Ar_home_b_search
 



fha: FHA's Flip Waiver Expires January 31st, 2011! - 01/12/11 12:07 AM
Are your listings and buyers ready?
So far FHA has not renewed the Flip Waiver and starting with new case numbers pulled on or after February 1st, 2011 will be subjected to the previous flip provisions as specified in  FHA Mortgagee Letter 06-14.
Per HUD requirements, the fully executed purchase contract (signed by both the buyer and seller) must be dated on or before January 31, 2011. HUD allows no exceptions to this rule.
We will continue to offer this product until it expires and I will update this blog if the Flip Waiver is extended.
Do you have questions or need creative solutions, please call … (3 comments)

fha: Energy Efficient Mortgage Program- We do them! - 06/15/10 05:08 PM
There is a lot of buzz about FHA's Energy Efficient Mortgage Program or EEM! Prospect Mortgage is happy to announce that we do these mortgages and have been for a long time as a supporter for energy efficiency and helping buyers & home owners reduce their operating costs.
 
Did you know......?
This mortgage is underwritten as a regular FHA with a little more flexibility with debt to income ratio up to 2%. (Stretch Ratios) You can finance up to 5% (not to exceed $8,000) of the property's value, or $4,000 whichever is greater. Borrower may finance 100% of the expense of a … (1 comments)

fha: Condo requirements have changed, are your listings ready? - 05/21/09 11:41 PM
Fannie Mae & Freddie Mac change requirements for condos, are your listings ready?
Read these changes below and make sure your condos are listings are ready for the changes before your closings are held up.
FIDELITY Insurance Coverage Requirement (for projects larger than 20 units)
The owners' association must have blanket fidelity insurance coverage for anyone who either handles funds that it holds or administers, whether or not that individual receives compensation for services. The insurance policy should name the owners' association as the insured and the premiums should be paid as a common expense by the association. The policy for … (4 comments)

fha: Something to keep in mind with FHA - 12/08/08 09:06 PM
With all the buzz about the required down payment going up from 3% to 3.5% starting January 1st 2009, I just want to make sure you knew the 3.5% required is only for NEW case numbers starting in January. What that means is if you have someone purchasing, under contract you can reserve the case number now and close in 2009 with the 3.00% down payment. Remember that the case number follows the home so if the address changes your buyer is subjected to the new rules.
This is pretty typical for FHA, they "usually" make their changes on when the … (6 comments)

fha: Whoops....a lesson learned. - 09/12/08 08:23 AM
I have a new buyer that I'm working on their loan, they are buying a new house (right down the block from their current home) that is already under contract. They are not happy with their current lender so the builder has recommended them to me. So back to working on the file, they have a current house that they are going to rent out. I apply the rent because they already have a rental agreement. I run the loan through the system....great credit and good ratios. I get an approve eligible with a new alert that I have never seen before.
… (0 comments)

fha: Pricing on FHA is beating a 20% down Conventional loan? Are you kidding me? - 08/25/08 10:03 PM
Okay, I'm shocked....I just priced out a 20% down Conventional with a 647 credit score, I just knew Conventional would beat FHA. NOPE, even with mortgage insurance FHA beat out Conventional. I'm not sure how I feel about this.
I can remember when 647 was a good score, there are pricing hits even with a 739 and 20% down. So the new walk on water credit score is 740+, who has that anymore? Scary considering that the average credit score for Americans sit around 670 ish.
So when the time comes, how do I explain to the buyer with 20% down that FHA … (9 comments)

 
Catherine_4683

Catherine Eusea-Mortgage Lender at

Fort Collins, CO

More about me…

Prospect Mortgage

Address: 2032 Caribou Drive #102, Fort Collins, CO, 80525

Office Phone: (970) 223-8300

Cell Phone: (720) 300-6777

Email Me



Links

Archives

RSS 2.0 Feed for this blog