fha guidelines: Loan Officer Training: Free FHA Guideline Training Webinars - 08/30/10 04:26 PM
3 Free FHA guideline training webinars for loan officers, processors and underwriters are coming up soon – FHA Refinance Guidelines, FHA Connection Training Part I, FHA Connection Training Part II.
Get More Information Here.
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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 to them. I told every customer I prequalified for the first couple of years that they better hurry up and find a home because their down payment program couldn’t possibly last very long.
When I first took the classes to get a real estate license and later a broker’s license, … (3 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 are not the issue. The problem is with the lender they or their mortgage broker have chosen.
In just the last few months I have seen ridiculous scenarios such as borrowers being asked for full documentation of their income on FHA streamline refinances! Or borrowers’ credit scores becoming an issue … (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 that many loan officers have overlooked when taking applications for 95% loan to value cash out refinances:
The subject property must have been owned by the borrower as his or her principal residence for at least 12 months preceding the date of the loan application. If said property is encumbered … (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 rates and sometimes shorter mortgage terms.
The FHA streamline refinance is a great option for quite a few of them. Here are the rules which will be in effect beginning January 1, 2009 for calculating FHA streamline refinances.
In order to qualify for an FHA streamline refinance you must be … (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 catch you flat footed with your clients losing their loans. More on that in a separate post.
Second, one of the changes that will affect loan officers takes effect on January 16, 2009 when the 1% limit on loan origination fees on FHA loans that has been in effect forever … (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), only 79 borrowers have been accepted into the program in the month since it officially began. Although, to be fair, secondary mortgage market issues can create quite a gap between the legal start date and the actual start date of such a mortgage program.
Nevertheless, I get an email … (1 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 mortgage loans are still being made every day everywhere and in high volume. Borrowers are out in force searching for loan officers who can help them.
Many loan officers trying to survive are concentrating on using the latest FHA loan innovations to try and save the homes of people … (1 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
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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 same time constraints yet FHA default rates have actually gotten lower. The reason is that HUD holds the lenders accountable and will cut them off from the FHA program if their default levels are too high. So if a lot of business comes in the door, underwriting times just get … (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 burst, borrowers are walking away from homes whether they have an ARM or not.
I believe, and this article somewhat confirms, that the major problem has been the lack of common sense in underwriting the loans. People without stable jobs, or who used tactics such as adding the income of … (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 methods of financing the manufactured home must be paid off in a short period of time, owners of manufactured homes should begin looking for replacement financing as early as the end of the first year. The end of the first year is the beginning of the time that the loan … (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 now be as much as a few days delay in getting the verification. This is more significant for lenders with in-house underwriting and situations where you have a file transferred in to close quickly. The lender is responsible for the verification being in the file when submitted for insurance, so … (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 to do something about it. They seemed to be hinting that Congress was going to change the rule before it took effect. However, the most interesting part of it was that they announced that Futures was going to keep funding past the Oct. 31st deadline, because they do explicitly fit … (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 real market service being provided by legitimate investors who buy distressed property, restore it to market standards and sell it through an arm's length market transaction. Unfortunately, these investors flooding the market didn't quite fit that description. They would make an offer on a property having no possible way to … (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 take a serious look at making FHA mortgages a big part of their business.
The hard part about originating FHA loans is that you can’t just fax the loan to your account rep and have them prequalify it and do your work. You actually have to learn how to do … (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 the only way for many prospective buyers to get a mortgage. Also hundreds of thousands of homeowners who bought homes over the past few years using those subprime mortgages are now facing interest rate increases of 3 to 5 percent or more! Five minutes of watching business news lately will … (4 comments)
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