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hud: HUD Announces Changes in Anti-Flipping Rule - 01/18/10 03:10 PM
HUD announced Friday that the rules on flipping homes will be changing Feb. 1. This could have a huge effect on the Eugene/Springfield, Lane County Oregon market. This is being done in an effort to stabilize home values and improve conditions in communities where foreclosure activity is high according to HUD Secretary Shaun Donovan. I see this as being a boon to our are in getting rid of more of the foreclosures that have been plaguing our market. Under current rules, foreclosures that were still owned by the banks that purchased them could be bought with an FHA loan but any … (6 comments)
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hud: 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to be used as down payment, or "monetized" and got a lot of flack from the "experts" in the field that it had been withdrawn and that there was no way this was going to happen.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)
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hud: Lenders Reluctance to Use “Hope for Homeowners” Program Leads to Changes - 01/20/09 12:17 AM
Roland Carillo, Manager of Van Dyke Mortgage in North Carolina wrote this blog that more or less agrees with what I said in October that caused a pretty heated exchange. In late November I also went into the changes Roland talks about here. All in all, the only loans I know of being made under the H4H program are those being made "in house." In other words, companies like Wells Fargo will only make a H4H loan to one they already own. Even with the changes, H4H is not showing much progress in helping people. I normally close out comments on … (9 comments)
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hud: FHA Part Three - Manufactured Home Loans - 12/23/08 01:13 PM
This is Part Three in my series on FHA Real Estate Loans and some things that home buyers and home owners may not be aware of. Today, I am going to discuss the purchase and refinance of manufactured homes with their own land. Manufactured homes on leased land are not eligible for FHA loans in my lending area of Oregon, Washington and California. FHA loans, except for streamline refinances are limited to owner occupied primary residences only. First of all, what is a manufactured home? A manufactured home is one that is built in a factory and transported to the home … (7 comments)
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hud: FHA Mortgage Loan Credit Requirements - 12/22/08 09:56 PM
This is Part Two in a three part series about FHA mortgage loans. Part One talked about the changes in FHA loans going into effect on Jan. 1 and the things that wouldn’t be changing. In this installment, I will cover some credit issues having to do with FHA loans.
FHA mortgage loans do not have a minimum credit score requirement. However, FHA does not make the loans, they insure them. The lenders that make the loans may have different rules. In this case, it is the Golden Rule; he with the gold makes the rule!
Different lenders, … (18 comments)
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hud: FHA mortgage changes take effect Jan. 1, 2009 for homebuyers - 12/20/08 11:10 PM
This is part 1 in a series about FHA mortgage loans that affect buyers and home owners in the Eugene and Springfield Oregon area. FHA mortgage lending will undergo several changes on January 1, 2009. Some of them will affect more people than others. The down payment requirement on the FHA 203b and 203c will change from 3.0% to 3.5%. The FHA Secure will go away. The maximum loan amount for Lane County will change from $343,750 to $271,050 for a single family residence. FHA HECM (reverse mortgage) will be available for purchase transactions. Loan amount limit for the HECM will be … (19 comments)
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hud: Modifications made to Hope for Homeowners (H4H), may assist in stopping more foreclosures - 11/24/08 10:39 PM
The HOPE for Homeowners (H4H) loan modification program was changed last week by HUD. HOPEfully, these changes will invigorate the program with the jumpstart that it needs to make it more viable. Possibly it will become the way to help more distressed borrowers refinance into affordable, government-back mortgages that it was designed to do. Foreclosure avoidance is possible. At the risk of gathering the ire of Jeff, the Mortgage Man, again, I didn't think the program would work the way it was written and it hasn't. HUD is already making changes to the program because they had only received 111 application nationwide according to a recent blog by CNBC's Diana … (10 comments)
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hud: Real Estate Loan Consultant asked to comment on Credit and Shopping Loans - 08/18/08 04:09 PM
I was approached last week by a writer wanting some quotes for two articles she was writing for a Real Estate magazine. She asked me if there was one of the two I would like to comment on. For me, it seemed like a no brainer on which one to comment. They were: How to prepare to divulge information to a mortgage loan officer, and how what you hold back can hurt you.
Is it a good idea to shop around to more than one loan officer when looking for a loan.
Well, if I answered number 2 the way I wanted and not … (9 comments)
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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
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