With a record number of homes being foreclosed all across the country, you may have investigated purchasing one. But since most of them need some fixing up, you may have thought against it, thinking the savings on the house would be more than eaten up in the cost of fixing it up. Or perhaps you want to keep your home, but it requires a lot of repair. The Federal Housing Administration (FHA) offers the FHA 203K Mortgage that can be used for both of these purposes. This type of mortgage not only prevents neighborhoods from becoming blighted by a large number of foreclosures, it can also be used to help save the environment by altering homes so that they can become more energy efficient. Some of the green additions you can make include windows, furnaces, appliances, floors, landscaping, solar panels and insulation. Certain repairs can be made by the borrowers themselves and not a contractor.Although not a loan from the government, a FHA loan is guaranteed by the government. FHA 203K Mortgages have existed for decades, and have regained popularity in the wake of the sub-prime loan meltdown. Because some banks and mortgagors are struggling to survive due to unprecedented loan defaults, conventional loans are now requiring a 20 to 30 percent down payment. First-time home buyers are hard pressed to come up with this large amount of money. But, a FHA 203K Mortgage only requires 3.5 percent down. These loans also offer more favorable terms and simpler qualification than do conventional loans.

Full story is available on HUD Housing

Jose and Anna Tolentino moved into their Novato condo in August 2005, two days before Jose, a Navy reservist, shipped out to Kuwait.

“I was happy to have my wife in such a nice place while I was away,” he said.

But now, with the condo worth about half the $425,000 they paid, his attitude has changed.

“I don’t want to keep on paying when the house will never go back up to its value,” he said. “It’s better to cut our losses, get out of there and go rent.”

The number of people similarly choosing to cut their losses on their homes continues to rise. Studies estimate about one-quarter of all defaults are voluntary “walkaways,” also known as strategic defaults and jingle mail (for the sound the abandoned keys make in a mailbox).

Although if you ask River folk about Cabot House, they’ll probably say it’s in another state, it’s actually just a ten-minute walk down Garden Street. Cabot offers spacious rooms, a great community, and a location that’s generally peaceful—although with two other Quad Houses within a few feet, it’s never hard to find a party.

Dining Hall: While it looks a lot like a concrete bunker from the outside, the interior of Cabot dining hall is cozy, and there are always seats available. The big windows overlooking the Quad let a lot of light in, and in the winter, you can watch the snow fall outside while drinking hot chocolate, which you can get at basically any time between meals because the drinks, cereal, and dessert are all outside the servery. Even if you want something more substantial between meals, you can usually convince a member of the dining hall staff to let you in, since Cabot’s dining hall staff, including the much-beloved Roy and Slavy, are some of the nicest around.

Score: +200 for atmosphere, -50 for outside appearance

Full story is available on The Crimson

The majority of realtors do not think the federal government’s loan modification program has reduced foreclosures in their region, according to a recent survey by Homes & Land.

The Home Affordable Modification Program was launched last spring to allow distressed homeowners to modify their monthly mortgage payments. By reducing payments to 31 percent of the household’s monthly income, it aimed at preventing foreclosure.

The program was intended to help 3 million to 4 million homeowners. By January, it had provided permanent loan modifications to more than 116,000, according to a Treasury Department report, with another 76,000 modifications pending.

Full story is available on credit.com

Winthrop is Harvard’s most welcoming and illustrious House with probably the best corps of alumni that Harvard can offer: Federal Reserve Chairman Ben S. Bernanke ’75, Goldman Sachs CEO Lloyd C. Blankfein ’75, and the Kennedy brothers: naval officer Joseph P. Kennedy ‘38, former U.S. President John F. Kennedy ’40 and former U.S. Senator Edward M. Kennedy ’54-’56.

Dining Hall: Winthrop’s subterranean dining hall is cozy and hospitable, but it can get too close for comfort. The dining hall was originally designed to serve only the building where it is housed: Gore Hall, a former freshman dormitory. (Standish Hall, another former freshman dorm, was later joined with Gore Hall to form Winthrop House.) The dining hall got so crowded this year that it recently had to impose stricter inter-House dining restrictions, requiring all Winthrop students to secure Winthrop House stickers for their IDs. At least the dining hall is a convenient place to hang out with friends and do work late at night, boasting a lasting stock of soda, coffee, tea, and carbs. The food itself during meals is middle-of-the-road: better than Adams House and Annenberg Hall, but not as high-quality as Dunster or Currier.

Full story is available on The Crimson

The Housing and Economic Recovery Act of 2008 mandated the U.S. Department of Housing and Urban Development (HUD) to produce a report on the root causes of the housing market crisis. The report also outlined actions that should be taken to avoid another housing crisis in the future. Various factors are to blame, but do they abolish the consumer’s idea of what happened?

The general public feels the housing crisis began because too many loans were given to too many people that couldn’t afford their mortgage payments. Home loans were created with adjustable rates and promises to hold off payments for 2 years, giving consumers false hopes that their homes would more affordable in the future. When the future came, those people were unable to make payments and foreclosures spread across the nation like a wildfire.

Full story is available on Huliq News

California has gone through many boom and bust cycles.  Since it became the 31st state in 1850 California has been home to many speculative manias.  An enormous population boom in the 1800s was brought on by the California gold rush.  Booms like this led to the rise of cities like San Francisco.  Los Angeles in the early 1900s found its footing as an entertainment hub and this led to massive expansion.  Since that time we have seen countless real estate booms and busts.

The current housing boom and bust cycle is the largest and most widespread in the state’s 160 year history.  As we look at historical data there is no lack of hyperbole when it comes to selling California real estate.  It would seem that every year is a good year to buy.  Of course as many are now finding out, timing is usually a bigger factor in determining housing success than investment savvy.

Full story is available on Dr. Housing Bubble

Gary Onks answered more than 30 questions about what reverse mortgages are and how they work during Tuesday’s Money Talk$.

He is the regional branch manager of Reverse Mortgage USA in Spotsylvania County. Reverse mortgages are loans for people over the age of 62 that let them tap the equity in their homes without having to repay the money until they, or their estate, sell the house.

Below are some of the highlights from the Web chat. A full transcript is available at fredericksburg .com/blogs/whatsin store.

From “ck” in Spotsylvania: I currently have a reverse mortgage, but the value of my house has fallen below the balance of the mortgage. If I sell the house as a short sale, am I able to purchase another home and get a new reverse mortgage without having to pay the bank the difference of the short sale?

Full story is available on Fredericksburg

Mortgage rates continue to be low, which should help prospective home buyers to afford a home, Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) on a March 4, 2010. The 30 year fixed rate mortgage (FRM) averaged 4.97 percent, down from the previous week.

According to information from Freddie Mac, the average interest rate on the 30 year fixed rate mortgage (FRM) average 4.97 percent with an average 0.7 point for the week ending March 4, 2010. During this time period in 2009 the 30 year FRM averaged 5.15 percent.

Home buying is now more affordable because the mortgage interest rates are below 5 percent, according to a statement by Frank Nothaft, Freddie Mac vice president and chief economist. Nothaft stated “ “In fact, monthly principal and interest mortgage payments for a typical family buying a median-priced home of $163,800 were just $709 in January, the lowest amount since February 1998, according to the National Association of Realtors®. For first-time home buyers, the fourth quarter of 2009 was the third most affordable quarter since 1981 behind the first and second quarter of 2009.”

Full story is available on Huliq News

So you’re interested in taking advantage of the 2009 home buyer tax credit, but not quite sure of how to go about beginning or working your way through the mortgage process. Let’s take a look at what you need to know:

Complete the Mortgage Loan Application – when you’ve found the home you love, get in touch with a lender of your choice and let them know you’d like to start the mortgage process.

Financial Documentation – in order to complete your application, the lender will need documentation of your employment, assets, and debts, as well as the purchase price of the home. You will likely need to provide your pay stubs along with a copy of your tax returns for the last two years.

Full story is available on Home Space