Sentences with phrase «higher than the value of the home»

A mortgage loan taken out several years ago, not requiring mortgage insurance may now be underwater (the loan balance is higher than the value of the home).

Becoming a more and more popular option for distressed homeowners, this process is called a «short sale», which occurs when a lender agrees to write off the portion of a mortgage that is higher than the value of a home.

In terms of the effect on your credit history, a deed in lieu of foreclosure - where you voluntarily «give back» your property to the lender - or a short sale - when the lender agrees to write off a portion of the loan that is higher than the value of the home - is not as adverse as a forced foreclosure.

In terms of the effect on your credit history, a deed in lieu of foreclosure — where you voluntarily «give back» your property to the lender — or a short sale — when the lender agrees to write off a portion of the loan that is higher than the value of the home — is not as adverse as a forced foreclosure.

This process is called a «short sale,» which occurs when a lender agrees to write off the portion of a mortgage that is higher than the value of a home.

Not exact matches

Previously, the rule only applied to high - ratio loans, in which down payments are less than 10 % of the home's value.

Property taxes paid also are relatively high because the median home value and tax rate are higher than in more than half of the states.

You still have 25 % of American homes in negative equity — that is, when the mortgages are higher than the market value of the housing.

The state is also surprisingly expensive; Alaska ranked fourth - worst on the cost - of - living index, and its home values are higher than average.

Papillion is just 6 percent more expensive than the rest of the state, although the median household income is 41 percent higher and median home values are 28 percent higher.

In the cities and counties that are part of the Washington, D.C. metro area, median home values are typically higher than $ 450,000 and most homeowners pay over $ 3,000 annually in property taxes.

This is quite a bit higher than the state's median home value of $ 185,200.

No, you aren't seeing double: home values in Belle Meade are a stunning 1,006 percent higher than the rest of the state.

Median home values are 613 percent higher and median household incomes are 328 percent higher than Ohio as a whole, but the cost of living in The Village of Indian Hill is just 108 percent higher than the rest of the state, according to AreaVibes.

All 50 states saw home values increase, and prices are now higher than they were at the peak of the last housing boom, although that does not account for inflation.

If you think the home didn't sell for its fair market value and the deficiency is therefore higher than it should be, you can present evidence of this in court.

However, if the appraised value of the home is more than a few percentage points higher than the lender's expectation for what that value should be, the lender may ask to commission a second, verifying appraisal.

Whenever you need a mortgage loan that is greater than 76 % to 90 % of the current market appraised value of your home it is considered a high ratio or insured mortgage.

And when it comes to «family values,» we're weary of battles to «protect» marriage from gay couples, when so many young evangelicals have grown up in broken homes, witnessing our parents divorce and remarry at rates just as high as in the non-evangelical world (more than 33 % of marriages among born - again Christians end in divorce, the same as in the general population).

But then again, I doubt you could afford a home in a neighborhood like that, since in general, such houses are in nicer neighborhoods than yours, and the houses retain higher values as a result of the covenants.

However, the report shows «a number of red flags» including a declining population, a «noticeably less» median home value than the state's median, and a child poverty rate of 44 percent, which is higher than cities of similar size.

The reconstruction cost value (RCV) of the highest - risk homes is more than $ 5 billion, according to CoreLogic, while the RCV of all at - risk homes in Southern California exceeds $ 27.7 billion.

It's a throwback for Kurt Russell to his Disney Movie of the Week days in terms of screenplay, ethic, and production value, and if Kelly Preston seems right at home, well, that says a lot more about the plastic fantastic Preston than it does about Sky High.

This type of foreclosure is most commonly associated with homes where the loan amount is higher than the value of the property.

For instance, the southern part of East Harlem reported much higher home values than the upper half, despite household incomes remaining fairly similar.

For example, say a homeowner with a FICO credit score higher than 760 borrowed $ 100,000 that equated to 92 % of the value of the home they purchased.

Also home to the University of Texas at Austin, the city reported a median household income a few thousand dollars higher than the national median, while the median owner - occupied home value stood close to $ 280,000.

Here's the formula: Loan amount ÷ appraisal value or purchase price (whichever is less) For example: The home you want to buy has an appraised value of $ 205,000, but $ 200,000 is the purchase price The bank will base the loan amount on the $ 200,000 figure, because it's the lower of the 2 You have $ 40,000 for a down payment, so you need a $ 160,000 loan to meet the $ 200,000 purchase price Your loan - to - value equation would look like this: $ 160,000 ÷ $ 200,000 =.80 You multiply.80 by 100 % and that gives you an LTV of 80 % Private mortgage insurance (PMI) If your down payment is lower than 20 %, your loan - to - value ratio for conventional financing will be higher than 80 %.

HUD set new safeguards for consumers, including higher mortgage insurance premiums for borrowing more than 60 percent of a home's value.

Another possibility suggested by McLister is for seniors in their 70s to start off with a HELOC with a balance no higher than 20 % of the home's value.

Mortgage lenders consider home loans with a loan to value ratio (LTV) of more than 80 % a higher risk, and require borrowers to pay for mortgage insurance (MI).

A lender will not approve a conventional loan if the loan amount is higher than the appraised value of the home.

A study of home values in Portland, Oregon found that «if a specialty grocery store sits within a block and a half of your house, your property values should be 20 percent higher than if you don't have the store nearby.»

But if you are getting a loan that requires a down payment lower than 20 percent of the home's value, factor in the possible higher long - term costs, such as a higher interest rate and private mortgage insurance.

However, if the appraised value of the home is more than a few percentage points higher than the lender's expectation for what that value should be, the lender may ask to commission a second, verifying appraisal.

With median home values slightly higher than the rest of the country, North Carolina has no shortage of lender choices when you buy or refinance a home.

The study found that «in 13 of those markets, the walkable neighborhoods had higher home values than further - out neighborhoods with similar homes.»

June, 2012: Another round of rule changes introduced a stress test reducing the maximum amortization period down to 25 years for high - ratio insured mortgages; a maximum debt load of 44 per cent of income on all mortgages regardless of loan to value; a new maximum loan to value of 80 per cent for refinances; limiting government - backed insured high - ratio mortgages to homes valued at less than $ 1 - million and and creating a maximum 65 % loan to value on lines of credit unless combined with a mortgage component.

However, the sales price can not be higher than the appraised value of home home.

The county's homeownership rate is about 10 % higher than Virginia's average even though homes in Loudoun are far more expensive, with a median value of $ 450,000.

Answer from Walter Melanson, lead analyst at PropertyGuys.com: An underwater mortgage is when your mortgage balance is higher than the fair - market value of the home.

Depending on the condition and age of your home, the NADA value of your used mobile home may be much higher or lower than expected.

If your new home's value is higher than the value of your current mortgage, you can apply to increase your mortgage with us.

Moreover, these lower rates are achieved despite higher than average home values in the state of Maryland.

In order to take advantage of this program, your mortgage balance must be higher than your home's current value, and your mortgage lender would have to agree to write down your existing mortgage amount by at least 10.

As a result, owners of higher priced homes can't borrow any more than owners of homes valued at the FHA limit.

Short of three years, it is not clear that interest rates will be significantly higher than they are today, and after seven years, it is not clear that assumability will have significant value to home buyers.»

If you have low - to - middling credit scores, a high loan - to - value ratio, and / or other monkey wrenches like a manufactured home or condo, HARP may be better than traditional financing — there is a 2 % cap on fees, while normal refinances can have much higher surcharges depending on the strength of your application.

For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit, the maximum loan limit will be higher than the baseline loan limit.

Those states have high percentages of people underwater on mortgage loans, owing more than their homes are valued at.