fha: FHA Flips! - 06/19/08 08:26 PM
HUD has long required properties to be held for 90 days by the seller before the property could qualify for an FHA mortgage loan. Effective June 9, 2008, HUD has waived the 90 day requirement in regards to homes being sold by lenders who foreclose on a property.
CLARIFICATION: After further review … (10 comments)

fha: Rising FHA Loan Costs - 05/17/08 06:36 AM
Effective July 14, 2008, HUD has approved an increase in FHA mortgage insurance premium rates. The increases are "Risk Based" and will vary based on loan to value and credit score.
FHA still requires a minimum 3% down payment, but for those that put down more, the premiums will be lower. … (3 comments)

fha: S L O O O O W W W FHA? - 04/29/08 03:10 PM
One of the biggest complaints from Realtors today is that it seems to be taking forever to close a loan, especially the FHA mortgage loans. The average turn time to get a loan submission through underwriting is roughly 21 business days... only counting business days means that's a month!
One of the … (3 comments)

fha: FHA gets Relaxed - 03/31/08 04:37 PM
FHA Underwriting Relaxes a bit....
To help ensure that only the best credit risks were able to buy these homes in declining markets using DPA's, many FHA mortgage lenders have imposed high credit score requirements. One major lender placed a credit score requirement of 680 for this type of FHA mortgage loan using down … (0 comments)

fha: Poor Man's Loan? I don't think so! - 03/24/08 11:53 AM
I don't know about everywhere else in the country, but in my area it seems that the FHA mortgage is seen as a "poor man's loan." However, this is not the case.
FHA mortgage loans in Charlotte North Carolina now have limits up to $303,750. That is pretty substancial. But to think … (2 comments)

fha: What's taking so long??? - 03/21/08 09:22 AM
FHA Underwriting Taking Longer
Traditionally, you could put 30 days on a sales contract and have plenty of time. But be aware of a growing trend... extended underwriting turn times.
On average, most lenders are experiencing 7-10 business day turn times on FHA mortgage submissions. This means that it can take up to … (9 comments)

fha: FHA Loan Limits Increase for Charlotte! - 03/06/08 01:05 PM
Finally, weeks after the Economic Stimulus package is signed, HUD has finally posted the FHA loan limits.
The new FHA Mortgage Loan Limit in Charlotte is $303,750!
This is great news for Charlotte home buyers!
... more information on the Charlotte FHA mortgage limit increase
... more information on lender limitations with new Charlotte FHA limits
________________________________________________________
This … (3 comments)

fha: FHA Min Credit Scores!!!!! - 02/19/08 08:59 PM
FHA lenders are now implementing minimum credit scores for FHA mortgage loans. Although FHA does not require any minimum credit scores, most FHA mortgage lenders are beginning to require certain credit score levels before they will underwrite the loan.
Why?
Blame the subprime meltdown and the trend that many loan officers are following. … (6 comments)

 
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