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mortgage loan: Another lender bites the dust - 07/07/08 05:15 PM
According to the Mortgage Lender Implode-O-Meter, another major lender bit the dust today. IndyMac Bank, a continuing source of Alt-A loans is no longer accepting loan submissions. Since their stock slipped below $1 per share, from $32.54, the industry has been watching closely what was going to happen.
In an e-mail from my rep at IndyMac, they are supposed to honor all existing locked loans, but there is really never any telling what will happen. To read the story, go to:
http://ml-implode.com/imploded/lender_IndyMacBancorp_2008-07-07.html
Interesting information about our industry. May your days be more enlightened that IndyMac's employees.
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mortgage loan: FHA Facts - Mixed use commercial - 07/02/08 03:57 PM
FHA Facts:
Did you know?
A 203(k) mortgage may be originated on a "mixed use" property provided: (1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; and (2) the commercial use will not affect the health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property. … (4 comments)
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mortgage loan: FHA 203k Streamline - 06/30/08 12:59 PM
FHA offers a Streamline 203k program that allows a homebuyer/owner to finance up to $35,000 of home repairs in the purchase or refinance of a home. This is an excellent program because it doesn't have the same review requirements of a complete rehab loan. I would be surprised if you could make the necessary repairs to this home with $35,000. Would probably take a few hundred more.Following is the "Mortgagee Letter" from HUD.Call me for explanations.MORTGAGEE LETTER 2005-50December 29, 2005TO: ALL APPROVED MORTGAGEESALL APPROVED APPRAISERSSUBJECT: Enhancements to "Streamlined (k)" Limited Repair ProgramMortgagee Letter 2005-19 (ML 05-19) announced the Streamlined (k) … (33 comments)
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Fred Chamberlin - Oak Harbor/Whidbey's #1 Experienced FHA Mortgage Consultant
Oak Harbor,
WA
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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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