fha: Unfortunately it is true.... your credit can ruin my dreams! - 12/23/11 08:29 AM
Yes! Your credit can ruin my dreams! Are you in default but want to me help me? Might not work for you to help me out!
The first question is how can someone else's credit ruin your dreams? In most cases, it is cannot but in some cases it certainly can - at least if the new enforcement of existing laws are put into place. For the sake of this discussion, this is about FHA lending, but just know that it may become the norm in all lending.
We already discussed in a previous post how a married couple can be … (2 comments)
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fha: “We’re in this together”…this may become the norm with the new enforcement. - 12/23/11 07:34 AM
“We’re in this together”… this may become the norm with the new enforcement.
Remember how easy it was for a husband or wife to purchase a home and not have to use the other spouse’s credit to pull it off. Remember the term “separate”? Well with the changes in lending – look out for this to change. Change could be considered not for the good because it will no longer be possible to leave out the spouse’s credit when you are purchasing a home and you are married.
Now married (these days) mean a few different things and … (5 comments)
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fha: shhhh! Tell EVERYBODY! FHA Down Payment Assistance can be creative! - 05/12/11 02:58 AM
Shout it out!!!! FHA has some creative ways that you can get FHA down payment assistance - ways that I bet you never thought of and some that you know about but have had a little fear that they were too good to be true. There are some creative ways that you can purchase during this market and not worry that you made the wrong decision. Some people are just comfortable renting, some are not. I am speaking to those that are not comfortable renting and want to have their dream home -- this century!
Disclaimer: While FHA does have ways … (4 comments)
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fha: Don't be so quick to just change your dream ... America! - 03/19/11 06:46 PM
Sure things have changed a bit, and by right they needed change. Especially when it comes to the lending process. This does not mean that you give up on your dream of owning a home. It simply mean you need to do your homework, be ready and get set to go and find your dream home - the right way.
Here are few tips
Just know that it is not better to rent, unless you are not serious about homeownership.
Real Estate is still the best and smartest investment you can make - you just have to do it with a … (1 comments)
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fha: Top 10 (+5) in 2010 - 01/03/11 09:41 PM
So now it's my turn to take a look at my 2010 blogs and see which ones brought in the most views and clicks. I had never thought about doing this until I read a few of the other ActiveRain.com bloggers and I thought maybe I should do it too. As I was strolling through the many posts that I have written, it started to get interesting to see which posts got the most attention.
These are some pretty good numbers: 1, 1, 30 ~ and here's my top 15. ... from the #1 in San Joaquin County, #1 in Stockton, … (0 comments)
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fha: FHA: 3-2-NO WAITING PERIOD....after a short sale! - 06/14/10 01:02 AM
FHA has made some sufficient changes and enhancements to the program. You might say FHA have its hand on time and will have a huge impact in assisting homeowners that find themselves now in a situation of having to do a short sale due to hardship, relocation etc. When you take a look at how many loans are now financed as FHA insured... this is going to have an impact far greater than one can image.
There were no stipulations to if this is just for HAFA (Short Sales) or any short sale.
According to the FHA guidelines - borrowers can qualify to buy a home:
3 … (0 comments)
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fha: Fannie Mae changes ... waiting time to purchase again OR Waiting to Exhale! - 04/19/10 11:25 PM
Fannie Mae has figured out how it will handle allowing borrowers that are experiencing the pre-foreclosure process now -- as to how long they will have to wait before they can become homeowners again.
Of course, this is just for those that will be interested or able to purchase another home prior to the current wait times that are set.
… (4 comments)
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fha: So now my question is… FHA do you want to run all your borrowers away again? - 01/21/10 10:17 AM
I am wondering what the purpose of raising ANYTHING right about now?
I mean raising anything from taxes, to interest rates, to the cost of milk and bread.
Right now, our economy is in a real bad situation and raising ANYTHING leaves a question of WHY?
I am speaking about one the latest changes from FHA;
Upfront mortgage insurance premiums are increasing to 2.25% from 1.75%
So for every $100 the cost is $2.25 instead of $1.75. This can get expensive when you figure it on $100,000 (2.25% = $2,250 instead of 1.75% = $1,750). Add this to your other … (1 comments)
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fha: All change is NOT good! ... FHA to cut maximum contribution to closing costs! Say What??? - 01/20/10 01:55 AM
Keep your ears open and do not miss the promised announcement of more changes coming down the pipeline from FHA. There are supposed to be a few changes, but here is just one:
• The maximum seller contribution to closing costs will be cut from 6% to 3%
This should not come as a surprise if you have been following the behavior of the banks with bank owned offers. The banks have been countering back to the buyers and denying the credit back or if it is higher than 3.5% they have been lowering the credit back to the buyer.
This … (0 comments)
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fha: Is more rehabing in mass numbers....just around the corner? - 01/17/10 08:10 PM
Is more rehabing just around the corner? With the FHA 90-day flip rule being lifted - will this encourage banks to spend some money on foreclosed properties that are bad condition and won't pass FHA's minimium requirements - to do the needed repairs upfront so the property can go FHA?
Rehabing foreclosed homes could help stablize the overall values of neighborhoods and adjourning properties by mimimizing the deep discounts given to all cash buyers.
I am talking about rehabing upfront - without having to go through the buyer wondering if the bank will approve the repair request -- even if it … (4 comments)
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fha: Another Moratorium...2/1/10 - 90-Day Flip Rule is lifted! - 01/17/10 07:46 PM
While it seems that yet another moratorium to celebrate is in the works with the 90-day flip rule. The 90-Day Flip rule is lifted for at least 1 year starting February 1, 2010. HOWEVER, keep in mind that it is not completely all free from stipulations.
What does this mean to buyers?
it simply means that buyers that are seeking to buy a property with a FHA loan financing can do so without having to wait the 90-day from the date of the last purchase of that property in order to purchase it. Example: Property was purchased December 15, 2009 - … (1 comments)
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fha: Three Tips For Faster VA Condo Approvals - 01/03/10 07:19 PM
Brian Brady does a good job in explaining and clearing the air about VA condo approvals. Thanks for the opportunity to re-blog this so more can read about it.
Rosemary Brooks
Patrick Williams & Associates
Via America's #1 Mortgage Broker/858-777-9751:
I've probably funded 40 VA home loans in 2009, many of them for unapproved condominium complexes. In Southern California, it's quite common along the coastal communities for buyers to look at condos, townhomes, or PUDs as lower-cost alternatives to single-family homes. Declining prices, along with higher VA loan limits have afforded many active duty and former service members the opportunity … (0 comments)
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fha: Buyers: VERBAL acceptance??? What’s that got to do with Effective dates? - 11/27/09 12:25 AM
Time to scratch your head again!
Listing agents are sending out emails to the buyer’s agents that say it is a verbal counter from the bank. Wait! Hold your horses - don’t get too excited about it until you really think it out and get yourself together long enough to see what they are really asking you.
Of course you will be excited that your offer received some personal attention from the seller but wait just a minute. The word Verbal and Acceptance might not be a good match!
Verbal acceptance…. Don’t mean anything until you get something in writing. That … (17 comments)
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fha: There’s no RUSH… to getting back into Homeownership- is there? - 11/26/09 11:55 PM
There is a rumor... or is it truth?? That FHA is lowering the waiting guidelines on how long you have to wait AFTER you do a Short Sale to purchase another home using FHA financing.
Some say it is 3 years or longer, some say as soon as 1 year after!! One year?? Is that truth? According to the rumor, as long as you do not have late payment history for the last 12 months – you are good to get a FHA loan. Is this truth?
So I put that question to the test with a FHA loan expert yesterday … (2 comments)
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fha: Buyers: FHA Appraisal and Home Inspection - why do I need both??? - 11/14/09 03:08 PM
Every agent that represents a buyer should be able to explain to their buyer why they need a home inspection and that FHA appraisals are not a substitute for a home inspection.
While home inspections are for the buyers information and not of much interest to a seller... they should never be waived. Let me just say... the FHA Appraiser will not be seen climbing on top of the roof and sitting there inspecting that roof!
Here is some information on FHA appraisals:
1. FHA appraisal is for the benefit of the lender
2. It is not a home inspection, it … (2 comments)
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fha: Property Description: "Needs TLC" and its a Fannie Mae Property ...... better check out a Renovation Loan - 11/13/09 03:13 PM
While there is the FHA 203K streamline renovation loan that works great - if the property is a Fannie Mae property the better renovation loan for FM properties is a HomePath Renovation Loan.
HomePath Renovation Loan: This type of renovation loan is only for properties that are owned by Fannie Mae. Some of the other considerations:
Low down payment and flexible mortgage terms (fixed or adjustable rates). Down Payment (at least 3%) can be from:
Your savings A Gift A Grant Loan from non-profit State, local Government or your employer There is no mortgage insurance required (Unlike... FHA 203k) Appraisal … (0 comments)
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fha: FHA is back to stay?? ... better find out about the 203k Streamline Renovation Loan - 11/12/09 07:57 AM
FHA is back to stay? Better find out about... 203K (Streamline Renovation Loan)
Qualification/Definition of 203K Streamline: If a buyer qualifies for regular FHA loan (203B); they qualify for FHA 203k Streamline. As long as the loan does not exceed $35,000 in non-structural upgrades or repairs. Questions about qualifications should be addressed with your lender. If your lender does not know about this type of renovation loan, please do not hesitate to ask your lender.
Repairs cannot take 6 months Contractor must be able to pay out of pocket for up to 60 days and Contractor cannot get but 2 draws … (10 comments)
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fha: FHA 90 Day Rule can be a deal breaker! - 11/12/09 06:55 AM
For those that out looking to purchase a home that was recently purchased and is now being resold -- this is called a flip. There are rules that are associated with this type of resale if the buyer is a FHA buyer. The investor or flipper cannot sell the property to buyer if it is less than 90 days of the last sale date of the property. For buyers this is frustrating to see a property they like and find out it is cannot be sold to them because they are FHA approved-- especially when the property is in good condition and will pass … (14 comments)
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fha: Will the Seller consider FHA financing.... a common question - 11/09/09 02:49 PM
How important is it to make sure you indicate on the MLS if a seller will/will not consider FHA financing? Very. How many calls and emails will it save?
I believe this is why the MLS have a category for financing type. Since FHA is coming back stronger than before, it is wise to assume that somewhere around 80-90% of the offers received and they are owner occupied will be FHA financing. If not now, in the near future FHA will be the majority if the occupancy will be owner occupied.
Effective Dec 12, almost all of the FHA financing … (2 comments)
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fha: Condo complex not FHA approved?? HUD is eliminating the Spot Approval process - 07/03/09 08:57 AM
HUD is changing the guidelines for condo projects and existing condo owners who want to get approved for FHA financing. When the condo is approved - that means the buyers can purchase with a FHA loan. Right now if the condo is not FHA approved the lenders are doing what they call a Spot Approval and being able to use the FHA loans. Effective October 2009, the guidelines are changing - Major Guideline changes. The major change is the Elimination of the Spot Approval Process
What does this mean to the buyers - to find out, while in escrow, that the … (11 comments)
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