The FHA loan limits for 2010 have already been set which is an advantage to lenders and borrowers. FHA (Federal Home Association) is a division of HUD (U.S. Department of Housing and Urban Development) will continue to keep the same loan limits as in 2009. The FHA guidelines state that loan limits can go as high as $729,750 in some areas the maximum is $271,050. Local loan limits will be set by each county and state. Had this latest bill not been passed, the limit of $729,750 would have expired on December 21, 2009 and the limit would have fallen to $625,500.
First time home buyers can benefit from having the FHA loan limits for 2010 by having future real numbers to make plans with. The limit of $729,750 will not expire until the end of the calendar year 2010 which gives potential home buyers more than a year to get on board with the numbers that have already been announced. The lenders sometimes wait to establish new loan programs until the government announces the limits of government loans. Now banks and brokers will be able to plan for their next full calendar year. The FHA lenders can also think positively and look forward to low FHA mortgage rates. The year 2009 produced very low mortgage rates and 2010 looks as if low interest rates will be enjoyed again.
HUD has been approved to insure 400 billion worth of FHA loans in 2010, an increase from 315 billion in 2009. With the ability to loan more FHA mortgages and interest rates staying competitive it could lead to banks having more activity and more people being able to get into a homeownership role. Some markets have showed an increase in home sales; however, the middle income and higher income level buyers have not showed an increase. With the limit being kept at over seven hundred thousand due to the FHA loan limits for 2010, congress and the real estate market are hopeful that these markets will show an increase before long. Before these major groups start to purchase homes, no one can say that home mortgages as a whole are on the rise.
According to the FHA loan blog, the 2010 FHA loan limits will maintain the 2009 loan limit levels rather than being reduced as many mortgage brokers were fearing. With the increase in the amount of loans HUD will insure in 2010 and the promising outlook of interest rates, 2010 could very well be a great year for homebuyers to turn their attention to FHA home loans to see if they can work in their situation. Many believe now is the time to buy. It surely is the time for potential home buyers to feel more confident after the FHA loan limits for 2010 have been set.
7/28/2009
5 Steps For Guaranteed Unsecured Credit Card Approval...
Receiving a guaranteed unsecured credit card isn't difficult, but it will require some work. Here are a couple of tips to get you headed in the right direction.
Step #1 - Credit Score
Before you initiate applying for any credit card, know what your credit score is. Often times people think their credit's better than it very is. You are entitled to a free credit report every year, as well as every time you are denied credit. Take advantage of this. Knowing what is on your credit report will not only arm you with knowledge when you apply for credit, it's just smart too. You may find something on the report that needs to be disputed. The credit card company will be checking this, you need to know what they are seeing.
Step #2 - Debt to Income Ratio
The credit card company will be looking at more than just your credit score when they arrive at a credit approval decision. If you bring house $20,000 a year on paper, they may not think you make enough to cover any additional expenses. This is why the applications will ask questions about not just your income, but your different expenses such as mortgages or rent. Be armed with tax returns, bank statements, and other documents that will provide a more accurate snapshot of your income ratio.
Step #3 - Know Their Requirements
Finding out what criteria the bank adheres to in approving credit can be tricky. Since most unsecured credit cards will have requirements that vary, it may be hard to pin down exactly what you need to do. A quick call to customer service should be able to answer some of your basic questions though. If customer service isn't able to help you, ask to tell their finance department. This won't guarantee that you will get completely the answers, but it will get you on the right path. Some cards require minimum credit scores, minimum income requirements, and other factors that the bank predetermines. Applying for a card that requires a score of 700 when your score is 650 will only ding your credit further.
Step #4 - Current Relationships
You have a much better chance of being approved for an unsecured credit card with a company that you already have a relationship with. This doesn't mean that you must have another credit card through that bank, but if you have a mortgage or car note that is paid on time every month through a bank that offers cards, try these banks first. If you conduct your banking transactions with a credit union, often times you can get a guaranteed unsecured credit card by utilizing this existing relationship.
Step #5 - Features
If your credit history is a little shaky, but not necessarily bad, you may want to start by applying with credit card companies that offer "no frill" credit cards. The more benefits and features the card offers, the higher the requirements generally are. Forego the features such as airline miles or cash back for the time being. Once you've been a great customer of theirs for a time, you can apply or upgrade your card to one that does more for you.
With some research on your end, you should be able to find a guaranteed unsecured credit card with little effort....
Step #1 - Credit Score
Before you initiate applying for any credit card, know what your credit score is. Often times people think their credit's better than it very is. You are entitled to a free credit report every year, as well as every time you are denied credit. Take advantage of this. Knowing what is on your credit report will not only arm you with knowledge when you apply for credit, it's just smart too. You may find something on the report that needs to be disputed. The credit card company will be checking this, you need to know what they are seeing.
Step #2 - Debt to Income Ratio
The credit card company will be looking at more than just your credit score when they arrive at a credit approval decision. If you bring house $20,000 a year on paper, they may not think you make enough to cover any additional expenses. This is why the applications will ask questions about not just your income, but your different expenses such as mortgages or rent. Be armed with tax returns, bank statements, and other documents that will provide a more accurate snapshot of your income ratio.
Step #3 - Know Their Requirements
Finding out what criteria the bank adheres to in approving credit can be tricky. Since most unsecured credit cards will have requirements that vary, it may be hard to pin down exactly what you need to do. A quick call to customer service should be able to answer some of your basic questions though. If customer service isn't able to help you, ask to tell their finance department. This won't guarantee that you will get completely the answers, but it will get you on the right path. Some cards require minimum credit scores, minimum income requirements, and other factors that the bank predetermines. Applying for a card that requires a score of 700 when your score is 650 will only ding your credit further.
Step #4 - Current Relationships
You have a much better chance of being approved for an unsecured credit card with a company that you already have a relationship with. This doesn't mean that you must have another credit card through that bank, but if you have a mortgage or car note that is paid on time every month through a bank that offers cards, try these banks first. If you conduct your banking transactions with a credit union, often times you can get a guaranteed unsecured credit card by utilizing this existing relationship.
Step #5 - Features
If your credit history is a little shaky, but not necessarily bad, you may want to start by applying with credit card companies that offer "no frill" credit cards. The more benefits and features the card offers, the higher the requirements generally are. Forego the features such as airline miles or cash back for the time being. Once you've been a great customer of theirs for a time, you can apply or upgrade your card to one that does more for you.
With some research on your end, you should be able to find a guaranteed unsecured credit card with little effort....
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