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guideline: 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 buy a new home, FHA guidelines permitted the Rental Income being used to offset the mortgage payment used in Debt-to-Income ratios.
FHA has released the mortgagee letter nationwide found here HUD LETTER
This is due from the simple fact that many homeowners have been found guilty of the "Buy and … (11 comments)

guideline: 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 assigned on or after Oct. 1, 2008, are as follows:
           Purchases and Full Credit Qualifying Refinances = 1.75%            Streamline Refinances = 1.50%            FHASecure transactions = 3.00% Sections of the Act NOT impacted:
          223(e) Declining Markets           238(c) Military Impacted Areas           255 Home Equity Conversion Mortgages … (2 comments)

guideline: 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 high interest credit cards, emergency savings and high interest unsecured loans.
 

Don't worry about the appraised value if the house is in bad shape, the loan is based on the after improved value of your improvements.
Typically these loans can close in 30-45 days, with contract work started … (14 comments)

guideline: 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 knowledge so you won't delay a closing or lose out on a lot of money.
Financing through a FHA deal the seller must own the property (be the owner of record) for at least 90 days before he can sell the property. (He can go to contract on day 91 … (35 comments)

guideline: "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 that the Underwriters are out to find ways in turning down every loan out there thats not picture perfect.  This is far from the truth, the underwriters are just trying to grasp the big picture on every loan and determines the customer ability to repay the loan.
For the loans that … (9 comments)

 

Justin Williams - Loan Officer

Virginia Beach, VA

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