Posts By Lynda Mckenzie
Location
1170 Pontiac Avenue,
Cranston, Rhode Island 02920
Phone: 401-524-9796
Posts
Did you know that Rhode Island has special programs for police officers, teachers, firefighters and emergency medical technicians? The program is called HUD good neighbor next door sales program and many Rhode Islanders can qualify for this little advertised program. HUD offers a substantial incentive in the form of a discount of 50% from the [...]
Today homeowners and Home buyers in Rhode Island, have many options under the Federal Housing Authority (FHA) program. Below are just a few of the many programs available. First Time Home Buyers: Available on 1-4 family properties, FHA allows you to put a minimum down payment of 3.5% of the sales price. This down payment [...]
First -time home buyers in Rhode Island looking for 100% financing, it is still available. A first-time home buyer is defined as someone who has not owned real estate within the past three years. Combine this with the $8,000 tax credit, there is no better time to purchase in Rhode Island then now. *To take [...]
Recent news suggests that law makers are calling for the expansion of the tax credit for first-time home buyers to help increase home sales in Rhode Island and other states extended through 2010. The current $8,000 tax credit is being offered to first-time home buyers who purchase a home between January 1, 2009 and December [...]
First-time home buyers may now utilize their $8,000 tax credit towards additional down payment requirements on the FHA mortgage loan program. As many of you know on May 29th, FHA issued the latest mortgagee letter regarding the use of the $8,000 tax credit towards down payments. There is still much confusion over the details but [...]
Rhode Islanders in need of a low down payment program, FHA is the way to go. FHA (Federal Housing Authority) mortgage loans were created in an attempt to increase homeownership. Unlike conventional mortgages, the FHA mortgage loan is backed by the government. The FHA mortgage loan is usually easier to qualify for and has become [...]
Today with historically low rates, the FHA streamline refinance loan has helped many homeowners in Rhode Island save money on their current mortgages. Since the early 1980′s, the Federal Housing Authority (FHA) has been allowing homeowners to refinance their homes under the FHA streamline program. The term “Streamline” refers to the reduced amount of documentation [...]
Veterans in Rhode Island may be eligible for 100% financing on the purchase of a 1-4 family home, condominium or PUD, they intend to live in as their primary residency. In 1944, the VA home loan guaranty program was established to aid veterans returning from war. The goal was to help veterans purchase or refinance [...]
Effective April 1, 2009, Rhode Island homeowners looking to take cash out on their homes, will have a tougher time. According to a letter issued by the Federal Housing Authority (FHA), FHA plans to make it tougher for borrowers to secure a cash-out refinance mortgage. Until now homeowners only needed to have 5% equity in [...]
Borrowers in Rhode Island and many other states who are applying for a FHA/VA mortgage, will now need to have a minimum fico credit score of 620. Although FHA/VA does not impose minimum credit score standards, many lenders have choosen to implement the new mimimum 620 fico score effective March, 13, 2009. The previous minimum [...]
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