your fha loan pro: Some of the mortgage loan myths we’ve busted - 09/21/10 08:40 AM
RS from Florida....
A first time homebuyerhad applied with a local military credit union and were prequalified for well over $200k and told to go shopping for a home. Once they found a home and began the loan approval process, their lender said they would only be able to approve them for $135k! Thankfully the Mortgage Myth Busters where called and now this couple will actually be buying their home with a USDA Rural Development loan that was never even offered by the other lender! Did we mention that since a recently deployed veteran is a co-buyer, they will be qualifying … (6 comments)
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your fha loan pro: USDA announces funding availability - 09/08/10 09:55 AM
The USDA has announced that system enhancements which allow them to use their new funding have been completed. Although these funds had been granted by Congress, the USDA was unable to use them pending changes in their system that allowed for the increased Guarantee Fee of 3.5%.
What this means is that USDA loans are expected to be fully funded through at least 2011! Look for all of the lenders that had been out of the market to begin providing USDA loans again very soon- some lenders have already sent out notices this morning.
The even better news is that GUS, the Guaranteed Underwriting … (7 comments)
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your fha loan pro: FHA mortgage insurance changes explained - 09/02/10 09:53 AM
Last night we finally got our mortgagee letter detailing the changes we have all been anticipating. Although there was little if any surprise, the devil is in the details these days.
Do you want to know those details? Feel free to click over to our Mortgage Myth Busters site for the scoop!
New FHA mortgage insurance premiums are formally announced
… (0 comments)
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your fha loan pro: Mortgage Myth Busters goes "Live" TODAY!!!!! - 07/12/10 10:08 AM
From today on know you will have a place to go to ask ALL your residential mortgage related questions. We will do our best, through our combined knowledge and experience, to bring Web 3.0 to the mortgage industry. The internet used to be a great place to get a lot of information. We will try to make it the best place to get your answers! Please "like" our Facebook fan page and feel free to post general questions there as well. Also look for us on twitter soon!
Thanks for the post/press release Larry. You rock dude!
Gerry Suarez, Jr.
Your … (1 comments)
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your fha loan pro: The first sign that your mortgage application is going wrong... no one is answering the phone - 07/10/10 08:49 AM
One of my Mortgage Myth Buster colleagues that is seeing much of the same thing I'm seeing. Now more than ever the details will make or break a deal. Work with trusted lenders that know what they are doing and care about you, or pay the price!
Thanks for allowing the reblog John!
Gerry Suarez, Jr.
Your FHA Loan Pro!
Via John Cannata - LegacyTexas Mortgage Sr Loan Officer - Frisco Texas ( 972-325-4912 Also available evenings and weekends):
Over the past two weeks, I spoke to three new clients with similar situations... their Loan Officer was not returning their calls … (2 comments)
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your fha loan pro: Is your mortgage specialist really just a marketing specialist? - 07/08/10 10:25 AM
Our industry is deep into another fad with mortgage marketing experts telling people what they want to hear, while real mortgage experts continue to take the high road and tell customers what they need to hear. Which would you rather work with- a "bait and switch" artist or a straight shooter?
Ken Cook says it so well and I'm proud to call him both a friend and colleague. Thanks Ken!
Gerry Suarez, Jr.
Your FHA Loan Pro!
Via Ken Cook, Web Dev, Brand Strategist 678-439-8683:
They call their selves "mortgage specialists" or "mortgage professionals". They are definitely everywhere inside the real estate … (2 comments)
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your fha loan pro: Short Sale contracts and the deadline for the Homebuyer Tax Credit- what MUST you know? - 04/16/10 10:33 AM
Back in January I wrote a post that rattled a few people regarding the Homebuyer Tax Credit and short sales. Specifically it related to the upcoming deadline for being in a binding contract- April 30th- and still qualify for the Tax Credit (of course you still have to close by the end of June as well). A number of calls to the info line for the IRS made it pretty clear to us that the IRS is not considering a short sale contract to be binding if third party approval has not been obtained. Check out the original post and … (4 comments)
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your fha loan pro: Mortgage loan applications are down for the week of April 12th but does anyone know why? Maybe it’s USDA. - 04/14/10 09:45 AM
The Mortgage Bankers Association reports that mortgage applications for the week ending April 9th are down almost 10% from the previous week. They go on to cite the recent increase in FHA upfront mortgage insurance as the main factor, and they likely have numbers to back up that statement. What the press release says is that a 19.1% decrease in "government purchase applications" fueled the drop, but do their numbers break down what specific programs were impacted most?
My point is that as of last week most lenders in the country have given up on taking USDA Guaranteed Rural Development … (0 comments)
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your fha loan pro: I'm ready for it, are you? - 03/05/10 08:45 AM
As I re-read FHA commissioner David Stevens' prepared remarks for the Standard and Poor's Housing Conference that happened last month here in Orlando Florida I can't help but wonder about the future we face. There is a lot of speculation we haven't seen the worse when it comes to real estate, and a lot of factors support that; but there are also some stark realities on the flip side- the side that says maybe the worst is over. Pollyanna talk? Maybe- but maybe it's a real look at the global picture...
We all know our government cannot continue to intervene in … (2 comments)
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your fha loan pro: FHA changes just formally announced- here are the real facts- Part 1 of 2 - 01/20/10 10:49 AM
FHA Commissioner David Stevens has been quoted dozens of times already regarding a press release just made available on the HUD website. While journalists have tried to interpret the data, many rumors have been spread. Now it's time to separate truth from fiction
What changes are happening to FHA?
The changes mentioned, and their anticipated time of implementation, are as follows:
Mortgage insurance premiums (MIP) will rise. The upfront MIP will increase .5% to 2.25% in a mortgagee letter expected tomorrow and will go into effect this spring. This amount is generally added to the principle balance of the loan and … (1 comments)
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your fha loan pro: FHA guidelines WILL be tightening in the near future - 12/03/09 07:58 PM
HUD Secretary Donovan testified before the House committee on Financial Services Wednesday. Much of what he had to say concerned the fact that the FHA program is NOT going broke as many have claimed. He says unless things get decidedly worse, FHA will not need a government bailout.
Reasons why FHA won't need a government bailout
The HUD Secretary outlined a number of steps the agency is "drafting" to mitigate future losses. Among them are:
•· Guidelines to improve enforcement and lender accountability. These will include "holding lenders accountable for their origination quality and compliance with FHA policies and increasing … (5 comments)
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your fha loan pro: A new down payment assitance program is now available! - 11/13/09 02:09 PM
Our friends at Ameridream have put together another possible solution to overcoming the down payment hurdle. The program is HUD/FHA compliant by providing a collateralized loan for down payment and the program is just hitting the streets. It's offered through the Association for Homeowners Across America (AHAA) and it's called their consumer loan option.
Don't turn any of your potential buyers away because they may lack down payment until you have looked into this program and discussed the various means available for down payment assistance. More details are available at AHAA's website:
https://www.ahaanow.org/Member-Benefits/Consumer-Loan
Gerry Suarez, Jr.
Your FHA Loan Pro!
… (3 comments)
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your fha loan pro: Well is the First Time Buyer Tax Credit getting extended? - 10/02/09 10:24 AM
Where are we going with this Tax Credit?
There is a lot of talk about whether THE Tax Credit will be extended or even expanded these days. I wrote a post that explained the state of affairs a few days ago but since then I've heard everything imaginable on the topic, so it's time for an update.
Again, let's start with the facts. We still have a bunch bills although a new one was introduced in the Senate (see text here) and is beginning its quest to become law. Essentially little else has happened on the forefront of the Tax … (2 comments)
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your fha loan pro: USDA Rural Development loans are NOT out of money, and other important facts for Lake County, FL. - 09/29/09 05:42 PM
Last Friday the USDA formally announced it was entering its annual "roll over" of funding as of its new fiscal year October 1st. This mainly administrative action results in USDA's funding being delayed until it's made available through the General Accounting Office (GAO). This by no means indicates the USDA is out of funds! What it does do is delay funding for loans and guarantees. While there are still a number of lenders that can and do close and fund loans during this period, the vast majority of lenders do not. This doesn't mean your loan won't close, it … (4 comments)
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your fha loan pro: So what’s the skinny on extending the First Time Buyer Tax Credit? - 09/24/09 06:57 PM
You hear plenty of talk from NAR (National Association of Realtors) and the NAHB (National Association of Home Builders) regarding the push to extend the First Time Buyer Tax Credit, but what is really going on with it? There is little argument the program has been successful in spurring sales and I can say from experience it's doing great things for many a first time buyer. Will it be continued? Will it be expanded or increased? Will it be forgotten?
Those of you who follow my blogs know I prefer to stay in the realm of fact as opposed to opinion. … (7 comments)
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your fha loan pro: What the Mortgage Disclosure Improvement Act (MDIA) will mean to our industry - 08/03/09 11:50 AM
On July 30, 2009 the rules changed- are you ready?
The MDIA is effective for mortgage loan applications taken 07/30/09 and thereafter and places many additional restrictions on how we lenders will have to comply with disclosing loan terms to our borrowers. The effort is laudable- to give customers the information they need to properly shop for a mortgage, when they need it; however it represents an awesome example of how badly government can screw something up.
My vantage point for this fuster cluck is that of a Mortgage Banker. I get to see the Bank and Broker side of … (5 comments)
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your fha loan pro: USDA Rural Development loans no longer accepting ANY pools?-updated 04/08/09 - 04/06/09 06:35 PM
Those who know me know I don't usually repeat hearsay. I like to confirm things beyond a shadow of a doubt before writing about it but this is just too important not to share.
I heard from a reliable source today that because of some wording in the new funding allocation for USDA RD loans that they were no longer accepting pools under any circumstances. Those of us familiar with RD loans know there has always been an exception process to approving pools. It seems that may now be gone.
My trusted source in Florida is out until tomorrow so … (8 comments)
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your fha loan pro: FHA downpayment 101-rules to live by - 03/06/09 07:21 AM
First Time and FHA buyers have always had down payment as their biggest hurdle to homeownership. As recently as last year we had seller funded down payment assistance that often bridged that gap but it seems pretty clear that option may not come back. So what can we do to get to the magic 3.5% needed by FHA when our buyers haven't saved it? The HUD Housing Handbook 4155 is our bible to reference this information. Let's start with the basics.
Of course the funds can come from the borrower as long as they have been seasoned. That means we … (4 comments)
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