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federal housing administration: FHA Waives Anti-Flipping Rule Through Year-End to Speed REO Sales - 01/09/12 01:13 PM
The temporary property anti-flipping rule waiver has been extended through the end of 2012, by the Federal Housing Administration (FHA). The FHA rules prohibited insuring a mortgage on a home that the seller owned for less than ninety days. However, in 2010, the FHA waived this regulation and has extended it through the end of this year.
Buyers will be able to continue to use FHA-insured financing to purchase bank-owned properties and HUD-owned with this extension. This waiver will help stabilize prices a revitalize communities with high foreclosure activity.
According to the FHA’s Acting Commissioner, the waiver has strict guidelines and … (0 comments)

federal housing administration: Nondistressed home prices stabilizing - www.4Malibu.com - 07/26/11 05:46 PM
Stabilizing nondistressed home prices, a declining shadow inventory and stronger foreclosure auctions should lead to lower distressed sales and less downward pressure on prices, according to CoreLogic.
The report notes that while mortgage performance is improving, it is not improving nearly as much as other consumer debt performance.
Despite, a bit of positive news in the report, CoreLogic notes that negative equity will remain a strong influence on the market for an extended period of time.
In May 2011, the “excluding distressed sales” home price index only dropped 0.4% from a year ago, compared to a decline of 7.4% for the all … (0 comments)

federal housing administration: How Long Is the Wait to Buy After Foreclosure? - www.4Malibu.com - 06/30/11 05:30 PM
Fannie Mae and Freddie Mac have a three-year waiting period following a foreclosure, and a two-year wait following a short sale, deed in lieu, or discharge or dismissal of bankruptcy. However, if borrowers can justify that the circumstance for the foreclosure or bankruptcy occurred because of an illness or job loss — or other “extenuating circumstance” — that may help reduce their wait. But with no such extenuating circumstances, these former home owners may have to wait longer, even up to seven years following a foreclosure or four years after bankruptcy, the article notes.For loans insured by the Federal Housing Administration, borrowers with perfect credit … (0 comments)

federal housing administration: Fannie, Freddie REO continues to rise in 4Q - www.4Malibu.com - 03/02/11 05:49 PM
The amount of repossessed homes held by Fannie Mae and Freddie Mac rose considerably in the fourth quarter from a year earlier, according to financial supplements.
Fannie reports its real estate owned inventory by volume of properties. In the fourth quarter, it reported 162,489 in REO that needed to be resold, up 88% from the year before. Freddie reports its inventory in the unpaid principal balance on the underlying mortgages that the borrower defaulted on. As of the fourth quarter, Freddie held $12.9 billion in REO, up 55% from one year ago.
The government holds more REO exposure than what is … (0 comments)

federal housing administration: FHA REO inventory up 47% from one year ago - www.4Malibu.com - 02/23/11 05:02 PM
The Federal Housing Administration held 60,739 properties repossessed through foreclosure on its books as of December 2010, up 47% from the year before.
The current value of those properties is $9.1 billion, according to the FHA book of business report released Tuesday. Combined with Fannie Mae and Freddie Mac's third quarter numbers, the U.S. government holds roughly 360,000 REO properties.
Reselling these properties is key to driving the housing market into recovery. Estimates are wide-ranging on the size of this shadow inventory of foreclosed homes and delinquent loans still in the process.
Currently, the data provider CoreLogic estimates it to be … (2 comments)

federal housing administration: Banks push home buyers to put down more cash - www.4Malibu.com - 02/18/11 01:55 PM
Many economists and housing analysts blame lax lending standards - including no-down payment, no-document loans - for contributing to the challenges in the current real estate cycle.  As a result, most lending institutions have increased minimum down payment requirements.  Now, a new proposal by the Obama administration calls for gradually raising down payments to a minimum of 10 percent on conventional loans - those that can be bought or guaranteed by Fannie Mae and Freddie Mac.
Banks have found that larger down payments discourage delinquencies by increasing the buyers' exposure to loss and reducing the impact of declining prices.  According to … (0 comments)

federal housing administration: A little-known strategy for cutting mortgage payments - www.4Malibu.com - 01/14/11 02:55 PM
Homeowners looking to lower their monthly mortgage payments and reduce their interest rate may be able to do so without refinancing.  A little-known strategy called recasting or re-amortization is available through some mortgage lenders and servicers, and eliminates the hefty fees and daunting credit requirements of refinancing.
Re-amortization requires borrowers pay off a lump sum of the principal amount on the mortgage and asking to have the monthly payments reset according to the original interest rate and loan terms.  The lump sum reduces the principal, so the new monthly payments decrease slightly and interest paid over the life of the loan … (0 comments)

federal housing administration: FHA Mortgage Applications Increase 31% in February - 4Malibu.com - 03/19/10 05:20 PM

The Malibu Real Estate Resource Guide
Malibu California Real Estate ׀ Malibu Homes for Sale & Lease ׀ Malibu Land
FHA Mortgage Applications Increase 31% in February
Applications for FHA-insured mortgages climbed 31.1% in February, according to a report from the Federal Housing Administration (FHA).
More than 165,000 applications came in February, up from 126,000 in January. Applications for mortgage purchases increased the most. More than 97,000 FHA purchase applications came through in February, an increase of 37.4% from January. Applications for refinances picked up 23.9% to 61,425 in February, and reverse mortgage applications increased 14.4% to 6,643.
Of … (0 comments)

 

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