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fha financing: Writing an offer with 203k financing in Oakland Alameda, San Francisco - 05/14/12 12:15 PM

Direct Link
http://www.youtube.com/watch?v=fOazS9i4A7c&feature=youtu.be  
Oakland Ca., It’s no secret we’ve discussed this before, there are some properties on the market with deferred maintenance right? Well it can be tricky for first time buyers to get into these well priced properties due to financing restrictions. That’s why more and more we are seeing 203K offers when necessary, a loan that actually allows you to finance the construction of the property after the close of escrow. Now the big questions is “How do you write an offer on a 203K property?”
Step 1
Put 203K in the Purchase Contract – Now this … (0 comments)

fha financing: Good News for SOME FHA Homeowners in Berkeley, CA– Streamline Mortgage Insurance is Going Down - 03/13/12 03:23 PM

Direct Link:
http://youtu.be/5N0ouGW1h-A">http://youtu.be/5N0ouGW1h-A</a
On March 7th HUD announced that FHA mortgage insurance is going up on April 9th for ALL FHA loans. A .10% increase.
Not only that but FHA is raising the upfront mortgage insurance premium from 1% to 1.75%
THEN they announced some good news – For case numbers assigned after June 11, 2012 which are refinancing an FHA loan which was endorsed prior to June 1st 2009 there will be a decrease to the monthly mortgage insurance to just .55%.
Now this is huge because rates were anywhere from the high 4’s to mid 5’s in 2009 … (0 comments)

fha financing: FHA Mortgage Insurance is on the Rise in the San Francisco Bay Area AGAIN! - 03/02/12 12:25 PM

Direct Link
http://youtu.be/GRLKjW9jJ3Y
On April 1st the Federal Housing Administration is increasing both upfront and annual premiums for its insured single family loans. The annual increase will be .10 % to make the annual mortgage insurance premiums 1.25% mandated by the Temporary Payroll Tax Cut Continuation Act of 2011.
But that’s not all! FHA is exercising its authority to raise other fees for the specific purpose of strengthening FHA’s Mutual Mortgage Insurance Fund (MMI).
The upfront premium, which went down in 2010 is going right back up to 1.75%. A .75% increase from the current 1% premium. This change will … (0 comments)

fha financing: Guidelines for Purchasing a 3-4 Unit Property with FHA Financing in Oakland, CA - 01/19/12 03:12 PM

Direct link: http://www.youtube.com/watch?v=vRyNb2jdHZk&feature=channel_video_title
Are you a first time homebuyer interested in purchasing a 3-4 unit property in Oakland? Good news, with FHA financing you can do just that with a 3.5% down payment! Following are some of the guidelines for qualifying for this financing:
For starters, the property has to be your primary residence- meaning that you must live in one of the units.
Three to four unit self-sufficiency test:
The maximum mortgage for three and four unit properties is limited, so that the ratio of the monthly mortgage payment, divided by the monthly net rental income does not exceed 100 … (0 comments)

fha financing: President Signs Bill Extending FHA, VA Loan Limits, Hitting GSEs with Fee in Piedmont, CA - 11/21/11 02:27 PM
Friday President Barack Obama signed a bill that reinstates the recently expired higher loan limits that were in effect for FHA and VA loans through December 31, 2013 but does not provide this extension to Freddie Mac and Fannie Mae.
 
According to the article on Mortgage News Daily, “The new legislation also sets an annual fee for loans guaranteed by Freddie Mac and Fannie Mae.  This fee is in the amount of 15 basis points on the outstanding principal balance of the loan and is "independent of any guarantee fees upfront on ongoing, charged to the borrower, and the … (0 comments)

fha financing: Restoring FHA Loan Limits in Piedmont - 11/17/11 07:22 PM
The House of Representatives today voted to restore higher loan limits to $729,750!! This is great news considering that the high limits returned to $625,500 in October.
 
Here is a brief excerpt of an article published today at Bloomberg.com “For all of the objections from Republican lawmakers and interest groups, the measure survived congressional negotiations on the strength of last month’s Senate vote in favor of an amendment to boost limits for FHA loans and those purchased by Fannie Mae and Freddie Mac. The increase for Fannie Mae and Freddie Mac loans was dropped during the talks, and today’s vote … (0 comments)

fha financing: The Double Dip Recession of Real Estate Proven in Case-Shiller Report Alameda - 06/01/11 01:38 PM
Clearly this article is much longer than usual but the content is important...
Today I am floored.  All the gains of the real estate market we saw from the Bush administration are officially gone. Lately, in The Werdmuller Group's local market, Alameda, with somewhat of an emphasis on Harbor Bay Isle/ Bay Farm Island, I have seen huge losses in equity on properties I thought would appraise with no problem. Also, clients of mine who purchased in 2008, after the whole credit crisis thing had resided...mostly...have lost about 180K on a property they purchased for just under 600K.
I have been … (0 comments)

fha financing: FHA vs Conventional Mortgages- What’s the Difference when buying a home for sale in Alameda Berkeley Oakland? - 03/02/11 06:09 PM
 
 
When I talk to home buyers looking for their options in Alameda, Berkeley, and Oakland they often think they have no options for financing. There are basically two types of financing available to the general public in this post credit crisis world. FHA and Conventional.
 
So what is the difference between an FHA mortgage versus a conventional mortgage?
 
FHA financing is a government insured loan that has become very popular, due in part to looser guidelines and lower down payments. The Economic Stimulus Act of 2008 went into effect March 6, 2008, and allowed the FHA to … (0 comments)

fha financing: What can you expect for FHA Mortgage Insurance in 2011? - 12/14/10 01:25 PM
In October, the F.H.A. set a minimum FICO score of 500 for borrowers who want an F.H.A.-insured loan - the first time a minimum was set. It also introduced a new minimum down payment of 10 percent for borrowers with FICO scores below 580. (Those above 580 still pay a minimum 3.5 percent.)
In addition, new rules that went into effect this month adjust the two types of mortgage insurance paid by consumers for loans insured by the F.H.A.
One change raises the annual insurance premium, paid monthly, setting it at 0.85 percent to 0.9 percent of the loan balance, depending … (0 comments)

fha financing: HUD Notice on Foreclosure Moratorium Activity - 12/08/10 04:26 PM
 Hud sent this message out Monday, 
"Notice on Foreclosure Moratorium Activity:
This is a summation of the information conveyed in the two industry calls of December 1 and 2, 2010.  These calls served as  communication to industry partners of HUD's requirements regarding interest curtailment due to the recent foreclosure  moratorium activity.   A mortgagee letter will be forthcoming publishing HUD's requirements.  However, these requirements are not introducing new policy, rather they will re-emphasize existing policy guidelines previously published on foreclosure moratoriums.
The Department has been advised that due to a recent change in state laws or state mandated moratoriums, some foreclosures had … (0 comments)

fha financing: FHA Loans and Property Condition Appraisal Issues with FHA Mortgages Alameda Ca Alameda County - 11/22/10 02:13 PM
As a loan originator, I am constantly telling buyers and real estate agents that there is more to an FHA transaction than a conventional transaction and the lenders will look at the details of the file much closer. 
What does this mean exactly? Well the application is longer and has a separate set of disclosures required by HUD.  There seem to be twice as many conditions to get closing docs out and there could be a lot of surprises, especially when it comes to property conditions.
To offer an example, my team just experienced first-hand how the interpretation of the condition … (0 comments)

fha financing: Mortgage Insurance Premiums for FHA Financing Go up Oct 4th! - 08/20/10 02:45 PM
Here is a quick explanation and breakdown of the changes happening to FHA residential mortgages on Oct. 4th. Basically, it's going to get more expensive. This is only the first of more increases we will see through 2011. If you or someone you know is looking for more information feel free to contact me and my team. If you are a real estate agent, it’s a great idea to forward this video to prospects on the fence. You need to have a HUD assigned case # for your property by Oct 3rd. … (0 comments)

fha financing: FHA Mortgage Applications Rose Dramatically in March - 04/29/10 06:28 PM
FHA mortgage applications rose dramatically in March to a total of 246,406 compared to 165,239 in February, an increase of 68 percent.
Over two-thirds of the applications, 163,467, were for the purpose of purchasing a home while 75,541 were requests for refinancing. 7,398 were applications for Home Equity Conversion Mortgages (HECMs) or reverse mortgages. 
The figures were contained in the monthly FHA Outlook released by the Department of Housing and Urban Development April 21, 2010.  The report revised the annualized application rate upward from 2.01 million in the last report to 2.38 million based on the March figures.
The rise in … (0 comments)

fha financing: How do I know that condo is FHA approved??? - 04/07/10 01:50 PM
I received a great response to my email last week about the changes to FHA that happen on April 5, 2010 . One of the main concerns from both buyers and REALTORS® was what was happening with condos and FHA financing? As you may remember, HUD announced condo approval changes back in June of 2009.
Now it is safe to say most condos are not HUD approved.  If you want to find out what condos are eligible for FHA financing you may look up the complex on HUDs' website's "Condo Look" Page.
Lenders no longer do spot approvals. Instead, … (0 comments)

fha financing: FHA is Getting Tougher on Home Buyers! - 03/30/10 04:29 PM
FHA is getting tougher! What's The BUZZZ?
In an effort to shore up its flailing balance sheet and dwindling capital reserves , the Federal Housing Authority is rolling out sweeping financial changes. FHA borrowers have to look better on paper and be better credit risks.
Mortgage insurance premiums are rising, too.
Changes Effective April 5, 2010
In its official announcement , the FHA said it's trying to better position itself to "manage its risk while continuing to support the nation's housing market".
The changes are effective with case numbers assigned starting April 5, 2010.
One widely speculated change wasn't … (1 comments)

fha financing: Survey Says – CONDO! - 02/03/10 10:08 PM
This has happened to me more than a number of times now so it is important I bring it to your attention.  Here is the scenario:
 
I am working with buyers looking to do a 10% down loan on a town home.  Every time I write a pre approval letter I speak with their real estate agent, "Are you sure it's a townhome and not a condo?  Do they own the land underneath?" This can be a major issue and there are developments with both town homes and condominiums and typically even the town homes are condos in these developments. 
… (1 comments)

 

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