This past Friday was the deadline to issue an FHA case number to avoid the forever mortgage insurance on down payments less than 10% down. Effective on June 3, if a buyer places less than 10% down using FHA financing, the mortgage insurance will remain on the life of the loan: yes...FOREVER! If the buyer can place more than 10% down, the mortgage insurance will last for 11 years. The old rules were minimum of 5 years and the LTV must reach 78% of the original purchase price.
So, one might say: … (3 comments)
fha loans: Do you "stick" to it? Do you execute your plan? Do you have a plan?
- 11/23/09 12:25 PM
"I like a person who knows his/her own mind and sticks to it; who sees at once what, in given circumstances, is to be done, and does it." William Hazlitt (1778-1830) English Essayist Do you get up every morning or go to bed each evening with a plan for the day or the next day? Do you stick to the plan? For example, you say you will send out Thanksgiving Day cards to all your clients and, instead, you only send out a few? Or you had a goal of calling expired listings for the past month, but only achieved calling … (2 comments)
fha loans: Do you UNDERSTAND people?
- 11/17/09 11:48 PM
"You are a soul who does not over-think, or over-act or over-speak, because you UNDERSTAND." Author unknown Do YOU understand people or do you over-speak them and over-react or think too much about a situation? To understand someone means, to me, knowing THEIR goals and what THEY want. Not what I want or what my goal is. I approach each consumer with this thought process. What is it that they want? By achieving their goal, I should see a happy client at the closing table!
fha loans: FORECLOSURES UP 80% 2008. WILL 2009 BE WORSE?
- 01/15/09 01:21 PM
Foreclosures up 80% in 2008. Many are predicting 2009 will be worse due to another batch of poor loans will go into default: the option arms. Option arms are loans that allow for negative amortization for a certain number of years. Once this number of years is up, the payments significantly increase, thus the default rate will increase. Billions of dollars of these loans were sold. There is a percentage of these loans that were: •1) Sold to investor borrowers. Borrowers who wanted the flexibility to pay less some months, but would make it up the following month. •2) Sold … (6 comments)
fha loans: WE NEED THIS SOLUTION ADDED TO THE "BAIL-OUT" PLAN!!!! PLEASE READ!
- 10/01/08 02:55 PM
There should be five goals to target when arriving at a solution to the housing crisis: •1) Keep the homeowner in their home •2) Minimize the taxpayer's cost •3) Minimize the debt burden to the country •4) Minimize the losses incurred by the lenders •5) Stabilize the housing market!
Please read the following:
The government is bailing out AIG, Fannie Mae and Freddie Mac, lenders, the list grows..... It is time the government bails out THE HOME OWNER AND MINIMIZES THE TAXPAYER'S LOSSES!!!!! Funds need to be set aside (governed by FHA new guidelines) which will allow individuals who … (6 comments)
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