Fannie mae foreclosures porter county indiana

#Fannie mae foreclosures porter county indiana plus

One company that offers such mortgages is First Southern Realty Group Inc., which is building several developments in Central Florida aimed at first-time home buyers. These are offered by individual builders, who have sold tax-exempt bonds to private investors to raise money to lend to buyers. A list of lenders making those loans is available by calling the state agency at (904) 487-1975. About 25 lenders throughout Central Florida are accepting applications for mortgages at 9.625 percent. Otherwise, the mortgage must be paid off when the house is sold.ДЄ similar program offered through the Florida Housing Finance Agency began on Dec. One drawback with these mortgages is that they are assumable only if the owner sells to a buyer that meets the original qualifications. Residents in Volusia and Brevard counties must contact their local housing financing authorities.

Residents in Orange, Seminole, Lake and Osceola counties can call the Orange County Housing Finance Authority at (305) 423-5433 to find out about the availability of bond money. These lenders include Allstate Enterprises Mortgage Corp., Orlando Beneficial Mortgage Corp., Winter Park Colonial Mortgage Co., Orlando Dellwood Mortgage Corp., Orlando Fleet Real Estate Funding Corp., Orlando, The Kissell Co., Altamonte Springs Ryan Financial Services Inc., Altamonte Springs Stockton Whatley Davin & Co., Orlando and Tucker State Bank Winter Garden. To qualify for these low-interest loans, borrowers must be first- time buyers or they cannot have owned a home for three years they must have an annual household income not higher than $42,750 must be seeking a new house costing no more than $94,270 or an existing house costing no more than $91,630, and they must be seeking property within Orange County. Down payments can be as low as 5 percent. The money is made available at low interest rates to first-time home buyers. The money raised for these mortgages comes from tax-exempt bonds sold through a county- or a state-housing finance authority. The buyer assuming the mortgage does not have to be a veteran. VA loans, like FHA loans, also are fully assumable. In November, the agency received 1,804 loan applications, compared with 1,100 in the same month a year ago. One reason for the paperwork delay is that VA loans have become increasingly popular in recent months, Coats said. David Coats, spokesman for the VA state office in Tampa, said it currently takes between 60 and 90 days from the time the veteran makes the application to the time the deal is closed. However, the paperwork involved can take a little longer to complete. Unlike FHA loans, however, VA sets the interest rate, currently at 11 percent. Applications are made to private lenders that have been approved by the VA.

Obtaining a VA loan is somewhat similar to obtaining an FHA loan. These no-down-payment mortgages, insured by the federal Veterans Administration, can be obtained only by military veterans. That makes it easier to sell the house, Porter said. One of the more attractive features of an FHA mortgage is that it is fully assumable, meaning the owner can sell to a buyer, who agrees to take over the mortgage payments. Porter said such lenders usually advertise in the telephone book. Applications are made through FHA-approved lenders.

Porter said lenders currently are charging between 11 percent and 11.5 percent.ДЇHA does not take mortgage applications from prospective borrowers. That is negotiated between the lender and the borrowers. On houses that cost less than $50,000, buyers can qualify with a down payment of 3 percent.ДЇHA does not set the interest rate.

#Fannie mae foreclosures porter county indiana plus

That mortgage allows borrowers to put a down payment of 3 percent on the first $25,000 of the value of the house plus 5 percent on the remaining balance.