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fha changes: Foreclosures - May see more coming in the future... - 02/02/10 04:58 PM
An article on MSN.com today captured the essence of the problems that FHA has been dealing with over the recent months.  FHA has been struggling to keep foreclosures from piling up, they are paying for 1 of every 4 loans that were made since 2007, and there willingness to insure loans with lower down payment are all reasons for the increase of foreclosures that is on the horizon.
These foreclosures are different, in that they are economically driven.  They are due to unemployment, furlows, and tanking retirement accounts.  These new foreclosures aren't just for people that couldn't afford the loan and … (0 comments)

fha changes: FHA to Change Guidelines due to buy and bail happenings - 09/24/08 06:42 PM
A new mortgagee letter from the FHA was posted yesterday.  In it the guidelines were changed for those homeowners who currently own a home and are looking to rent the property and buy a new primary residence.  The goal of these new changes is to "respond to an unscrupulous practice arising in the housing market that poses a risk to FHA..."  This unscrupulous practice is known as buy and bail, where current homeowners buy a new home under the guise that they will rent their former residence and in turn they let the house go into foreclosure. 
Here are the highlights:
… (2 comments)

 

Eric Murrietta

Scottsdale, AZ

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1st Advantage Mortgage, LLC

Address: 6908 E. Thomas Road, Ste. 202, Scottsdale, AZ, 85251

Office Phone: (480) 707-5603

Cell Phone: (602) 670-3272

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