05 FebWhy Buy Now?
We generally write about specific programs, changes and situations, but I want to recap some of the thingsI feel are important to consider in today’s market. Let’s look at the reasons to buy now. Long term mortgage rates are at 20-30 year lows According to Freddie Mac, in a press release yesterday, the average rate on a 30-year fixed [...]
Read More ...26 JanFHA Changes 2010
Lots of changes coming down from the Department of Housing and Urban Development (HUD) on FHA Mortgage Loans. Here is a quick snapshot of what is changing in 2010: 90 Day Flipping Rule Waiver (Feb 1) Up-front Mortgage Insurance Premium Increase from 1.75% to 2.25% (Apr 5) 10% Down Payment Required for Credit Scores < [...]
Read More ...15 JanFHA 90 Day Flipping Rule – WAIVED
Have you heard of the FHA 90 day flipping restriction? If not, here is a quick overview… If you are a buyer looking to buy a home with FHA mortgage financing you must buy a home from a seller who has owned that home for 90+ days or from a seller who is exempt from [...]
Read More ...04 JanMax FHA Origination Fee – ELIMINATED
Effective January 1, 2010 the Department of Housing and Urban Development (HUD) who runs the Federal Housing Administration (FHA) modified their policies surrounding the maximum amount a mortgage lender may charge for “origination” fees on FHA mortgages. This is no surprise due to the recent changes the the HUD and GFE that went into effect [...]
Read More ...28 DecThe Bank of Mom and Dad
We received a couple of calls in the past few days for potential home buyers looking to get qualified for a mortgage and both of them had questions about how Mom and Dad could help them qualify. Here are their situations:
Read More ...02 JanFHA Loan Limits for 2009
Happy New Year everyone!! I have taken a little bit of time off from posting throughout the holidays, but I am back. I hope everyone had a great holiday season and a Happy New Year! I posted a few weeks back about changes to FHA in 2009, but I did not include the change to [...]
Read More ...16 DecFHA Streamline Refinance
Did you know there is a mortgage refinance option that doesn’t care about the value of your home, your current income or employment, or even if you have not paid debts, other than your mortgage, on time? There is, and it is called a FHA Streamline Refinance. If you currently have an FHA mortgage and [...]
Read More ...10 DecFHA Changes – 2009
Effective Jan 1, 2009 FHA has made some changes to their guidelines that could impact those looking to obtain mortgage financing. As I have stated in previous posts, FHA has become more popular over the past couple of years due to the changing mortgage environment and reduced risk tolerance of mortgage lenders. FHA, on the [...]
Read More ...26 NovMortgage Loan Requirements – FHA
Over the previous several months mortgage lenders, and therefore customers, have seen many changes to requirements to obtain a mortgage loan. Conventional loans have seen the most changes, leaving FHA financing as a great alternative to many potential home buyers. So what does it take to obtain a FHA loan these days? About FHA FHA, [...]
Read More ...11 NovGovernment Mortgage Loans
Most of the time people are talking about Conventional Mortgage financing when they talk about a mortgage. Conventional loans offer the most flexibility on the terms and offer unique programs to fulfill the needs of just about every customer. That was the case until recently, when the “mortgage crisis”, as it is being called, occurred. [...]
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