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fha: FHA Finally Flips Out - 01/18/10 08:53 AM
How many of you have been out house hunting and seen some bank owned properties that look like this:
They are usually the ones that the "creative" REO agent describes with terms like " Needs a little TLC" or "Handyman's Delight". In reality, the description should be "Bring your own hand sanitizer. This ones a dump".
The problem is that if an investor buys that lil gem,fixes it up and sell it, he's labeled as a "flipper". In today's market that's equivalent to sporting a scarlet letter A from years past. The punishment for such a heinous act is that, as a … (4 comments)
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fha: THE NEW HOUSING AND ECONOMIC RECOVERY ACT IS H.E.R.A. raising - 08/05/09 03:31 PM
If you applied for a loan after 7/30/2009, there is a new, and as of yet, little known law in effect that has the potential to cost you a lot of money. Hopefully, that opening line grabbed your attention. The new law is called the Housing and Economic Recovery Act, or H.E.R.A. Sure, it sounds wonderful. Who would argue with Housing and Economic Recovery? If fairness, there are lots of parts of this law that are beneficial. And while the law was designed to protect the public from predatory lending, it instead, serves to delay loan closings.
Here is my opinion on … (0 comments)
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fha: SHOPPING FOR A LOAN LIMIT - 06/15/09 01:58 PM
In today's market, it's not so much a Tale of Two Cities, as it is a Tale of Two Loan Limits... or if you count FHA loans, make it Three. There are basically three loan sizes out there. Instead of Small, Medium and Xtra Large, we have FHA, Conventional, and Jumbo. FHA loans are those that are direct government loans. They tend to be more forgiving of past credit problems, allow a higher debt ratio and a lower down payment. The loan amount FHA allows varies county to county,and state to state. To find out what your FHA loan limit is, … (0 comments)
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fha: FHA 203K- THE CURE FOR A "LITTLE TLC" - 06/14/09 09:40 AM
I'm going to assume anyone that's been out house hunting has seen an ad in realtor.com , trulia or zillow that goes something like this: "Home has lots of potential...just needs (here's the hook) a little TLC". Generally translated, that means the home is in varying stages of ugly. Until recently, your choice was to buy it and then have enough money to fix the "ugly". FHA has given you an alternative. It is called the 203K loan . Granted, it's not a particularly inspiring title, but look where "Pick A Payment" got us! Anyway, if the property you want needs … (2 comments)
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Pat Palmer-Realtor, Upland, CA 91786
Upland,
CA
More about me…
Forefront Real Estate/ Forefront Mortgage
Address: 3175-E Sedona Ct., Ontario, CA, 91764
Office Phone: (909) 581-6018
Cell Phone: (909) 286-1301
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