fha loan requirements: Trouble is Brewing! Associations and their FHA Approval - 02/06/12 01:35 PM
Townhome and condo subdivisions all over the Schaumburg area hire management companies to help them sort out the variety of problems with managing a substantial subdivision. Foreclosures are also a recent addition with lack of payment by owners and by the banks themselves once they own the homes. I can't remember when it was ever a tougher financial burden than it is now. Homeowners that join the board to volunteer their services on behalf of others, now have to know finances, budgets, legal proceedings, and construction. Many associations do have a legal team on board to help them make these decisions and … (5 comments)
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fha loan requirements: Everyone has their fingers in my buyers wallet ..... - 08/04/11 04:56 PM
Everyone has their fingers in my buyers wallet ......I've got a recent deal going FHA where we switched from the standard FHA 203B to a 203K loan. To me it seemed pretty easy but I knew that the transfer would probably be a problem. Buyer took it all in stride because they really didn't understand what was going to happen to them next. Loan officer requests a 30 day extension. Hmmm, seems a little excessive asking for 30 days? I started to pop off angry emails asking what he'd done for the past 45 days that we needed another 30 day … (10 comments)
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fha loan requirements: FHA 90 Day Flipping Rule - How it pertains to both sides of the transaction - 07/06/11 08:35 AM
FHA has recently imposed some rules for both sellers and buyers when reselling their properties within 90 days of the previous acquisition. This regulation might interfere with a sale on either side of the transaction so here's what you need to know:Sellers need to know what rules to follow in order to sell to new buyers after the rehab work is completed. The rule is applicable to all single family properties being resold with 90 days of prior acquisition. (Effective from February 1st to December 31st, 2011). Property 'flipping' refers to a property recently resold for a considerable profit with an artificially inflated … (4 comments)
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fha loan requirements: Schaumburg IL Homes - What types of financing was used? - 02/24/11 07:05 PM
Schaumburg IL Homes - What types of financing was used? While investigating the total sales for each property type in Schaumburg IL I noticed a few striking differences between Schaumburg single family homes and multi-family home sales.
Depending on what type of property you have will figure into your buying or selling strategy. Types of financing that buyers use have different criteria and variables that sellers must pay attention too. On FHA purchases the home must have minimum standards to protect the buyer from unknown future mechanical breakdowns. When the appraisal is done on these properties the appraisers check the attic … (4 comments)
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fha loan requirements: Condo Guidelines for FHA Approval - Changes that you should know about as a homeowner! - 12/14/10 08:34 AM
Look out property management companies that help guide associations through the mine field of FHA paperwork approvals. Seems like HUD has a few more problems in store for associations that homeowners in the area should be aware of.This just in for the new 'Condo Guidelines' for FHA approval for each complex. Each complex must now re-certify with FHA in order to have FHA mortgages applied through out the subdivision. It's a good thing to have and actually I would say MANDATORY in this economy. Don't discourage any buyers by not getting your project approved.Guidelines just out ~ 'Condos will be rejected and … (2 comments)
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fha loan requirements: Get out your permanent markers, HUD seeks public comment on three main issues for FHA loans - 07/17/10 10:43 AM
Agents and loan officers - here's your chance to get in your 2 cents! Instead of complaining, make your concerns known to HUD.
Thanks to Jeff Belonger for this post.
Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):
You can make a difference - you have 30 days to comment against FHA's proposals
With a difficult economy and possibly some new FHA mortgage changes coming in the new future, this could be time to make your voice heard. HUD made this announce back … (4 comments)
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fha loan requirements: FHA Mortgage Insurance Premium Increases Unwarranted - 06/14/10 11:51 AM
FHA Mortgages are a staple here in the Northwest Suburbs of Chicago and yesterday Jeff Belonger did a great post on how they plan on increasing the mortgage insurance premium for future buyers. It's still in the planning stages but I think that as a Realtors© we should be opposed to any increases for the following 2 reasons:
Homeownership rates as a whole are down and the FHA delinquencies are also down according to the Wall Street Journal. So what's the need?
Why make the qualifications so restrictive and add fees that are also restrictive making less buyers able … (2 comments)
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fha loan requirements: FHA Home Loans - FHA Monthly Mortgage Insurance to increase - OUCH - 06/13/10 04:16 PM
FHA loans could possibly increase their mortgage insurance premiums (MIP) soon & this would effect the recovery and home sales enormously! Every dollar charged to the consumer effects purchasing power & the size of the home a buyer can afford.
This is a wonderful explanation from a loan officer in New Jersey, Jeff Belonger who is one of the top FHA experts.
Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):
The cost of FHA loans could increase before the end of the year is over with. … (3 comments)
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fha loan requirements: You couldn't get a bad loan today if you wanted to... - 01/12/10 09:37 AM
Ahhh, the great debate over the Holidays. What really happened (according to your family & Uncle Jim) to the banking industry! Most of the time the stories and ideas were straight out of a good novel! Ahhh, mortgage intrigue!
I've included this post for my readers from a loan officer in CA, Elvin Lorenzo who also had this lively discussion with his family over the Holidays. Being a loan officer and 'in the trenches' he's got a good perspective on what people should now know. And he's right! You couldn't get a 'bad loan' such as a No Doc, No … (2 comments)
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fha loan requirements: FHA Appraisals and "the Rules" - 11/20/09 02:51 PM
FHA Appraisals and the Rules Lately in my area there has been a tremendous amount of miscommunication and misinformation with FHA appraisals. It is so rampant in our area that I've decided to post the drama.Schaumburg IL - Townhouse listing of mine does not appraise out and is $5000 under contract price. Seller does not want to sell at the appraisal price and the buyer doesn't want to pay the contract price. Deal dead which is easy enough. Buyer #2 comes along with their overzealous buyers agent, let's call her 'Gloria Go-Getter'. She's overcaffinated, overconfident, never listens to what is being … (11 comments)
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fha loan requirements: Is it FHA Approved? Not all subdivisions accept this financing - 10/10/09 05:34 PM
To obtain a FHA mortgage on a condominium, the project must be FHA approved. Prior to these changes, there were two ways a condominium could be FHA approved: (1) full project approval, and (2) “spot” approval. Full project approval means that FHA has already done the approval on the entire project (subdivision). Spot approvals were performed on non-FHA approved projects on a loan by loan basis, and were a way to make FHA loans available to home buyers in well run condo projects even if they haven’t gone through the full approval process.
No More Spot Approvals (Effective November 2, 2009) … (2 comments)
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