fha: USDA Mortgages and Risk Based Pricing - 07/08/09 03:37 PM
Risk Based Pricing is a term now used by mortgage lenders to refer to how mortgage loans are Priced.
A mortgage with a higher risk to the bank has a higher price, or interest rate. A loan with a lower risk of default for the back, has a better price / … (2 comments)
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fha: Add HUD / FHA as a Friend on Facebook? - 03/24/09 02:09 PM
Okay- so many of you already know this...
But the Federal Housing Administration (yep, FHA) now has a page on Facebook!
AND! If that wasn't cool enough (I mean you can leave questions on their WALL!) you can also follow them on Twitter!
Say what you might about Obama plans … (6 comments)
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fha: First Time Homebuyers! Get Your $8000 Piece of the Bailout! - 03/03/09 10:10 AM
There is a silver lining to all of this Bailout Business (thank goodness!) and it applies all First Time Homebuyers! In the recent stimulus package, Congress, and President Obama wrote in a $8000 Tax Credit for First Time Homebuyer's who purchase a home between January 1, 2009 and December 1, 2009 (that's … (22 comments)
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fha: Contractors and FHA 203K Loans in NC - 03/02/09 01:14 PM
FHA offers a great mortgage program for folks who want to make improvements to their home (through a refinance) or those who are purchasing a home that needs some "TLC!" The program's official name is 203k.
If you are not familiar with the loan, you can find basic program details, like … (10 comments)
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fha: Why Credit Scores are Getting Tighter in NC - 02/23/09 10:33 AM
Since the beginning of the year, subtle but significant changes made their way into the underwriting guidelines in NC, and credit score requirements have been changing! As we are all learning, each market seems to be somewhat "dis jointed" when it comes to home values, and jobs - therefore we've seen … (2 comments)
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fha: What is in the House Stimulus Bill 01/28/2009 - 01/29/09 09:23 AM
This is only part of what the Homebuilders and NAR were looking for - but having the FHA limits here going back up will help... especially when you look at the new PMI guidelines that are coming out. (For information on the Genworth changes announced yesterday, click here going to minimum … (5 comments)
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fha: If Your Score is Less than 620 - Interest Rates Are Going UP! - 01/09/09 01:44 PM
Just received an update from a MAJOR investor that credit scores less than 620 are going to be priced SIGNIFICANTLY higher beginning Monday, January 12, 2009.
This is significant for folks who are purchasing, and using USDA or FHA/VA financing tools. The "hits" for scores between 600 and 620 today are … (12 comments)
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fha: FHA Loan Limits Wake County 2009 - 01/05/09 02:58 PM
If you are trying to sell a $300,000 home in Wake County, NC - you just lost the opportunity to sell to hundreds of buyers.
The FHA loan limit in Wake County changed January 1, 2009 from $295,000 to $271,050... then it changed BACK to the $295,000 level 2 months later!
… (8 comments)
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fha: How Mortgage Rates Work Now - 12/22/08 01:21 PM
In the "old days" (before the government had to get involved in lending), rates, and yield spread worked just like a ruler. A rate of 5%, might be "even" - meaning the broker charged a 1% origination fee (which they share with their company), and that was what they earned. A … (7 comments)
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fha: Problems Refinancing from Conventional Loan to a Government Loan - 12/09/08 11:47 AM
For fun an giggles, let's say you bought a property in Feb. of 2008. You got a Heck of a Deal - and you purchased the home for $237,000. The appraisal in February was for $245,000 (and the appraiser thinks it's worth more now). The loan in February was a conventional 100% … (1 comments)
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fha: Change in Business Plans - Take out Fear of Financing (ASAP!) - 11/12/08 09:11 AM
This is one of those NO BRAINER wake up calls we all need. I just finished Accountability Coaching - and they reminded me that I need 12 to 20 Exposures every day... not to my real estate partners, but to the PUBLIC. Writing notes, sending personal emails - reminding folks … (10 comments)
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fha: FHA Loan Limits Change in the Triangle 1/1/09 - 11/10/08 12:44 PM
EDIT! These loan limits CHANGED AGAIN on 2/24/2009. FHA limits as of THAT date in Wake County are now back to $295,000
According to the calculations done by HUD, and released in their recent Mortgagee Letter, the maximum FHA loan limits in Wake County will be $271,050 effective January 1, 2009.
If you are … (11 comments)
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fha: The $7500 Downpayment Gift - 11/07/08 12:16 PM
Maybe you heard that Uncle Sam, who has been giving money out to just about EVERYBODY lately, has a check waiting for you... if you buy a house before next summer!
What is it? How does it work?
This is a tax credit and not tax deduction. It is a true … (9 comments)
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fha: FHA Mortgage Program is AWFUL! - 10/20/08 03:11 PM
Use to be, I could get all the business I wanted just concentrating on my referral partners in Cary. With business such as it is, I now find myself heading further out to hook up with borrowers and referral partners. I've been listening to CNBC as the market works it's way … (17 comments)
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fha: When FHA Requires Cash Reserves - 08/25/08 03:41 PM
We all know that FHA is going to require 3.5% downpayment in a few weeks (January 1) - but did you know that in some circumstances they also require the borrower to have two months of cash reserves?
If a borrower is applying for FHA financing and is relying on a NTMCR, … (0 comments)
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fha: NAHB Looking For Grassroots Effort - 06/17/08 08:36 AM
The National Association of Homebuilders believes we need an Emergency Stimulus Bill... afterall, housing starts are at the lowest since 1991 (and as Tanta notes "completions followed starts off the cliff...).
The package, according to NAHB needs to include a "temporary tax credit for HomeBuyers," and, in thier Online Newsletter, they urge all … (3 comments)
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fha: Compensating Factors and FHA - 06/10/08 07:25 PM
I was at a seminar today that reminded me of one of my favorite things about FHA...
the 5th C of Credit! We've all heard about the other 4 C's.
Cash: How much can you put into the property, how much have you saved?
Credit: Do you have a credit history? … (3 comments)
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fha: Lessons of Leadership - 05/20/08 12:37 PM
The Cary YMCA recently passed the baton from one group of leaders to another... the most interesting part was that these leaders were anywhere from 12 to 17 years old. The YMCA has a wonderful Leaders Club program for Middle and High School Students that creates interaction with over 75 students … (8 comments)
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fha: Commodities Market and Rates - 04/18/08 03:36 PM
I'm Still on the prowl for lower mortgage interest rates... If you've read this blog before, you know that I think George Soros is one of the smartest guys in the room. Goerge was back in the news today helping me understand what happened to rates this week!
According to Bloomburg, … (5 comments)
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fha: New Law Allows More Brokers To Close FHA Loans - 12/19/07 12:51 PM
Per conversations with members of Dole's staff - understand the following is accurate.
H.R. 1852 cleared House of Representatives mid-September. This legislation, loosely referred to as FHA Reform, is included in Dodd's Bill S.2338. Now that both the House and the Senate have FHA legislation, senior members of both the House and the … (8 comments)
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