fha: Take Advantage of the 5% increase in Energy Efficient Mortgages & Tax Credit - 07/20/09 11:58 PM
What is a Energy Efficient Mortgage? *FHA & VA Only*
In simple terms, An Energy Efficient Mortgage is financing improvements for your Home that is Energy Efficient. Becoming Energy Efficient reduces your monthly utility costs and can ultimately increase your home value.
Below are some examples of what to improve to … (4 comments)
|
fha: No Equity? Bad Credit? Refinance FHA Streamline Your Mortgage - 05/04/09 11:53 PM
Don't Be Quick To Turndown a Loan
Just last week a client was referred to me by reading one of my blog posts. The reason he was searching for a local lender is because he tried to get approved in refinancing his mortgage from an 8% rate. The lender … (5 comments)
|
fha: FHA 203k Rehab Loan Quick Tip: Utilities Being Turned On At Closing - 03/24/09 08:27 PM
FHA 203k Rehab Loan Quick Tip: Utilities Being Turned On At Closing
Most Conventional loans including Conventional 203k Rehab/Renovation loans require from the lender to have all the utilities on and fully working at the time of closing.
FHA Loans and FHA 203k Loans are a differen't beast however and … (1 comments)
|
fha: Congratulations David Stevens on being appointed as the NEW FHA commissioner for HUD!! - 03/24/09 01:08 PM
David H. Stevens
It gives me great pleasure to congratulate David Stevens on his recent appointment from President Obama to head up the FHA Administration. (Washington Post Article)
Even though its not official until the Senate approves the final vote, I am very excited because of Two reasons.
1st of … (5 comments)
|
fha: FHA Spot Condo Approvals - 11/08/08 01:36 PM
(Spot The Target Dog)
FHA-approved condominium projects
When buying a Condo that requires FHA financing, the condo must meet certain strict requirements in qualifying for the Government Based FHA loan product.
The Standard Rule is that the Condominium Project must adhere to at least having 51% of the owners being … (12 comments)
|
fha: Punctual Payment Program: A Worry Free FHA Loan Reimbursement - 10/29/08 08:04 PM
Punctual Payment Program: A Worry Free FHA Loan Reimbursement
Here is another option to FHA Alternatives to Down Payment Assistance programs that went away. I wrote a blog last week talking about the alternatives here
What is the Punctual Payment Program?
The Punctual Payment Program in a nutshell rewards … (15 comments)
|
fha: FHA Down Payment Assistance Program Alternatives - 10/23/08 08:10 PM
The Bad News…DAPS Going Away The Housing and Economic Recovery Act of 2008 eliminates seller-funded down payment assistance programs (DAPs) as an acceptable source of funds for FHA loans for all lenders. Officially, the Act eliminates seller-funded DAPs on FHA loans with final credit approval issued to the borrower … (30 comments)
|
fha: FHA Removes Rental Income Because Of "Buy and Bail" Scams - 09/23/08 10:38 PM
Effective for all FHA case numbers assigned on and after September 19th 2008 to further notice.
A Borrower cannot use rental income to offset the payment on their departure residence without very specific and narrow exceptions.
The old guidelines when someone wanted to rent their current residence out to … (11 comments)
|
fha: Oct 1st Flat Fee for Upfront Mortgage Insurance Premiums - 09/13/08 11:48 PM
As a reminder the new change from Department of Housing and Urban Development (HUD), the upfront mortgage insurance premiums (UFMIP) on Federal Housing Administration (FHA) loans will revert back to a flat fee, effective with case numbers assigned on or after Oct. 1 2008.Upfront MIP factors effective with case numbers … (2 comments)
|
fha: First Time Home Buyer Overview and Quick Tips - 09/10/08 02:01 AM
There are some great benefits in being a First Time Home buyer but what exactly defines a First Time Home Buyer and what are the benefits you may ask?
A First Time Home Buyer is considered an applicant who has not have held an ownership interest in a … (6 comments)
|
fha: VHDA 103% Financing FHA Plus Loan - 09/10/08 12:58 AM
VHDA is Virginia's State Finance Company which more can be found here in my previous blog.
With the Down Payment Assistance programs being eliminated here shortly, there are very few true 100% loan programs out there.
There is hope though, VHDA has a loan program called FHA PLUS which … (4 comments)
|
fha: Its not FHA - Its VHDA: The FHA Alternative in Virginia. - 08/14/08 10:50 PM
What is VHDA?
VHDA stands for Virginia Housing Development Authority. Its Virginia's Mortgage Finance Agency. Most every state has their own Finance Agency.
Mission?
VHDA was created in 1972 by the General Assembly of Virginia to help overcome barriers to affordable housing.
VHDA is not for everyone. The … (8 comments)
|
fha: FHA Quick Savings Tip Regarding Increased MIP Change - 07/31/08 11:19 PM
Risk Based Mortgage Insurance Premiums
July 14 2008 FHA implemented a new system for the Mortgage Insurance Premiums.
FHA Premiums has been normally 1.5% and have now increased up to 2.25% based on credit worthiness.
Money Saving Tip
There is a way to avoid paying the max tier … (2 comments)
|
fha: FHA 203k Streamline vs 203k Full Renovation - 06/13/08 10:57 PM
Renovation Lending
The main concept behind these loans a.k.a Rehab, Renovation, 203k and Home Improvement loans is quite simple, clients who wants to finance the costs of home improvements through the mortgage for a purchase or refinance.
Financing the costs of the home improvements through the mortgage can be cheaper than … (14 comments)
|
fha: FHA Non-Occupying Co-borrowers Great For Your Children In/After College - 06/04/08 11:13 PM
FHA Mortgage Allows Non-Occupying Co-Borrowers
A Co-Borrower on many Conventional Loans must state that the Co-Borrower occupy the property therefore eliminating parents trying to co-sign on a deal because they want to reside in their current residence.
FHA Mortgages allows a Non-Occupying Co-Borrower to help in homeownership from a … (9 comments)
|
fha: FHA Tip on Seasoning Issues - Don't Delay Closings - 05/28/08 08:16 PM
With the increase in FHA production in the last few months, there has been a lot of confusion on seasoning issues.
With the market being a great investment for investors wishing to buy and sell houses, theres a major factor that gets overlooked many times.
Please arm yourself with … (34 comments)
|
fha: Buyers Don't Fold your Cards, Use Your Ace Up Your Sleeve - 05/03/08 12:12 AM
The Pre-Flop
I work with a couple Real Estate Investors in the Virginia Beach Area and they mainly invest in Short Sales and Foreclosures to sell back to potential buyers.
I had a client pre-qualified up for a $200,000 FHA Mortgage and the client was interested in buying a short sale, I called … (10 comments)
|
fha: "Help Me, Help you!" get your loan approved! - 04/28/08 10:15 PM
The Beautiful Thing about FHA loans
FHA loans are truly unique because every Loan is different There are guidelines that we follow in submitting the loans but the bottom line is that every loan submitted gets a chance to be looked at by the overall big picture.
The Big Picture
Myths are out there … (7 comments)
|
fha: FHA is still a Super Star! - 04/01/08 08:52 PM
Many lenders out there are tightening their grip on strict guidelines and restrictions, its hard to find the right "Niche" for borrowers nowadays.
As many have perceived with FHA as a strict loan and strict appraisal standards, FHA has made a lot of improvements over the last few years.
FHA is still going … (9 comments)
|
fha: FHA Secure Loan Program Clarification - 03/28/08 12:43 PM
Many people are asking about this type of program since alot of lenders they talked to don't offer it or have no clue on the program.
What is the program?
The new FHA Secure loan program is a new refinance option that is being offered through the FHA to home owners that have … (11 comments)
|
;)
;)
