the event that produced the reduction of income.

HUD will announce additional details, including the targeted communities and other program specifics when the program is officially launched in the coming weeks.

For more information, visit www.hud.gov.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog.  You can email me @  chance at ballard-company.com or http://www.myspace.com/chancegates

FlickrRISMEDIA, August 6, 2010—(MCT)—Bruce Baldwin is well past the “extreme excitement” he felt when he became a first-time homeowner three years ago. In fact, the cabinetmaker has now joined thousands of homeowners who face foreclosure. He says he feels so snake-bit by homeownership that he doubts he’ll ever buy again. “It was the American Dream. Now I could care less if I ever deal with a bank again,” said Baldwin, who lives in Ocoee, Fla., not far from Orlando. “What I went through was an absolute nightmare.”

Values for residential property have dropped nationwide. In the Orlando area, half of all mortgaged homes are worth less than their mortgage debt. What was once seen as an opportunity to build wealth has, in some cases, turned into dead weight.

It’s unclear whether residents’ appetite to own homes can survive the record real estate downturns.

“For 30 months, this has been nothing but a financial anchor,” said Baldwin, who was unable to refinance or permanently modify his $204,000, 12% adjustable rate mortgage after the housing-construction slowdown killed his cabinetry business.

The push to get buyers to purchase homes has played such a central role in the state’s economy that, as recently as 2008, Florida and Hawaii were more reliant on construction and real estate services than any other state in the nation, according to U.S. Department of Commerce data. That economic infusion makes few people willing to publicly question the longtime pursuit of the American Dream.

Few organizations, for instance, have seen the frontlines of foreclosure outfall like Consumer Credit Counseling Service of Central Florida, which recently added CredAbility to its name. Despite seeing families’ finances undone by the mortgage meltdown, CredAbility interim director Richard Schram said homeownership remains essential in the U.S.

“I don’t know if it should be reconsidered,” said Schram, who advocates counseling as part of the home purchase process. “One of the things that has been the hallmark of the American economic system is pride in homeownership. It still drives the economy.”

While the federal government has pushed tax credits to boost home buying during the past 18 months, U.S. Department of Housing and Urban Development now measures its successes based more on home affordability than ownership.

HUD’s Housing Scorecard released in July touted that “home affordability in the U.S. remains near the most attractive levels in 10 years.”

During the Clinton and Bush administrations, HUD pushed ownership, particularly for minorities. Federal data shows that, at the peak of the market in 2007, Hispanic home buyers in Central Florida got a disproportionately high number of subprime loans and they were more likely than other borrowers to get the highest interest rates on adjustable-rate mortgages.

Sanz said Hispanic buyers who were saddled with those onerous loan terms have been especially hard hit by foreclosures.

At a conference of real estate journalists in Austin in June, Clinton-era HUD Secretary Henry Cisneros said his agency pushed specifically for minorities to purchase homes because “homeownership is the key to middle class. When they own a house with equity, that constitutes wealth.” But, he added, “clearly some people should have never been purchasing homes.” The problem became unscrupulous lenders who sold mortgages to buyers who could not afford them, he added.

Rollins College political-science professor Richard Fogelsong noted that HUD’s push for minority homeownership continued during the Bush era.

Fogelsong is finishing a book about former U.S. Sen. Mel Martinez, whose Cuban immigrant story helped launch his ascension from the Orange County Commission to HUD secretary and then the U.S. Senate.

Titled Immigrant Prince: Mel Martinez and the American Dream, the book refers to Martinez’s drive to push minority homeownership at HUD with initiatives that included a traveling bus called American Dream Express. Martinez declined to comment for this story.

“The sad story from the Bush era was that there was a significant increase in homeownership among minorities, but those were the first people to lose their homes,” Fogelsong said.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog.  You can email me @  chance at ballard-company.com or http://www.myspace.com/chancegates

(c) 2010, The Orlando Sentinel (Fla.).

RESPA Reform

The Objectives:

1.)  Help consumers shop for the best loan, through competition bring lower prices.

2.)  Disclose to consumer, the loan information quickly in an easy to understand format.

3.)  Facilitate comparison of Good Faith Estimate (GFE) and HUD-1 or HUD-1A Settlement Statement.

THE GOOD FAITH ESTIMATE (GFE):

1.)  The lender has 3 days after receiving a complete loan application to provide the buyer with a GFE.

2.)  The buyer has 10 business days to review the GFE.

3.)  Page 3 of the GFE must have a “Shopping Cart” to allow the borrower the ability to compare terms and conditions.

THREE TYPES OF GOOD FAITH ESTIMATE FEES

1.)  Zero Tolerance are fees on the GFE that may not be exceeded at closing.

2.)  10% Increase Permitted are fees that the total aggregate of all charges are subject to a 10% tolerance.

3.)  Unlimited Change Permitted are fee that HUD does not limit the amount of increase

Other terms and conditions may apply please contact a Nevada real estate professional to answer any questions  that you might have.

HUD (the US Department of Housing and Urban Development) has announced a sales incentive program which allows qualified buyers to buy HUD homes with a down payment of only $100, as long as:
• The buyer will live in the property for at least one year (investors do not qualify for this incentive)
• The buyer offers the full asking price for the home, and
• The buyer uses an FHA loan for the purchase.
Bank owned homes do not qualify for this program

OTHER PROGRAM REQUIREMENTS:
Loan types available
FHA Fixed Rate 30 year, FHA Fixed Rate 15 year, FHA Secure 30 or 15 year, FHA Stimulus 5/1 ARM (Adjustable Rate Mortgage)
Income
Must be able to document enough income that your debt to income ratios are 31% / 47%
Maximum loan amount
$362,790
Property types
Single family residences, townhomes, Planned Unit Development homes, condos
•Program Subject To Additional Eligibility Requirements

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted on this blog.  I can be reached by email at:   chance at ballard-company.com or http://www.myspace.com/chancegates