fha: You Better Price Your Listings Right----Appraisal Changes - 03/28/09 11:55 AM
This week FHA issued a mortgagee letter to respond to declining markets. These changes go into effect for all FHA appraisals beginning April 1, 2009. This aligns the FHA appraisal requirements with FNMA which also requires new reporting as of April 1.
Appraisers are currently expected to note the trend … (23 comments)
fha: FHA 203(K)….OK….What Improvements Are Required? - 01/10/09 07:55 AM
Your have located the fixer-upper that you want to buy or you are preparing to repair/rehabilitate your existing home. You are now preparing your feasibility analysis for the repairs and rehabilitation with your real estate professionals.
HUD has required improvements that must be included to be eligible for FHA 203(k) … (7 comments)
Unless you have the wherewithal to purchase the property “as is” and pay for the “fix up” from your own money, you may want to consider the … (5 comments)
Down Payment
The minimum down payment requirement increases from 2.25% to 3.5%. For a more detailed explanation of this change with descriptive examples, click … (12 comments)
It can also be the answer for existing homeowners that may choose to remodel/upgrade their current home
I don't really know how long this loan program has been in existence, except … (6 comments)
fha: Reserves---Not the National Guard - 11/30/08 09:44 AM
Before I begin with the content of this post let me express my gratitude for those that serve in the reserves. Many have been or are to be called to active duty. Thank you for your service to our country.
Reserves as it pertains to a mortgage loan is quite simply … (0 comments)
fha: Everybody’s Talking?—All This Stuff… I Wish People Were Talking - 11/23/08 09:16 AM
The line from a song, by whom I can't remember, has been running through my head lately. Why, I do not know. Except one of the issues I'm experiencing are prospective buyers, here in Greenville NC, ARE NOT TALKING.
This has been a year of massive change for the mortgage industry. … (3 comments)
fha: I Never Cease To Be Amazed By Peoples Buying Trigger - 11/17/08 02:02 PM
I lost a mortgage loan application last week. This was for a prospect outside the Greenville, NC and Pitt County area. As you may imagine opportunities are precious these days for home loans.
In this situation I am amazed how a customer will make a decision based on a salesperson offering … (0 comments)
fha: FHA Minimum Investment Requirements Changing January 1 - 11/13/08 08:09 AM
Beginning January 1, 2009 the minimum investment requirement for an FHA mortgage will change. Currently a borrower is required to have a 3.0% minimum cash investment. At least 2.25% of this amount must go toward down payment. The remaining 0.75% could go towards closing cost. As of the first of the … (0 comments)
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This week FHA issued a mortgagee letter to respond to declining markets. These changes go into effect for all FHA appraisals beginning April 1, 2009. This aligns the FHA appraisal requirements with FNMA which also requires new reporting as of April 1.
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