Tag Archives: FHA
28 JanWynning Strategies – Learn from Hooters
Can You Learn from Hooters? Hooters…Really? Yes! When you think of Hooters Restaurant, what do you think of? Probably the same things as me – the nice family restaurant where you go for a great wholesome meal, right? Ok, maybe not. You probably thought of the skimpy little orange shorts and white t-shirts the female servers [...]
Read More ...22 DecAdam & Emily’s Home Purchase Experience
We would like to share with you a story of one of our customers and their recent home purchase… On Saturday, October 29th we received a phone call on our cell phone from one of the best real estate agents around, Patrick Clowes. Patrick was calling about a customer of his who was interested in submitting [...]
Read More ...22 NovFive Hurdles to Mortgage Qualifying
Everyone has heard of the tightening of the credit market but what does that really mean to you? What does that really mean to you as a home buyer? Over approximately the past six years we have gone from a race around a track to get a loan approved to a hurdle race. Let me [...]
Read More ...12 AugWhen is Mortgage Insurance Required?
jscreationzs/freedigitialphotos.net When is Mortgage Insurance Required? The three main mortgage types include Conventional, FHA and VA. Each have their own types of mortgage insurance each with a different name but all do the same thing – protect the lender for a portion of the mortgage in the case you default (foreclose). Conventional Conventional loans normally [...]
Read More ...05 AugFHA Mortgage Insurance May Go Up
Just one more step before HUD will have the ability to increase monthly mortgage insurance premiums as high as 1.55%. Last night, August 4, 2010, the Senate approved with unanimous support to approve HR 5981. The last step in the process to approve this bill is to obtain the president’s signature. The Change With the [...]
Read More ...03 AugTax Credit Available to First Time Home Buyers Again
Colorado Housing and Finance Authority’s (CHFA) Mortgage Credit Certificate (MCC) Program is back! (wow that was a mouthful). Unlike the one time $8,000 tax credit provided by the Federal Government to stimulate home buying in 2009 and 2010, this tax credit keeps on giving. The MCC program is available to: first time home buyers non-first [...]
Read More ...12 FebHVCC on FHA Loans
It’s official…FHA is adopting the same basic premise as the HVCC ruling on Conventional Mortgages. We posted on May 1, 2009 about HVCC on Conventional loans which stated: Up until now the loan officer had the control to select an appraiser they felt had the best ability to appraise the house that would be used [...]
Read More ...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 [...]
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