FHA Policy Changes - 01/18/10 01:18 PM
Starting Jan. 1, 2010, the Federal Housing Administration will adhere to new credit standards and appraisal guidelines for FHA-insured mortgages.  The new guidelines, which essentially align with HVCC rules, will prohibit the undue influence of appraisers, or the choosing of an appraiser, by mortgage brokers or commission-based lender staff.  In addition, the FHA's appraisal validity period will be reduced to four months for all properties including existing, proposed, and new construction.  The action also provides new guidelines allowing a second appraisal to be ordered in some instances including when a borrower switches lenders.
for more info, go to www.hud.gob/office/adm/hudclips/letters/mortgagee
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Mortgage Documents - 01/07/10 07:24 PM
Buying a home is a big step and process can be complicated.  That's why it's so important to have a knowledgeable real estate professional working to protect your interests.
One of the first things you should do when shopping for a home is to obtain prequalification for a home loan.  This will help you understand your budget and narrow your home choices.
In order to get a mortgage, you will need to provide proof of income and assets.  The amount of necessary paperwork will vary somewhat from lender to lender, but most likely you will need:
Federal income tax returns for … (1 comments)

 

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