| |
fha loans: First Time Home Buyer $8,000 Tax Credit to be Available for "additional" Down Payment - 05/29/09 10:25 AM
I recently posted that Secretary of HUD, Shaun Donovan, had announced that FHA was going to allow the $8,000 Tax Credit to be used as down payment, or "monetized" and got a lot of flack from the "experts" in the field that it had been withdrawn and that there was no way this was going to happen. At the time, I knew that the announcement was premature, but knowing what I believed was going on behind the scenes, was pretty certain that this actually would come about. Today, a new "Mortgagee Letter" from HUD was published that announces the same program … (8 comments)
|
fha loans: DOWN PAYMENT ASSISTANCE MAY SURVIVE! - 08/02/08 09:48 AM
I got this e-mail this morning: August 1, 2008
Last night, Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July … (16 comments)
|
fha loans: Wonderful Panacea FHA Secure - 07/30/08 12:17 PM
I have been reading everything I can find about the new housing bill and trying to find out what everything means. How are we going to help all of these people that are upside down in their homes because of falling real estate values? How do we get them into so much better program because of unscrupulous lenders? How do we help them make their payments when they can't now because the rate just went up when their ARM reset? The answer seems to be FHA Secure. The end all, cure all of the Real Estate world. Tie it in with … (9 comments)
|
fha loans: FHA Secure - 07/13/08 12:18 PM
Are you one of the people that took a sub-prime loan because it was easy?
Are you now in trouble because the loan payments are progressing more rapidly than your ability to pay?
Are you one who the FHA Secure loan was designed to help?
If you are, contact me today. If you are worried about this happening in the near future, you should still call me today.
If your payments were made on time prior to the adjustment being made, you may qualify for an FHA Secure loan even if you are delinquent today.
… (0 comments)
|
fha loans: Down Payment Assistance Programs in jeopardy - 07/10/08 02:50 PM
I did an earlier blog on down payment assistance programs (DPA) and how they can be used to help first time homebuyers get into their first home, especially with the tie in to a FHA loan.
HUD has been trying to get rid of these programs for some time and nearly got it done before Nehemiah took them to court and got an injunction stoping the rule from closing down the DPAs. Now, a new rule has come up that will effectively close the DPA loophole.
To stop this for happening, please follow this link to Nehemiah where you can tell … (2 comments)
|
fha loans: FHA Training Class - 07/08/08 04:04 PM
FHA has changed. Have you kept up with the changes.
Estimates are that at least 70% of the sales in the coming year will be FHA financed. Do you know how to write the offer? Do you know how to advise your seller?
Alpine Mortgage Planning has positioned itself to be a major player in the FHA housing boom. Do you want to come along?
We will be conducting classes in FHA financing July 24 at 10 a.m. and 2:30 p.m. The class is one hour and training certificates will be awarded. They will be held in Alpine's Conference … (3 comments)
|
fha loans: FHA Mortgage Insurance changes - 07/01/08 05:24 PM
Effective this month, FHA mortgage insurance becomes risk based. There are changes to both the upfront mortgage insurance premium (UFMIP) and the yearly (paid monthly) premium. That means that the higher the loan to value and the lower the credit the higher the premium is. At the same time, the lower the loan to value and the higher the credit score, the lower the premium.
Best deal is a credit score of over 640 and a loan to value of 95% or less. The new UFMIP is lower than before at 1.25%. The yearly stays the same at .5%. It can … (0 comments)
|
fha loans: Down Payment Assistance Programs - 06/27/08 02:20 PM
What are DPAs?How do they work?Who is eligible for a DPA?Why use a DPA?These are a few of the questions asked about the down payment assistance (DPA) programs that I get on a regular basis.
What is a DPA? A down payment assistance program is one where a homebuyer can receive a gift amount between one percent and six percent of the final contract purchase price of a home. In addition, the seller of a home donates and equal amount to a non profit origination. There is also a processing fee for the transaction. A few months ago, there were a … (0 comments)
|
fha loans: Washington Post on FHA loan limits - 06/27/08 12:33 PM
Here is an article by the Washington Post about the effect of the new FHA loan limits on lending. Although across country from Oregon, I think the report got the gist of what the loan limit increase means in lending. Lane County's FHA loan limit is $343,750.Check this out: http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR2008060902645_pf.htmlThanks for joining this blog.
… (0 comments)
|
fha loans: FHA Changes Loan Limits - 06/27/08 12:31 PM
Changes to FHA LoansBy Fred Chamberlin (Eugene's Loan Guy)FHA loans have been around for a number of years and during the past 3 or 4 they lost their appeal as lenders found them hard to work with.Unfortunately, that is one of the reasons that so many subprime loans were made to people that otherwise could have qualified for an FHA loans, ease of origination. So, you ended up with borrowers that had a low start rate that started to escalate at year two, three or five. That is happening now, the automatic escalation of these loans as the interest rate resets.To … (0 comments)
|
|
|
|
|
|
Fred Chamberlin - Oak Harbor/Whidbey's #1 Experienced FHA Mortgage Consultant
Oak Harbor,
WA
More about me…
Guild Mortgage Co - Oak Harbor WA
Address: 32785 State Route 20, Suite 5, oak Harbor, wa, 98277
Office Phone: (360) 675-6106
Cell Phone: (541) 221-3455
Email Me
fha mortgage, real estate loan, FHA 203k streamline, eugene, springfield, lane county, oregon, mortgage, banker, events, reviews, green lending, mortgage broker, lender, loans, conventional, fannie mae, freddie mac, direct lender, experienced, professional, VA loans, veteran, home buyer, first time home buyer.
 Links
Archives
|
;)
;)
