fha: www.lasvegasmtg.com Report: The new standard for Mortgages QRM Part 2 - 04/17/11 02:45 PM
www.lasvegasmtg.com Report: The New Standard for Mortgages QRM Part 2
By John Le Francois
Last week I wrote an article regarding the new proposal for QRM "The Qualified Residential Mortgage" proposal that is supposed to eliminate the risks of Toxic Mortgages held by banks by setting standards on what constitutes a risk free Mortgage. To read the previous article click here.
Last week testimony at House Capital Markets Sub Committee that the proposed QRM guidelines are so restricitve that the unintentional result would be to put millions of qualified homeowners out of the housing markets and it would stall any hopes of stabilizing the housing recovery.
Industry … (2 comments)
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fha: www.lasvegasmtg.com Report: The new standard for Mortgages QRM - 04/10/11 02:49 PM
www.lasvegasmtg.com Report: The new standard for Mortgages QRM
by John Le Francois
www.lasvegasmtg.com Report: The new standard for Mortgages QRM. What does QRM stand for? It stands for Qualified Residential Mortgage, and it is the product of the banks, Housing and Urban Development, and Securities and Housing regulators release of recommended changes to reduce the risk of toxic loans. This panel was created by the legislation Financial Reform Act in 2010 by Congress to create low risk loans. The legislation gave broad powers to the group and only expressed concerns about negative amortization and balloon payments and were silent on the minimum down payment requirements. Why are … (3 comments)
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fha: www.lasvegasmtg.com Report: Las Vegas FHA Home Loans with 530 FICO Scores - 03/13/11 01:30 PM
Las Vegas FHA Home Loans for 530 to 619 FICO Score
by John Le francois
www.lasvegasmtg.com Report: Many borrowers in this economic downturn are experiencing derogatory credit reports that require special lending options that alllows them to still purchase a Las Vegas FHA Home Loans with 530 FICO Scores or higher.All Western Mortgage now has Investors that will provide Mortgages to Credit Challanged Borrowers. There are strict guidelines for these type of FHA Home Loans in Las Vegas, Nevada.
580 to 619 FICO Scores 3.5% down payment for FICO Scores with no Scores or >=580 No open or active trade lines will need three alternative … (0 comments)
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fha: www.lasvegasmtg.com Report: FHA Loans will be costing more starting April 18, 2011 - 02/21/11 04:16 PM
www.lasvegasmtg.com Report: FHA Loans will be costing more starting April 18, 2011
by John Le Francois
www.lasvegasmtg.com Report: FHA Loans will be costing more starting April 18, 2011 in Las Vegas, Nevada. FHA Mortgagee Letter 2011-10 dated February 14, 2011 details the new Annual Premium for Mortgage Insurance. Effective with all new FHA case numbers issued after April 18, 2011 the Annual Premium will go up based on the following criteria.
The purpose of the new changes is based on the legislative mandate 202 of the National Housing Act to make FHA financially sound and to insure the FHA loan … (0 comments)
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fha: www.lasvegasmtg.com Report: December 2010 Single Family Residence sold in Las Vegas, NV. - 01/31/11 07:58 PM
www.lasvegasmtg.com Report: December 2010 Single Family Residence sold in Las Vegas, NV.
Here is a list of Single Family Residences that were sold in the month of December 2010 in Las Vegas, NV. The list is broken down by zip code, the lowest price, maximum price and the average price per Sq./FT and the number of homes closed.
There are a number of zip code in Las Vegas, North Las Vegas, and Henderson areas that are far more active then other areas with investors and first time home buyers as well as move up buyers. With bargain basement prices and rates that are expecting to go up soon … (0 comments)
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fha: www.lasvegasmtg.com Report: FHA 90 Day Flipping Rule is set to Expire - 01/16/11 07:03 PM
www.lasvegasmtg.com Report: FHA 90 Day Flipping Rule is set to Expire
www.lasvegasmtg.com Report: FHA 90 Day Flipping Rule is set to Expire at the end of this month. The 90 Day Flipping rule was instituted to help prevent Fraud on FHA Loans by setting certain guidelines on homes that have been purchased and renovated within the 90 day period. The FHA Waiver for the last year was in recognition this policy was actually hurting the recovery as investors who renovated the houses as well as buyers that were purchasing the renovated properties were limited on how to finance the new loan.The waiver was … (1 comments)
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fha: www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"? - 01/01/11 02:11 PM
www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"?
www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"? This is the argument that has been filed by National Community Reinvestment Coalition to FHA, The National Community Reinvestment Coalition has filed complaints against 22 lenders for having credit overlays that deny home loans to the poor and minorities. There are 17 other lenders that were not included in the complaint because they have agreed to meet with National Community Reinvestment Coalition.
It should be noted that the banks not named in this complaint are Bank Of America, JP Morgan Chase & … (3 comments)
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fha: www.lasvegasmtg.com Report: FHA Streamline Loans in Las Vegas, NV. - 09/12/10 04:29 PM
FHA Streamline Loans in Las Vegas, NV.
www.lasvegasmtg.com Report: FHA Streamline Loans in Las Vegas, NV. is seeing an increase in demand due to the lower interest rates that are currently available now that are close to historically lows. What makes the FHA Streamline refinance home loan a viable program with current properties in Las Vegas, NV. being underwater is there is no appraisal needed. I repeat FHA does not require an appraisal to qualify for the refinance loan to be approved. With home in Las Vegas, NV. underwater for even homes that were only purchased within the last two years … (3 comments)
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fha: www.lasvegasmtg.com Report: FHA Loans for Underwater Home Owners - 09/06/10 11:32 AM
www.lasvegasmtg.com Report: FHA Loans for Underwater Home Owners will be available to home owners that are current on their mortgages and their home is underwater starting September 7th, 2010. In Las Vegas, NV. that would be about everyone that bought before 2003. Interest in this new FHA program from underwater home owners has been keeping my phone off of the hook with home owners wanting more information on this new loan product.
Requirements to qualify for this new FHA Home Loan for Underwater Home Owners:
The existing loan can not be an FHA insured loan, it must be a conventional loan only. In … (2 comments)
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fha: www.lasvegasmtg.com Report: Las Vegas, Nevada FHA Refinance Loans important facts! - 07/25/10 04:22 PM
www.lasvegasmtg.com Report: Las Vegas, Nevada FHA Refinance Loans important facts!
www.lasvegasmtg.com Report: Las Vegas, Nevada FHA Refinance Loans important facts! With Las Vegas, Nevada experiencing declining home values many FHA borrowers are under the mistaken believe they cannot Refinanced their FHA home loans to get a better rate. Borrowers that have FHA loans from 2007 or before, typically have 6% or higher loan rates, and with rates now at historic lows, now is the time to refinance to reduce the payment amount or shorten the time to payoff.
Las Vegas, Nevada FHA Refinance Loan Important Facts:
FHA Refinance Loans will provide benefits that are not … (0 comments)
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fha: www.lasvegasmtg.com Report: Fannie Mae is taking the gloves off against Strategic Defaulters! - 07/21/10 05:13 PM
www.lasvegasmtg.com Report: Fannie Mae is taking the gloves off against Strategic Defaulters!
http://www.lasvegasmtg.com: Fannie Mae is taking the gloves off against Strategic Defaulters as they announced they are seeking to prevent any agency including FHA from financing a home loan for 7 years for any borrowers that were able to make the payments but decide not to.
USA Today reported this new initiative yesterday from Fannie Mae and the company is seeking legislative approval to bar those that have been prove to have strategically defaulted from getting any home loan for seven years. Currently there is a bill in the House of Representatives … (5 comments)
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fha: www.lasvegasmtg.com Report: HUD want to hear from you on proposed changes! - 07/20/10 10:34 PM
www.lasvegasmtg.com Report: HUD want to hear from you on proposed changes!
www.lasvegasmtg.com Report: HUD want to hear from you on proposed changes to help shore up FHA balance sheet. While everyone is familiar with the recent changes in Upfront Mortgage Insurance from 1.75% to 2.25% we will see the next wave of changes outlined here.
Las Vegas, Nevada home loans for purchases and refinances in the last two years are underwritten with FHA loans nearly 67% of the time for loans under $400,000.00. With the proposed changes that FHA is seeking, this could have a negative impact in Las Vegas housing industry and … (0 comments)
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fha: www.lasvegasmtg.com Report: H. R. 5072 FHA Reform Act of 2010 Passes the House - 06/13/10 06:21 PM
www.lasvegasmtg.com Report: H. R. 5072 FHA Reform Act of 2010 Passes the House
www.lasvegasmtg.com Report: H. R. 5072 FHA Reform Act of 2010 Passes the House has been adopted by a voice vote and now will go to the Senate for debate. Some of the key components of the FHA Reform Act of 2010 (H.R. 5072) which has been noted in many blogs is the Congress setting the annual premiums loan limits currently at .55% to 1.5%. It might be noted that FHA as stated they are seeking the ability to have the 1.5% increase but would initially only increase it … (6 comments)
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fha: www.lasvegasmtg.com Report: Home Prices in Las Vegas, Nevada by Zillow.com - 03/23/10 01:48 PM
www.lasvegasmtg.com Report: Home prices in Las Vegas, Nevada Year over Year shows on average a 23% decline in prices but for the 1st Quarter 0.0% average decline. This is god news that home prices are showing a bottom in pricing. The question still remains what will happen when the shadow inventory is released. Will we see a double dip in home prices until inventory is depleted? Zillow Home Value IndexYou need the latest version of the Macromedia Flash Player.Download the free Flash Player now!
More Las Vegas Home Values … (0 comments)
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fha: www.lasvegasmtg.com Report: Rebuttal to FHA changes designed to reduce buyer pool - 01/31/10 12:09 PM
www.lasvegasmtg.com Report: Rebuttal to FHA changes designed to reduce buyer pool written by Lenn Harley today featured article in Activerain. I agree that this will leave some out of the market but not because of the raised FICO score. Most of the lenders already had their own matrix's with a minimum FICO score higher then the new FHA minimum FICO Score. Lenders that advertised doing loans at 580 which was the lowest FICO any lender would do was next to impossible to close with them with only 1 in 7 actually closing. Most of the secondary market had already imposed the … (0 comments)
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fha: www.lasvegasmtg.com Report: FHA Announces change in Fees - 01/20/10 09:28 PM
www.lasvegasmtg.com Report: FHA Announces change in Fees effective this spring. The FHA announced Fee increase will raise the Mortgage Insurance Premium from 1.75% to 2.25%. FHA is also seeking legislative approval to raise the annual premium charge further from its current rate of .55% to a undisclosed percentage rate.
FHA announced changes to the sellers concessions will be lowered from the current 6% of the sales price to a maximum amount of 3% of the purchase price.This will require for the borrower to come in with more money on lower end purchases because fees are typically running 4.5% on loans … (6 comments)
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fha: lasvegasmtg.com Report: FHA HUD removes 1% Origination cap in Las Vegas, Nevada. - 01/06/10 05:15 PM
lasvegasmtg.com Report: FHA HUD removes 1% Origination cap in Las Vegas, Nevada and throughout the country effective January 1, 2010. While I have found little information provided on this change FHA 1% Origination cap being removed on the Internet it must be provided to inform the consumers and Realtors on the reasons why it was necessary to remove the FHA 1% Origination cap.
Due to the recent changes of RESPA and the bundling of total fees to be paid to the broker now on the new GFE (Good Faith Estimate) it was discovered that the total amount would always exceed … (4 comments)
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fha: FHA proposed changes and how it might affect The Market in Las Vegas, Nevada. - 12/03/09 04:19 PM
On December 02. 2009 Secretary Shaun Donovan testified in front of House Committee on Financial Affairs on how it is going to protect the Federal Housing Administration with past, current and proposed FHA changes to keep FHA financial health in order. While these changes are of particular interest on what affect it will have on the Las Vegas Market, the truth of the matter is it will have a profound change for all.
FHA role as the loan program of choices is evident with this statistic that 75% all home purchases are first time home buyers and 50% of those first … (4 comments)
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fha: Short Sales in Las Vegas, Nevada no longer a Niche Market! - 11/28/09 08:09 PM
Review Journal article written by Hubble Smith
I would like to comment on the article on Shorts Sales in Las Vegas, Nevada is no longer a Niche Market. It is interesting that there has been a increase in the number of closings of short sales, 16% in October from the first quarter of only 8% short sale closings. The pending contracts that are in escrow for short sale approval is a very slow process and is fraught with perils for the buyer and the seller. The peril for the buyer is the time it takes to get approval or denial is … (3 comments)
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fha: Option ARM's and what affect will it have in Las Vegas, Nevada Housing Market. - 11/26/09 05:06 PM
CNNMoney Article By Les Christie: Option Arms: A poison Pill for homeowners
This is a comment about a article today in CNNMoney about Option Arms and what the affect it will have on the Las Vegas, Nevada housing Market. CNNMoney assessment is that it may be a killer for any home price recovery in Las Vegas, Nevada as the last of the Option Arms that were issued in 2004 are set to be recast. Some of the more interesting statistics that CNN reported is that relatively few of these Option Arms programs were used while they were being offered.
… (24 comments)
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