Very Important Changes to FHA Guidelines - 12/07/09 12:30 PM
Very Important Changes to FHA Guidelines
Today, HUD Secretary Shaun Donovan, announced some very important changes to FHA guidelines that will be implemented as early as the first quarter in 2010.
Below is an excerpt from her testimony today. You can find the entire written testimony at: http://portal.hud.gov/portal/page/portal/HUD/press/testimonies/2009-12-02   
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An initial measure is to reduce the maximum permissible seller concession from its current 6 percent level to 3 percent, which is in line with industry norms, and we will continue to consider additional reductions.  The current level exposes the FHA to excess risk by creating incentives to inflate appraised value.Secondly, to … (12 comments)

Defaults on Government Backed Mortgages - 12/02/09 10:59 AM


Defaults on Government Backed Mortgages
Defaults on government backed mortgages, or FHA, have started to rise! Lately, FHA mortgages have been what just about everyone has been using to purchase their homes. Add to the mix the tax incentive, and people are out there taking full advantage of the government money.
Well, the news, today, isn't good. The government has been experiencing more than usual defaults on loans, with a few lenders at the root of the problem. To overcome this problem FHA is considering tightening their loan limits AND raising their requirements for credit scores.
This will impact the small … (8 comments)

 
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Marianne Snygg, ABR, ASP, GRI, SFR

Monument, CO

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ERA Herman Group Real Estate

Address: 4065 Sinton Rd., Suite 200, Colorado Springs, CO, 80907

Office Phone: (719) 575-1400

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