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fha: If I had a little more confidence in my preditiction Tuesday, I would have looked like a genius yesterday - also, major FHA changes coming? - 06/11/10 12:44 PM
Daily Rate Update for Friday, June 11th from Province Mortgage Associates Part of my job is to send a daily email to the staff at my company detailing the condition of the mortgage market, and whether our originators should be locking rates, or if it is safe to float to another day. I've been doing this for two months now, and from what I've heard around the office, the results have been great. We're having more success in improving profitability, while at the same time delivering better rates to our borrowers. On Tuesday, I closed my message, saying, "In spite of (0 comments)
fha: Combining Education with Mortgages: My Job is Much More than Just Writing Loans - 02/24/10 07:12 PM
Combining Education with Mortgages: My Job is Much More than Just Writing Loans Education is important. Without education, income levels are lower. According to the macroeconomics textbook used in the course I'm teaching right now, in the United States, each year of education accrues a 10% average increase in income for its recipient. Education can help consumers avoid traps like sub-prime mortgages. Education may be the key to the next technological innovation that will spur economic growth. I have made a commitment to education, both in my business, and in my personal life. I've certainly consumed a lot of it (18 (0 comments)
fha: Jumbo Mortgages in 2010 - Will the secondary market keep forcing ARMs on owners? - 01/13/10 04:52 PM
Jumbo Mortgages in 2010 - Will the secondary market keep forcing ARMs on owners? Flash back a couple of years, and you'll remember the Federal Government initiating a program to allow Fannie Mae and Freddie Mac to purchase loans greater than $417,000 on a temporary basis. Fannie and Freddie had been limited as part of their charters to a set amount which started at $93,750 in 1980, and which has since been adjusted based on year-over-year housing price changes. The economic stimulus package of 2008 gave provisions for the limit to be temporarily increased in "High-cost areas" to an amount (0 comments)
fha: 2010 New Hampshire FHA and Conventional Loan Limits by County - Jumbo Cutoffs - 01/12/10 04:38 PM
2010 New Hampshire FHA and Conventional Loan Limits by County - Jumbo Cutoffs Wondering what makes a Jumbo mortgage in New Hampshire for 2010? Here's the updated limit information, compiled from the Federal Housing Finance Authority and the Federal Housing Administration by county. County FHA Limit Conventional Limit Belknap $281,250 $417,000 Carroll $271,050 $417,000 Cheshire $271,050 $417,000 Coos $271,050 $417,000 Grafton $281,250 $417,000 Hillsborough $402,500 $417,000 Merrimack $302,500 $417,000 Rockingham $523,750 $523,750 Strafford $523,750 $523,750 Sullivan $271,050 $417,000 Again, for 2010, neither Agency nor FHA loans will observe a different limit amount than 2009. Please contact me if (0 comments)
fha: FHA Private Well Requirements for Properties not Served by Public Water - 01/07/10 05:55 PM
FHA Private Well Requirements for Properties not Served by Public Water In Rhode Island a very high proportion of homes are connected to an ever growing public water system. I also work with many buyers in Eastern Connecticut where public systems are much less prevalent. Conventional mortgages don't ask many questions about wells, but government mortgage programs, including Federal Housing Adminsitration (FHA) insured loans, have more stringent requirements. Appraisers evaluating properties for FHA mortgages are required by the FHA to evaluate the well's safety. For FHA mortgages, certain guidelines have been established for safety reasons. The most commonly encountered requirements (1 comments)
fha: 2010 FHA Loan Limits for Massachusetts - A New Year, Same Numbers - 12/31/09 02:39 PM
2010 FHA Loan Limits for Massachusetts - A New Year, Same Numbers As I reported previously for Rhode Island and Connecticut, 2010 is an year off from changes in maximum FHA loan amounts, and the same holds true for Massachusetts. Here are the area loan limits, by county: Barnstable County: $462,500 Berkshire County: $271,050 Bristol County: $475,000 Dukes County: $729,750 Essex County: $523,750 Franklin County: $318,750 Hampden County: $318,750 Hampshire County: $318,750 Middlesex County: $523,750 Nantucket County: $729,750 Norfolk County: $523,750 Plymouth County: $523,750 Suffolk County: $523,750 Worcester County: $385,000 For those who have read the Connecticut article, you'll notice that (0 comments)
fha: 2010 FHA Loan Limits for Rhode Island - Unchanged from 2009 - 12/31/09 01:28 PM
2010 FHA Loan Limits for Rhode Island - Unchanged from 2009 Yesterday, I wrote about the updated FHA lending limits for Connecticut. To learn more about the methodology used in calculating limits, I would suggest circling back to that article. Today, I want to pass along the same information for Rhode Island. This year has been a relatively quiet one in real estate pricing in Rhode Island. Almost all areas saw a decline in value, some very significant. If anything, I believe Rhode Island is fortunate not to have seen its FHA loan limits cut for this year. FHA limits are (0 comments)
fha: 2010 FHA Loan Limits for Connecticut - Just How Much Can You Borrow with less than a 5% Down Payment? - 12/30/09 02:15 PM
2010 FHA Loan Limits for Connecticut - Just How Much Can You Borrow with less than a 5% Down Payment? There are fewer than 36 hours left until 2010, so it's time to start thinking about some of the changes we'll see in mortgages in the New Year. One aspect of lending that changes eery year is the amount that can be borrowed using the government's Federal Housing Administration (FHA) insurance program. Each county across the country is given a different amount based on average home prices within that county. For 2010, as 2009, certain counties have received higher than normal (2 comments)
fha: New Green Shoots? How About Significant Improvements to FHA Condo Guidelines!!! - 08/10/09 07:16 PM
Washington's buzzword last month was "green shoots" to suggest tiny indications of improvements to the economy and financial markets. After 2 years of lender closures and program cuts, this fall we may just start seeing some green shoots in mortgages, as well. Mortgage financing on condominium properties has been a sore point for mortgage and real estate professionals this year due to the intensified scrutiny these properties receive from underwriting, and the often-frustrating guideline variations from one lender to the next. Perhaps most challenging for the mortgage professional is that we are unable to provide our clients with assurance that the (0 comments)
fha: Top Rated on Angie's List! - 07/07/09 04:50 PM
I have to admit I've been a little too busy lately to blog about everything, or do everything that I wanted to do, from a marketing perspective. I finally had a chance to catch up on a recent post about our services from a user on Angie's List. I'm pleased to say he was very happy with the service received on his FHA 203k rehab loan, and said, "We closed on time and under budget, We couldn't be happier with Dan Hartman." Because we now had a review on Angie's List, I was able to set up a company account and (2 comments)
Subject: FHA Gift Money (Sent via Activerain) Dan, My wife and I are in the process of buying a house. During the FHA preapproval process we noticed that we possibly were going to need a little help monitarily. Mywife's parents were more than happy to help us out. The only catch and this is my problem, is that the money that they gave us was cash and is considered "matress money," as it was never in the bank. We have filled out a gift (2 comments)
fha: FHA is great, but don't forget conventional options, too! - 05/11/09 05:55 PM
I know that FHA, and other government products, have been all the rage lately due to difficulty in getting conventional loans and conventional mortgage insurance, but I think that a lot of mortgage originators have forgotten that there are still good conventional loans available without the high down payments frequently associated with them. For cost conscious borrowers, this can be especially important, as conventional loans do not require the high upfront mortgage insurance or guarantee premiums associated with government programs. In most areas, well qualified first time homeowners can get financing at as high as 97% of the purchase price of (1 comments)
fha: What's new in the mortgage market? Keeping up on recent changes - 03/30/09 11:26 AM
Good morning! It’s been a little while since I had the opportunity to write, and I wanted to pass along a bit of information about what is going on in the financing market. There have been some changes recently that need to be considered, so I’d like to take a few minutes to run through them. If you have questions about any of these in particular, please don’t hesitate to call me. FICO Updates Over the past two months, many individual lenders have set credit score requirements that differ significantly from traditionally accepted criteria. At present, a 620 credit score is (1 comments)
fha: Buying a foreclosed home? Look out for these property pitfalls - 12/08/08 02:50 PM
Today's buzzword in buying a reasonably priced home is "foreclosure". Foreclosed homes sell anywhere from 20%-60% lower than non-foreclosed homes, making their pricing much more attractive, but there are hurdles to overcome, especially when it comes to property condition. Even though the home is foreclosed, it still must meet the requirements of new financing. I've been working with foreclosed homes for more than 40% of my buyers lately, so I wanted to review a few of the problems we've encountered, and how to avoid them. To lend on a property, each type of mortgage will have its own requirements as to (1 comments)
fha: Stop the insanity! No, wait, keep it going! - 11/26/08 02:36 PM
Phew, what a busy couple of days! I’m sure at this point you’ve been inundated with emails from loan officers since yesterday morning, so I probably don’t need to tell you that many buyers are qualifying for 5.5% with no points today. We saw a huge drop yesterday in rates, so, rather than harping on how attractive they are, I thought I’d let you know some of the why behind it. Over the past 4-5 weeks, investor demand for mortgage securities had waned considerably, as wave upon wave of bad economic news suggested consumers and homeowners would face greater difficulty in (0 comments)
fha: Updates to Jumbo mortgage limits for 2009 - 11/24/08 04:33 PM
Earlier this year, we learned that the Jumbo mortgage was going to be a bit bigger for a time. For a year, the limit for mortgages purchasable by Fannie Mae and Freddie Mac was temporarily increased from $417,000 to as high as $729,750 through the beginning of 2009 as a component of the Economic Stimulus Act of 2008. That date is now fast approaching. The original purpose of this temporary change was to address a mortgage market problem that arose in late 2007 and early 2008, specifically that demand for securities backed by Jumbo mortgages had decreased precipitously. By opening those (0 comments)
fha: CHFA and the $7500 Federal First-Time Homebuyer Credit - 11/17/08 10:11 AM
Many of you who work in Connecticut are familiar with a very effective First-Time Homebuyer mortgage program offered by the Connecticut Housing Finance Authority. The CHFA Homebuyer Mortgage Program follows most FHA guidelines, but is restricted in regards to the buyers' income, and offers subsidized interest rates that are typically at a small discount to FHA rates. In my experience, the only reason I ever lose a Connecticut loan is to the CHFA program; unfortunately, it is a program we are unable to offer, as it is only available to mortgage companies with offices in Connecticut. On Thursday, I spoke with (1 comments)
fha: Financing Condominiums – What you need to know Part II: How Condos are Approved for Financing - 11/03/08 01:04 PM
Last week, we looked at some of the most significant factors that are considered in condominium approval. Let’s examine the 5 methods allowed for approval of a specific condo. Fannie Mae / FHA Approval Fannie Mae and the Federal Housing Administration used to approve condominiums following an exhaustive process that involved extensive questionnaires, appraisals, review of hundreds of pages of condo documents, and, as often as not, site visits. As the housing market has worsened, the expense of performing these reviews was no longer justified. Despite their termination of this process, both FNMA and FHA maintain an extensive list of approved (0 comments)
fha: Financing Condominiums – What you need to know Part I: Financing Considerations - 10/31/08 01:37 PM
I’m going to open this up this article with a shocking revelation: Condominiums are not the same as single-family homes. Lenders do not view condominiums in the same way as single-family homes. There are additional risks that are considered, additional documentation that must be obtained, the result of which is that purchasing a condominium can be tougher than it seems. Let’s take a look at a few factors that are considered in evaluating condominium mortgages, and at the 5 ways that condos can be approved for conventional financing. Completion Banks are most concerned with the aspects of a condominium that (0 comments)
fha: What’s going on in the market - 10/14/08 09:19 PM
Last Wednesday, I gave a brief presentation on the state of the financial market. I thought it would be of value to share it here, too. I hope this helps to make the current situation a bit more understandable. Capital Markets are based on the assumption that low-cost short-term (overnight) credit will be available to banks. Banks need this credit to meet Federal Reserve requirements for reserve funds. The majority of lenders to banks are other banks. As mortgage markets have deteriorated, banks have become more concerned about the health of other banks to which they lend. Their concern is that (0 comments)
Dan Hartman's Blog about mortgages, real estate, and the economy in New England, and the United States, especially Rhode Island Rates, Connecticut Mortgages, Massachusetts Rate Locks, and New Hampshire Home Sales. Let Dan leverage his MBA in Finance and experience as a college professor for you!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.