fha guidelines: Is Seller Paid Down Payment Assistance Coming Back? - 02/15/09 12:45 PM
As a loan officer, I first began using seller paid down payment assistance programs with my customers almost as soon as the program was available in my area. I remember very clearly the feeling I had at the time that the programs could not last long before HUD put a stop … (4 comments)
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fha guidelines: Lenders Run Scared, Violate The Spirit of FHA - 02/13/09 08:21 PM
Every single day I receive numerous emails and phone calls from loan originators and potential borrowers asking whether FHA guidelines have changed and asking me why a particular loan scenario can no longer be approved as an FHA loan. Consumers, in particular often get confused when I explain that FHA guidelines … (1 comments)
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fha guidelines: Second Appraisal Required On Cash Out FHA Refinances - 12/29/08 07:13 PM
Just a quick heads up about a change to the guidelines for the FHA 95% loan to value cash out refinance program effective for all case numbers issued after January 1, 2009. This change does not apply to the standard 85% loan to value program.
The guidelines already included additional requirements … (3 comments)
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fha guidelines: FHA Streamline Refinance: Rules Effective January 1, 2009 - 12/15/08 12:15 PM
This blog is normally focused primarily on providing information for originators of FHA loans, but this post should prove useful to both loan originators/processors and consumers. With mortgage interest rates plummeting to record levels, and home sales plummeting as well, many people have a renewed interest in refinancing for lower interest … (10 comments)
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fha guidelines: Is There Trouble Brewing With FHA? - 12/10/08 11:03 PM
A lot has been going on in the world of FHA since my last post, so there is quite a bit of catching up to do!
First, let me remind you about the changes that are happening with FHA loan limits and the down payment requirements in January. Don't let these … (1 comments)
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fha guidelines: Which Lenders Are Offering The Hope For Homeowners Program? - 10/31/08 12:33 PM
I have previously expressed my view that the “Hope For Homeowners” program is really more of a “Hope For Politicians” program designed to make the citizens believe that the politicians really care about them. According to articles I have seen quoting Fox News (although I haven’t found the source quote yet), … (2 comments)
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fha guidelines: FHA Training: 5 Simple Tactics To Help Loan Originators Thrive In Tough Times - 10/29/08 10:47 PM
FHA training for loan officers is more important than it has ever been. Times are tough in the mortgage business. Loan officers are dropping out like flies. Heck, even lenders are dropping like flies! The loan officers disappearing the quickest are those who aren't experts in originating FHA loans.
Yet … (0 comments)
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fha guidelines: Sorry Investors, FHA Didn't Waive The Anti-Flipping Rule For You! - 06/20/08 06:11 AM
The waiver of the FHA anti-flipping rule only applies to lenders, their subsidiaries or their vendors who are selling the foreclosed homes to owner occupant buyers. For more information, see my blog post "FHA Guidelines: FHA Waives Anti-Flipping Rule".
Carl Pruitt
http://fhaloanadvice.com
… (3 comments)
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fha guidelines: Its The Underwriting, Stupid Part 2 - Clarification - 01/12/08 05:05 AM
Due to one of the comments on my last post "Its The Underwriting Stupid", I need to make myself a little more clear.
I'm not talking about the underwriters but the underwriting rules themselves. The underwriters were just following them. FHA underwriters today get all the same pressures, and had all the … (3 comments)
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fha guidelines: Its The Underwriting, Stupid - 01/11/08 10:29 AM
There is an article on the BusinessWeek.com site that confirms something that I have been thinking for some time. The author, Preshant Gopal, points out that some of the areas where foreclosures are concentrated are not the areas where adjustable rate mortgages are concentrated. In areas where the value bubble has … (7 comments)
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fha guidelines: Manufactured Home Refinance With FHA Part I - 10/11/07 10:41 PM
More information about FHA financing is available at FHA Loan Advice.
Purchasers of manufactured homes often use short term financing from a bank (for example, a five year balloon note) or short term, high interest rate owner financing to cover the cost of setting up their new home. Since each of these … (3 comments)
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fha guidelines: FHA Social Security Number Verification Update - 10/11/07 01:44 AM
Just a quick note for agents/lenders. FHA has made a minor change in their Social Security Number verification process. Details are below this paragraph. At first glance this change doesn't seem significant at all, but note the sentences in bold. If you are in a hurry on a file there may … (0 comments)
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fha guidelines: More FHA Down Payment Confusion! - 10/09/07 12:30 PM
I got a very interesting fax this morning from the Futures Down Payment Assistance group. They quoted a press release from Oct. 1st from Reps. Maxine Waters, Gary Miller and Al Green (I thought he was a singer) chastising HUD for getting rid of the program and saying Congress was going … (1 comments)
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fha guidelines: Warning: Why HUD May Stop Your Loan From Closing - 10/03/07 05:54 PM
Several years ago a problem cropped up all across the mortgage/real estate world and started causing a lot of problems for lenders whenever a mortgage defaulted. Every Tom, Dick and Harry that stayed up late at night wanted to become a real estate investor and "flip" houses. There is a very … (4 comments)
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fha guidelines: FHA Training for Loan Officers - 10/02/07 09:50 AM
The credit crunch that we are going through right now has delivered a devastating blow to the loan pipelines of many in the mortgage industry. I cannot recommend highly enough that those who are licensed in areas of the country where there are loans under the FHA limit to be done … (1 comments)
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fha guidelines: 5 Myths About FHA Loans - 10/01/07 11:56 PM
FHA loans are a great tool that allows many potential first time homebuyers with past credit problems to break into the housing market. Prices are low and seller concessions are high in the today’s real estate buyer’s market. However, many of the subprime mortgage 100% financing deals are gone. FHA is … (4 comments)
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