Archive for October, 2011

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MHADA – Maharashtra Housing & Area Development Authority

October 27th, 2011

Development of housing in a particular state is never without the needed boost of the housing authorities. They are the premier boards in the state that strives to promote the welfare of the people by providing them housing facilities. In Maharashtra, it is the Maharashtra Housing Board which is called the Maharashtra Housing and Area Development Authority MHADA that is responsible for the improvement of the residential segment. Shelter is one of the basic necessities of human living. And in modern days, it is the initiative of the builders, the state government departments, and the various NGO’s that is changing the way people live.

This department was incepted in the year 1977 to develop and expand the housing prospects of the people. This housing authority in Maharashtra over the years has evolved to be a premier institution that inculcates corporate efficiency, modern housing strategies, and expanding the real estate market prospects throughout Maharashtra. The most important venture of the housing board in Maharashtra has been working with a prompt administration that functioned all along as per the departmental division. The various sub-divisions are the Mumbai Repair and Reconstruction Board, the Maharashtra Slum Improvement Board. This has facilitated significant growth of the housing market in Chandivali, Oshiwara, and Powai.

The MHADA housing has displayed immense efficiency in the repair and re-modeling of existing homes that had an old foundation. The slum dwellers benefited hugely with the assistance of funds and resources that was provided by the Maharashtra Housing and Area Development Authority. The low-cost hygienic homes in these areas allowed sanitarily cleaning living space. The scenario changed a lot with the people being instilled with awareness of having a clean-living and good living. The clearance of debris along all housing complexes in the state is also an initiative of the Maharashtra housing authority.

Functions of the Maharashtra Housing Board

  • Developing land for construction purpose, offering descent homes, and good sanitation facility is the foremost function that the Maharashtra housing development board.
  • The Maharashtra Housing Board is responsible for providing homes to the middle-income groups under various state government housing schemes throughout the state.
  • The authority takes care of issues such as ecology, pollution, and energy conservation, and over-crowding. There are certain set of rules and regulations formulated for the builders, people, and the staff to follow.
  • The Maharashtra Housing and Area Development Authority has eventually ventured into direct construction of housing projects. The focus presently is on areas that are marshy lands in Mumbai. Namely, the places around Turbhe and Dindoshi. There are plans to expand in Mulund, Vikhroli, and other northeastern suburbs in Mumbai.

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Federal Housing Authority Accepts Prepaid Credit History For Home Buyers

October 22nd, 2011

FHA accepts prepaid credit card history. FHA looks for a minimum of 12 month credit history on non-traditional credit history. Cable, mobile phones, land line phones, rent, buy here pay here car loans, rent to own, renters insurance, car insurance – any thing that you paid for 12 months or more.

Prepaid credit cards allow you to set up bill payment with all of above. All payments must be paid in a timely matter to qualify. Prepaid credit cards reports to the credit bureau on non-traditional credit history if you sign up for the program. But remember it will also report untimely payments as well.

FHA requires minimum of 3.5% down payment with acceptable credit history. But some monies can come from gifts or grants. All collections must be paid in full. Only allowed to have 1 disputed creditor at time of application. Documentation must be provided for disputed creditor.

There is no minimum credit score requirement, having at least 620 score or higher will make you a more serious home buyer to get approved. You also won’t be automatically disqualified if you have a bankruptcy or foreclosure if enough time has passed.

FHA also allows you to purchase a multifamily home as a home owner and the 3.5% still applies. This helps to lift some of the burden off the a home owner. If you purchase the home with a tenant and 12 lease is in effect. Rental income is included in your income to help with your debt to income ratio.

All homes will require a home inspections on all FHA mortgage loans. Which helps see unforeseen problems in the future. The goal is that the home owner will not have to go in making repairs after closing. This is in the best interest for the home buyer and the lender. Sellers makes repairs prior to closing.

The federal tax credit deadline has passed requiring buyers to have a home under contract by April 30 has added to the popularity of FHA Loans. Offering low down payment, flexible underwriting, and more lenient credit requirements, FHA loans assist first time and moderate income buyers with affordable home financing options.

FHA guidelines are designed to offers more leniency for evaluating each borrowers need. Where Fannie Mae & Freddie Mac doesn’t offer flexibility for borrowers situations.

Get a copy of your credit report from all 3 credit bureaus to see where you need to start. You will be surprised what may be on your credit report. If you have no credit get prepaid credit cards and start documentation on payment history. Contact a Mortgage lender to find out your options. What needs to be done to prepare your self to purchase a home.

Prepaid credit cards allow direct deposit for payroll. Card to card transfer at no cost. Many have several cards. One for bill payment and another for spending money to stay within their budget & one for their down payment. Helps many achieve their goal and stay focused on the task at hand.

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