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| By Wynn Team in 1st Time Buyers, Assistance, Big Changes, FHA, FHA Updates, RE Agents, Special Programs, Taxes | Share |
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 the rest of this entry »Tags: Assistance, Fannie Mae, FHA, HomePath
| By Wynn Team in Assistance, RE Agents, Special Programs | Share |
Fannie Mae released the news on January 28, 2010 that they are offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on the HomePath website that are closed within this period may receive up to 3.5% of the [...]
Read the rest of this entry »Tags: Appliances, Assistance, Closing Costs, Fannie Mae, Financial Assistance, HomePath, Incentive
| By Wynn Team in 1st Time Buyers, Assistance, Big Changes, RE Agents | Share |
Colorado Housing and Finance Authority, commonly known as CHFA, has made a few notable changes we wanted to make sure our readers were aware of. FirstStep & FirstStep Plus No Gifts Allowed for Minimum Contribution No Cosigners Allowed Non-Traditional Credit Must Be Added to Credit Report Risk Score Card No Grossing Up Income 1. FirstStep [...]
Read the rest of this entry »Tags: Assistance, down payment, Qualifying
| By Wynn Team in 1st Time Buyers, Big Changes, FHA, FHA Updates, Mortgage Insurance, RE Agents | Share |
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 the rest of this entry »Tags: Closing Costs, FHA, Mortgage Insurance
| By Wynn Team in Big Changes, FHA Updates, RE Agents | Share |
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 the rest of this entry »Tags: FHA
| By Wynn Team in 1st Time Buyers, Choosing a Lender, Qualifying, Rates & Fees | Share |
The mortgage business can be a confusing industry to understand. There are different types of loans, different types of lenders and different paths for loans after closing. All of these can impact your ability to get approved for a mortgage loan, the terms of the loan or how smoothly the process goes. I bring this [...]
Read the rest of this entry »Tags: Choosing a Lender, Closing Costs, Qualifying, Rates
| By Wynn Team in 1st Time Buyers, Assistance, Qualifying, Taxes | Share |
(All stories shared on Lending A Hand contain fictitious names with changes to insignificant details. The privacy and trust of our customers is our top priority.) I received a call from a customer who was interested in a condo and wanted a maximum monthly payment of $1,000. We’ll call him Gaston (obviously a fictitious name). [...]
Read the rest of this entry »Tags: Assistance, down payment, Strategies, tax credit
| By Wynn Team in 1st Time Buyers, Big Changes, Choosing a Lender, FHA, FHA Updates, RE Agents, Rates & Fees | Share |
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 the rest of this entry »Tags: APR, Choosing a Lender, FHA, GFE
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