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fha: FHA Says We Don't Want Your Condo's - 01/28/10 10:23 AM
HUD has taken a lot of losses on large condominium projects and has been determined for a long time to get out of the approval process.
The latest guidelines are described in two separate HUD/FHA documents:  (i) Mortgagee Letter 2009-46B (the revised guidelines for FHA approval of residential condominium projects); and (ii) Mortgagee Letter 2009-46A (temporary guidance for condominium approvals).
In short, Mortgagee Letter 2009-46B replaces Letter 2009-19.  The temporary guidance (Letter 46B) acts as a buffer to ease transition from the old to the new regulations.
Lenders Builders Look for all Condo sells to be nearly impossible for the coming … (2 comments)

fha: Comment Now Before FHA Takes Another Bullet Out of Your Gun - 06/17/08 08:57 PM
DPA Killer The Storm is Coming.  





Hud is trying to deliver another knockout punch to the housing industry.  Round 2 at eliminating Down Payment Assistance.  The proposed rule has just been published and has a 60 day comment period ending on August 15, 2008. HUD's topline motive is that loans carrying down-payment assistance have a higher default rate.  I don't think there is any way to logically argue against that fact; a borrower with no money involved is likely to walk away.  HUD manages this higher default rate the same way they manage all defaults. … (6 comments)

fha: FHA Risk Based Pricing Rears it's Ugly Head - 06/11/08 09:42 AM
Starting July 14, 2008 FHA will go to Risk Based Pricing to Determine the UP-front and monthly MI.  While overall it will not have a huge impact, it will increase some consumer monthly payment, and thus decrease the amount they will be able to borrowl
The pricing is based on 3 factors:
1.  "Decision Credit Score" - more about this later
2.  Loan to Value
3.  Amortization Term - either 30 year or 15 year
The only item outside these 3 is if it is a first time homebuyer, with HUD counseling.
 
Another notable point; to go above 90% LTV … (1 comments)

 
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Jeremiah Wean (NMLS#132221)

Indianapolis, IN

More about me…

Lakewood Lending Group, LLC (NMLS#132141)

Address: 10218 Windward Pass, Fishers, IN, 46037

Office Phone: (317) 401-9700 x 101

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