fha loans: Residential Purchase Differences: Fannie, Freddie, FHA
- 07/29/14 02:33 AM
As a Realtor you want to be aware of some differences between Fannie Mae, Freddie Mac, and FHA underwriting. Here are some very basic differences. True Example: I was the listing agent for a home and we were in contract. After two weeks the Realtor representing the buyer called me with bad news and said that the buyer did not qualify for the loan. I was a little confused because I knew of the mortgage company and broker who wrote the pre-approval letter and their reputation is solid. I told the Realtor that I am also a mortgage broker and … (2 comments)
fha loans: Moving Up from Ugly to Hope
- 09/06/13 04:43 AM
First comes ugly then comes hope. My customer was caught up in the recession big time. During that time he got a divorce, lost his home to foreclosure, and filed a bankruptcy. That was ugly..but he continued to work and began to re-establish his credit and has a new lady friend. They want to buy together and they can ! All mortgage requirements consider the down payment, credit, reserves, and the income to outgo ratio. After two years the customers now qualify for an FHA loan. I still call FHA loans ugly because they are expensive but they are … (1 comments)
fha loans: Good to Know- Real Estate Financing
- 01/12/13 04:31 AM
Purchase and Refinance Information that is good to know.. The Mortgage Credit Certificate Program (MCC), authorized by Congress in 1984, provides financial assistance to first-time home buyer's. The Santa Clara County MCC tax credit reduces the federal income taxes of qualified Borrowers purchasing qualified homes; thus having the effect of a mortgage subsidy. The current tax credit rate is up to 15% of the interest paid to the Lender on the first loan. The MCC will reduce the amount of federal income taxes otherwise due to the federal government from the Borrower; however, the mortgage tax credit cannot be claimed as … (0 comments)
fha loans: FHA to raise Mortgage Insurance Fees
- 02/28/12 07:37 AM
The article below is from Daily Real Estate News. This is a BIG expense. The up front MI for a $350,000 mortgage just went from $3500 to $6125.00. FHA has historically done a poor job of approving loans and now they are making the new buyers pay for their poor decisions. Home buyers with mortgages backed by the Federal Housing Administration will soon see a rise in fees, the agency announced Monday. The agency is raising its fees in an effort to try to recoup some of its depleted reserves*, which suffered from the rising number of home owners who defaulted … (0 comments)
fha loans: How much is the MIP for a Reverse Mortgage?
- 02/17/12 12:15 AM
The Reverse Mortgage is an FHA loan and like all FHA loans it requires an insurance premium. The up front premium for the basic FHA loan is 1% of the loan amount so for a $107,000 loan the premium would be $1007. I used the $107,000 loan amount for a reason. I just closed a Reverse Mortgage for that loan size; but in the case of the Reverse Mortgage the insurance premium was $3080.00. More than three times the normal FHA premium. Why? First, the required premium for the Reverse Mortgage is 2% of the appraised value of the … (1 comments)
fha loans: The FHA Loan Boxes
- 05/14/11 12:28 PM
All loans have underwriting guidelines or 'rules'. All real estate loans work with three boxes for loan approval. For very large loans with low interest rates those boxes are small; very small, which means the approval is more difficult. The FHA boxes are all large which means the approval process is much easier.Box 1-- the down payment. Most loans require a 20% down payment but there are loans that require only 5% down. In 99% of the cases the loans with only 5% down require that the down payment comes from the borrowers savings. The FHA box is bigger because it … (0 comments)
fha loans: 10 Video's that answer mortgage questions
- 03/23/11 08:48 AM
Here are 10 video's I have recently posted which should answer a lot of mortgage questions. Doug JonesNMLS 286668 Can you write off interest if the loan is in someone else's name? Referral Fees are illegal for loans How Credit Score affects the cost of the loan FHA Down Payment Requirements Why Financial Professionals Refer Clients to me FHA Credit Score Requirement Mortgage Credit Certificate saves 15% of the interest cost Debt Ratio- Loan Qualification Guide Free Annual Credit Report How to Save on your mortgage … (0 comments)
fha loans: OnLine Newsletter- I recommend Realty Times
- 08/02/10 04:26 AM
I use an online email newsletter and have used Realty Times for years. All I do each month is write one short article and the newsletter is ready to go. Actually I don't even need to write an article and they take care of it all. Realty times also offers video's embedded in the newsletter. I recommend them and they create a professional image of my company. Check this link and look at my newsletter. http://realtytimes.com/c/mortgagemagic Doug Joneshttp://www.mortgagemagic.com … (1 comments)
fha loans: $15 and 15 minutes for FHA pre approval
- 07/15/10 06:22 AM
Check out the video http://www.youtube.com/watch?v=TCvE6JCFOS8 All I need is $15 and 15 minutes to pre approve your client for an FHA loan (California only) To check credit I need the clients name, address, birth date and social security number..this is the $15 cost. Then all I need is how much the client earns on a monthly basis. Finally, the FHA down payment requirement is only 3.5% and approximately 4% closing costs. The down payment can be gift and the closing costs can be paid for by the seller. So, $15 and 15 minutes is all it takes to get started. http://www.mortgagemagic.comdoug@mortgagemagic.com … (0 comments)
fha loans: FHA still only 3.5% down payment
- 07/13/10 05:50 AM
FHA down payment still only 3.5% and it can be gift. The closing costs can also be paid by the seller up to 6% of the closing costs. Credit scores still low at 620 and the debt ratio is very reasonable at 46/56.. The Rates are low. Prices are low. FHA only requires 3.5% down..It IS the time to buy. FHA video http://www.youtube.com/watch?v=eqt2WMbOblk … (0 comments)
fha loans: FHA loans in San Jose
- 07/10/10 03:38 PM
Yes...I write the FHA purchase money loans. Of all the loans I do I really do like the first time home buyers and those who have a little bit of a challenge to get into the home. I am good at explaining all the questions the client SHOULD have- most times they don't know what to ask. So, I make sure that they are comfortable and well educated. Our last TV show was on FHA and here is the opening magic clip to that show. http://www.facebook.com/DrMoneyMagic#! … (0 comments)
fha loans: FHA 3.5% Down but there can be problems
- 06/29/10 08:47 AM
FHA is great in that they only require a 3.5% down payment and the down payment can be gift. But the money has to flow perfectly and be completely traceable. In this video the Title Company accepted a check from a person not on the loan and it caused all kinds of problems. I only mention one check on the video but there were actually two and this little episode took me more than 70 phone calls and 6 hours to clear up! http://www.youtube.com/watch?v=eqt2WMbOblk … (0 comments)
fha loans: FHA Basics
- 06/24/10 08:02 AM
This FHA basics are so simple: 3.5% down payment620 credit score46/56 debt ratioGifts allowedSeller can pay up to 6% closing fees Of course there are variations but for a purchase that is basic enough. http://www.youtube.com/watch?v=Au4q9RYRhaA
As a Realtor you want to be aware of some differences between Fannie Mae, Freddie Mac, and FHA underwriting. Here are some very basic differences. 
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