greg zaccagni: FHA modifies 90 day wait period designed to avoid inflated values by flipping homes. - 06/25/08 09:12 AM
The rule as originally stated:
To be eligible for a mortgage insured by FHA, the property must be purchased from the owner of record and the transaction may not involve any sale or assignment of the sales contract. This requirement applies to all FHA purchase money mortgages regardless of the time … (1 comments)
greg zaccagni: Great Expectations or Mortgage Pre-approval? - 06/21/08 07:40 PM
Great Expectations or Mortgage Pre-approval?
Could the dynamics between real estate agents & mortgage lenders change to match conditions in the current mortgage lending market?
Real estate agents are generally not paid till a purchase transaction closes. With gas prices now exceeding $4.00 per gallon, buyer's agents have even stronger motivation … (2 comments)
greg zaccagni: What is a Non Warrantable Condo? - 06/21/08 09:48 AM
Non Warrantable Condos are not eligible to be sold to Fannie Mae or Freddie Mac because they DO NOT fit into one of the following three classes:CLASS I1. Developers control of the homeowners association has been turned over to the condo owners2. Project is not subject to additional phasing or add-ons … (2 comments)
greg zaccagni: What caused the subprime meltdown? - 10/20/07 03:00 PM
After creating a market that allowed almost anyone to qualify for a loan the secondary market (mortgage investors) suddenly stopped buying loan types that didn't perform as predicted.
Investors also exercised their contractual right to force originators to buy back defaulting loans resulting in many loan originators going out of business.
Investors … (0 comments)
greg zaccagni: Government approves FHA Bail out for Subprime ARM morgage holders - 09/21/07 09:57 PM
Looks like relief has arrived for many subprime ARM mortgage holders! Here are some details and remember FHA remains a full doc loan program. See my seperate blog on FHA lending guidelines.
Greg Zaccagni @ http://www.mortgageadvisor.info
September 5, 2007
SUBJECT: The FHASecure Initiative and Guidance on Appraisal Practices in Declining Markets … (4 comments)
greg zaccagni: Subprime Mortgages Defined - 09/16/07 08:58 AM
We hear the term nearly every day. What does "subprime" really mean? Greg Z @ http://www.mortgageadvisor.info/
Subprime mortgages
As with subprime lending in general, subprime mortgages are usually defined by the type of consumer to which they are made available. According to the U.S. Department of Treasury guidelines issued in 2001, … (0 comments)
greg zaccagni: What's Your Rate? - 09/13/07 07:26 AM
With all mortgage ads it's easy to see why some think mortgage rates are an off the shelf item. Truth is they are more like life & health insurance quotes - subject to your personal situation.
Just as an insurance agents ask height, weight, family health history etc... a meaningful mortgage rate requires its … (5 comments)
greg zaccagni: Financing home repairs & improvements - 09/08/07 10:18 PM
financing unexpected & planned home improvements Bad News: Unsecured lines of credit are really glorified credit cards without tax deductible interest. Non-deductible interest for homeowners is like throwing money away unless you're able to pay it off in short order or plan to default on the loans. Liquidating interest bearing accounts like savings, CD's, … (2 comments)
greg zaccagni: Do credit pulls affect my FICO score? - 09/03/07 07:37 AM
Mortgage lenders are asked this question all the time. I send inquiries directly to the source for an unbiased answer. According to the Fair Isaac Corporation (FICO) same "type" inquiries will be treated as a single credit pull as it is apparent you are shopping for one loan. Here is what … (3 comments)
greg zaccagni: Avoiding Foreclosure - 08/31/07 11:27 PM
This is the legal means a mortgage company may use to repossess their collateral, your home should you default on making timely payments. If the property is sold for less than the total amount owed on the mortgage loan, the mortgage company or HUD could seek a deficiency judgment against you. … (1 comments)
greg zaccagni: What are Reserve Requirements? - 08/31/07 03:48 AM
To qualify for some mortgage loans you will be asked to meet their reserve requirements. Lenders want to know that in the event your current source of income is interrupted you have sufficient cash "reserves" to meet your mortgage payment obligation for a specified period of time. Reserves are required on … (1 comments)
greg zaccagni: I pay cash for everything & now I want a mortgage - 08/28/07 08:00 AM
Like oil & water, cash payment histories & mortgage approval don't mix. Mortgage lenders use your demonstrated use of credit to predict the likelihood to make timely mortgage payments in the future. Vendors don't report your cash payments to credit reporting agencies. Only your debts (what you owe) get reported. It's a good … (4 comments)
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The rule as originally stated:
