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fha loans: FHA Mortgage Loan Insurance Rates Going Up - 04/13/11 03:16 PM
If you want to buy a home and use government FHA loan program, contact an experienced and licensed mortgage broker now.
Find out about FHA new mortgage insurance rates (25 basis point increase in rates) that will be in effect by the end of April.
In order to take advantage of prior rates on FHA loans and mortgage insurance, case numbers must be ordered by Friday, April 18, 2011. Otherwise, new rates will become effective.
See HUD letter about new FHA mortgage insurance rate increase - click here.
If you want information about Orange County, CA, home lending and FHA programs ... … (0 comments)
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fha loans: FHA Loans Will Get More Expensive - 03/30/11 12:33 AM
FHA loans have helped lots of home buyers and real estate markets during this past year.
But now the U.S. Federal Housing Administration is raising the annual insurance premium on new loans it insures starting on April 18, 2011.
Annual premiums for new 30 and 15 year FHA-backed mortgages will increase by one-quarter of a percentage point.
The annual FHA premiums, which are spread over monthly mortgage payments, will range from 0.25% to 1.15% of a loan amount (which is up from 0% to 0.9%). The rate on premium a borrower will get depends on factors such as loan amount and duration. … (8 comments)
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fha loans: Government Regulated Conforming Loan Limits Extended Another Year - 10/04/10 05:53 PM
President Obama signed a resolution last week extending through fiscal year 2011 the current conforming loan limit of $729,750 for high-cost areas (including many in California) with same limits also extended to loans insured by FHA.
This is a good thing for home owners, sellers and buyers.
The California Association of REALTORs and the NATIONAL ASSOCIATION OF REALTORS®(NAR) have long advocated making permanent higher conforming loan limits.
A provision of the U.S. Housing and Economic Recovery Act of 2008 included temporarily raising the conforming loan limits from $417,000 to $729,750 in high-cost areas and extending the limits through 2009.
This recent action is to … (0 comments)
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fha loans: FHA Lending Can Offer Benefit for Homebuyers ~ Basic Borrower and Property Requirements - 09/01/09 07:58 PM
FHA Loans can offer serious advantages for some homebuyers.
The Federal Housing Administration FHA is part of the US government and its Housing and Urban Development Department (click here for FHA information).
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The FHA doesn't loan money, but rather it provides lenders with financial protection by insuring loans against default. The FHA is like an mortgage insurance policy for benefit of lenders. This enables lenders to make loans with smaller down payment and lower FICO score qualification requirements than conventional loans.
Basic FHA Borrower requirements are:
Primary residence only (not investment property) Condo, planned unit development or SFR 620 FICO score … (2 comments)
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fha loans: Take Advantage of the $8,000 U.S. Income Tax Credit ~ Buying Your First Home - 07/14/09 05:56 PM
Buying your first home? Take Advantage of the $8,000 U.S. Income Tax Credit that's offered. Speak with your REALTOR® about opportunities presented by this law allowing for U.S. income tax credit now available to first-time homebuyers.
The amount of tax credit will be the lesser of either 10% of the home's cost or $8,000.
This tax credit will sunset on November 30, 2009. So you must get your home purchase started and concluded with escrow & closing by that date.
This tax credit is available to qualified first-time homebuyers for the purchase of a principal residence between January 1, 2009 and no later than November 30, 2009.
Qualified first-time … (0 comments)
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fha loans: HUD Will Now Allow First Time Homebuyers to Apply $8K Income Tax Credit Toward Purchase Costs - 06/03/09 10:21 AM
Our US Housing and Urban Development Secretary Donovan Announced on May 29, 2009 ~
that the Federal Housing Administration (FHA) will allow homebuyers to apply the $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home.
Their stated idea for this change is to help stabilize the nation's housing market by stimulating home sales across the country.
Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Buyers still must issue the mandatory 3.5 percent down payment, but the tax credit now can be used as an additional down payment, or for … (4 comments)
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fha loans: Compete With Cash Buyers for REO Homes ~ HUD FHA 203K loan rehab program - 05/27/09 01:07 AM
We have had Orange County buyer clients who are qualified for traditional FHA loans with minimum 3.5% down payment. Some of these people are first time buyers looking for a good deal (like everybody else). However, they are unable to compete with cash buyers for REO homes here. Cash buyers around Orange County are moving fast, scooping up REO properties quickly these days.
If you are trying to buy an REO bank owned home (property that needs some help) and want to compete with the cash buyers, consider using the HUD FHA 203K loan rehab program.
Some people say that REO asset managers and selling banks like these HUD FHA 203K … (3 comments)
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Harrison K. Long, business, REALTOR®, GRI, Broker
Irvine,
CA
More about me…
Explore Group, Coldwell Banker Previews, Irvine, South OC
Address: 6833 Quail Hill Parkway, Irvine, CA, 92603
Office Phone: (949) 854-7747
Cell Phone: (949) 701-2515
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