Update: Grants.gov Training Environment

The Grants.gov Training Environment (AT07) is now ready for use.

Update: Grants.gov Training Environment

The Grants.gov Training Environment (AT07) hardware failure has been repaired and is currently undergoing regression testing. We anticipate this testing to continue until 2:30pm (EST), today (9/19/2012).

 

It is your choice if you want to proceed to use the environment at this time or wait until regression testing is complete, at which time an update will be provided.

Grants.gov System Status: Update

The Grants.gov Training Environment (AT07) experienced a hardware failure to some components and continues to undergo maintenance. Estimated time of restoration is Noon (EST) on Wednesday September 19, 2012.

Please continue to monitor the blog for further status updates.

Grants.gov System Status

The Grants.gov Production is currently available.

The Grants.gov Training Environment (AT07) continues to undergo maintenance and is anticipated to be completed by close of business Monday, September 17, 2012. Please continue to monitor the blog for further status updates.

System Maintenance Alert

The Grants.gov AT07 Training and Production Environments will be unavailable Saturday, September 15, 2012 at 12:01 AM ET until Sunday, September 16, 2011 at 11:59PM ET for system maintenance.

The Grants.gov PMO suggests that no application submissions or activity take place during this maintenance period.

The AT07 environment will be undergoing acceptance testing on Monday, September 17, 2012 from 12:01 AM ET to 11:59 PM ET, following the Production Build, and will return to normal service, Tuesday, September 18, 2012 at 12:01 AM ET.

Please be aware that while the system may appear to be available to users during this time; however, it will not be fully operational.

Thank you for your continued patience and support.

Regards,
Grants.gov PMO

Home Property-What Reverse Mortgage Lenders Are Looking for in Borrowers

Home Property-What Reverse Mortgage Lenders Are Looking for in Borrowers

One of the greatest benefits of reverse mortgages--besides the fact that they provide seniors with additional cash through retirement--is that they are easy to qualify for. During retirement, many seniors rely on Social Security and savings to cover their expenses. With a limited income, it can be difficult to qualify for traditional home equity loans. These loans were originally designed to be available to seniors of all income levels, as long as they have enough equity in their home.

What Reverse Mortgage Lenders Are Currently Looking for in Borrowers

The current requirements for a reverse mortgage are fairly straightforward. Lenders are looking for borrowers who are at least 62 years old, own their home, and have accumulated a substantial amount of equity in their home. The specific amount of equity borrowers need will depend on their age. However, to qualify, borrowers must have enough equity to repay their original mortgage loan with the proceeds of their new loan.

Reverse mortgage lenders are also looking for certain property types. To qualify for a loan, borrowers must own and reside in a single family home, two to four unit property, FHA-approved condominium, or an FHA-approved manufactured home. People who meet these requirements will typically qualify for a loan.

How Qualifications May Change in the Upcoming Year

While most lenders currently offer lenient eligibility requirements, these requirements will be changing very soon. Last October, the National Reverse mortgage lenders Lenders Association (NRMLA) encouraged reverse mortgage lenders to begin evaluating potential borrowers more carefully. Instead of approving seniors based on age and equity, NRMLA suggested that lenders also consider borrowers' income.

By evaluating borrowers' income, lenders would be more able to determine which borrowers could afford to maintain their loan. To keep the loan in good standing, borrowers are required to maintain the condition of their home, have homeowners insurance, and pay their property taxes. Borrowers that fail to do so will be forced to repay their loan early or face losing their home.

In mid-2012, the Department of Housing and Urban Development (HUD) is expected to release new underwriting guidelines. Instead of having the option to follow NRMLA's suggestions on how to underwrite loans, reverse mortgage lenders will be required to evaluate borrower's based on income. These new guidelines might also impose credit requirements on future borrowers. By imposing these guidelines, HUD is hoping to reduce the number of borrowers who end up defaulting on their loans.

In all probability, HUD's new guidelines will not be overly strict. These loans were originally designed to help senior homeowners, and they will continue to do so in the future. Still, these new guidelines might disqualify some seniors, especially those surviving on a limited income. To avoid being subject to additional underwriting, on-the-fence seniors will need to act soon. In the next few months, reverse mortgage lenders will no longer be approving borrowers based on their age, equity, and property type alone.

Amber enjoys teaching people about financial products that can be used to further their quality of life without putting an extra strain on their pocketbooks. To see how much you can receive, please visit http://www.seniorreversemortgage.com for a reputable reverse mortgage lender and more information.

Visit to:http://propertyhomegrants.blogspot.com/

Article Source: http://EzineArticles.com/6776845

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