Mortgage Loans

Teachers and First Responders Would be Eligible for No-Down-Payment Mortgages Under a House Proposal

House members of Congress recently introduced joint legislation that would allow teachers and first responders — such as cops, firemen, EMTs, and paramedics — to get a mortgage without putting down any money. The HELPER Act The HELPER Act (Homes for Every Local Protector, Educator, and Responder) aims to assist such persons in obtaining a house in today’s competitive housing market. The measure was sent to the House Financial Services Committee, but it has yet to have a markup. The bill would do the following: Under the Federal Housing Administration, … Read more

How to get a Mortgage with Bad Credit

Credit ratings are not irreversible, because by making several financial changes, you could be able to boost your score and step into a higher credit tier, which may result in lower interest rates when you finally close on your mortgage. Credit ratings vary considerably from 300 to 850, but some home loans and bank credit card scoring will go as high as 900. The rule of thumb for borrowers is that the stronger your credit rating, the lower your interest rate will be. Most borrowers’ credit ratings, on the other hand, are … Read more

Is Getting Rid Of The Mortgage Interest Deduction A Good Idea?

With the approach of the 2020 election, the talk about the current tax code will start to pick up. Like every election before it and probably every election after it, the 2020 election will feature taxes in some form. One of the most accessible parts of the tax code to change would be the mortgage interest tax deduction. If the deduction was eliminated, then other rates could be lowered. The reasons behind the deduction The reasoning behind the mortgage tax deduction is very much rooted in our history, where owning … Read more

More Charges for Anthony Garvin of Jersey City in Mortgage Fraud Scheme

In the years leading up to the 2008 financial crisis, there was a growing segment of the real estate investors that focused solely on undervalued properties. This style of investing is best summed up in the phrase, “Buy the worst house in the best neighborhood.” The investors then would renovate the home, or flip the house, and sell the property for a profit. Anthony Garvin, a 49-year-old from Jersey City, used the idea of flipping houses to supposedly generate a multimillion-dollar mortgage fraud scheme. Anthony Garvin was charged last Tuesday. … Read more