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fha: Second Mortgage Won't Accept The First's Approval - 05/06/11 09:48 AM
I am currently representing a Buyer client on the purchase of a Short Sale. The Seller's first mortgage is a Fannie Mae backed loan with Wells Fargo. The second is with US Bank. This is a traditional short sale, not HAFA.
Wells Fargo has issued their approval, with no Seller contribution at closing or promissory note. They have allocated 10% to the second mortgage, per their investor guidelines, and will permit no more - to the exclusion of additional funds/promissory notes from the Seller or the Buyer that those parties would be willing to bring to the closing table. US … (14 comments)
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fha: Renovation Funds for Home Buyers and Sellers - 11/22/10 11:18 PM
I'm excited to announce that I've just completed the real estate industry’s most comprehensive training in the use of the U.S. Government’s FHA 203k Home Purchase and Renovation Loan program. With this designation, I become a member of REbuildUSA, a nationwide organization of real estate, lending and home improvement professionals, working in partnership with Lowe’s, is dedicated to helping more Americans achieve the dream of home ownership, improving our communities and contributing to the health of our economy. The FHA 203k Renovation Loan offers tremendous opportunities for many Americans to enjoy great prices on homes today, yet there is very little … (5 comments)
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fha: Refi and Rent Out to Buy New? What Not to Do ... - 11/20/10 03:11 PM
Buying a new home and renting out the old one Realty Q&A - MarketWatch. Written By: Lew Sichelman. The author and nationally syndicated columnist is also a contributor to RealtyTimes® and HouseLogic ... the latter being a subsidiary of the National Association of Realtors®. Did Mr Sichelman really write and recommend the following strategy? "... But the only way you can pull $50,000 out of your present abode is to refinance. And to do that, you’ll have to certify that you will occupy the place. So don’t let anyone in on your plan, especially your loan officer. And don’t buy your … (5 comments)
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fha: Making an Offer on an FHA/HUD Short Sale - 11/20/10 01:15 PM
HUD's PFS (Pre Foreclosure Sale) Program is unexpectedly straightforward. Especially given the myriad of conventional short sale horror stories we've been reading and hearing about over the past three years. Three, clearly written pages providing guidance on how to achieve a successful FHA/HUD Short Sale. What a great tool for both Seller AND Buyer agents! HUD's PFS Program is, and has been, FHA's clear cut version of the complicated, non-enforceable, HAFA Program. If you're the listing agent, you can request a copy of the lender's FHA appraisal and then, simply do the math. FHA As-Is Fair Market Appraisal = $150,000
Home … (4 comments)
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fha: Lowe’s & RE-Build USA Working Together to Facilitate FHA’s 203k Rehab Loan Program - 11/17/10 05:02 PM
Lowe's Home Improvement Streamlining the Streamline (and Standard) 203k Program. Teamwork between the lender (approved by FHA), real estate agent (your 203k Specialist) and Lowe's (as the construction consultant and supplier) creates success for both the seller and buyer of a home that needs TLC. Repairs that the seller can't afford to make and the buyer can't afford NOT to invest in can finally be achieved. Contact me to find out if a 203k loan is right for you!
Kim Novak, RE/MAX Masters
kimnovak@remax.net
(801) 726-1443
… (6 comments)
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fha: Don't Be Afraid of 203Ks - 11/17/10 04:57 PM
Yes, they're "harder" than the average mortgage, but the benefits are well worth it! Remodel a house to make it your home ... better than new construction in half the time. 203K Rehab Mortgage. RE-Build USA's 203K Specialist Program & Certification I'm excited to complete this program as a value added service for my current buyer clientele considering "fixer-upper" opportunities and my past clients who want to remodel their current homes - sans credit card(s).
There are two versions of the 203K Rehab Mortgage - Streamline and Standard. Both are quasi construction loans, with the homeowner working directly with their lending … (0 comments)
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fha: FHA/VA Rates Jump - 11/17/10 04:26 PM
For over a month, FHA and VA 30-year fixed mortgage rates have steadfastly held at 4%. Those rates have jumped to 4.25%, most likely as fall out over the Fed's $600 Billion Monetary Stimulus Plan initiated the day after the mid-term elections on Nov 2nd. As a VA buyer who purchased my first home back in the early '80's when the "discounted" VA rate was 12%, and getting ready to refinance my current VA loan at at a 3% 5/1 ARM, I believe that a 4.25% 30-year fixed rate is still kinda sorta really good :-) … (7 comments)
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fha: Using First Time Homebuyer Tax Credits with Your FHA Loan - 05/29/09 11:07 AM
Just Announced! HUD Rolls Out Plan To 'Monetize' Tax Credit For FHA Loans
Just Published! Mortgagee Letter HUD 09-15ml Using First Time Homebuyer Tax Credits
Here's the bad news "However, amounts advanced by FHA lenders cannot be used to meet FHA's minimum 3.5% down payment due to a new federal housing law that bars such lenders from assisting borrowers with their down payment. FHA borrowers may use the money to increase the size of their down payment above the 3.5% minimum or toward closing costs."
The good news is that it can be used for closing costs, which is often times … (5 comments)
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fha: HUD Secretary Shaun Donovan Giveth & Taketh Away - 05/28/09 11:41 AM
On Tuesday, May 12, 2009 HUD Secretary Shaun Donovan gave a speech at the National Association of Realtors Real Estate Summit - Advancing the U.S. Economy at which he announced:
...We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to "monetize" the tax credit through short-term bridge loans...
Click here to hear for yourself (fast forward to minutes 4:33 - 5:14)
Just a … (0 comments)
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Kim Novak, REALTOR®
Layton,
UT
More about me…
RE/MAX Masters
Address: 3636 N 2900 E, Layton, UT, 84040
Office Phone: (800) 977-7835
Cell Phone: (801) 726-1443
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