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fha loans: Why FHA Loans Are The Program Of Choice For First Time Home Buyers - 08/27/09 06:52 PM
One of the most popular first time home buyer programs is the HUD FHA loan. The best part is you don't have to be a first time home buyer - anyone that qualifies can use this program.
The only limitation is that the base loan amount can’t exceed $271,050 (at least in the Spokane area – higher limits apply in higher cost areas like Seattle and the Western part of our state) which equate to a home price of about $280,000. That does not mean you can’t use the program to purchase a more expensive home, it just means you will … (4 comments)
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fha loans: 2009 FHA and Conforming Loan Limits - 11/10/08 03:15 PM
2009 Conforming And FHA Loan Limits
The Federal Housing Finance Agency (FHFA) announced that the conforming loan limit will remain $417,000 in 2009 for most areas. They have designated some areas as "high-cost" where the limits are equal to 115 percent of local median house prices and cannot exceed 150 percent of the standard limit, which is $625,500 for one-unit homes in the continental U.S.
The only counties in WA that have higher limits than $417,000 are San Juan County at $483,000 and King, Pierce, and Snohomish Counties at $506,000.
In Idaho, only Blaine County and Teton County loans can … (3 comments)
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fha loans: Even The Bailout Can Use Some Help - 10/06/08 11:50 PM
Steven Jacobs of the Associated Press penned an article under this title and it appeared in various newspapers and online sources. To read the entire article CLICK HERE.
Tying the $700 Billion bailout plan to the housing problem is a smoke screen and driving me crazy.
Yes, there is a huge problem in the commercial paper lending industry making it difficult or impossible for businesses to obtain funds to continue operations. (UPDATE: I love it when I'm right - here's the bailout of the commercial paper one day after my post! Click Here)Yes, there is serious deterioration of the … (0 comments)
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fha loans: Take 3 minutes to save an important down payment assistance program - 08/07/08 05:49 PM
HR 3221 has passed and as of October 1st of 2008 there will be no more Nehemiah, AmeriDream, and other down payment assistance programs that have been so important to helping people buy their first home.
Please take 3 minutes to watch my message and then take action to write your representatives in Congress.
TO PLAY VIDEO, CLICK ON THE PLAY BUTTON ON THE BOTTOM MENU BAR OF THE PLAYER SCREEN
CLICK HERE to save our jobs! 1 Minute and 1 click to send your comments to your Congressional representatives.
… (0 comments)
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fha loans: First time home buyers - it's getting tougher by the moment! - 07/22/08 05:33 PM
Following is an announcement I jsut received from the Nehemiah Corp regards the imminent ceasation of their extremely successful down payment assistance program. If you have a loan that is dependent upon this program I'd be very concerned. Other news articles I've read today state the program may cease as soon as this week. ~
There are alternatives still - FHA only requires a 3% down payment. With a seller contribution to cover the closing costs the buyers only need $5k or so.
If you have any questions about the Nehemiah program or other first time home buyer programs don't … (5 comments)
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fha loans: FHA tightens up on credit requirements for borrowers - 05/20/08 07:23 PM
FHA has just published a significant update regarding the use of Nontraditional Credit with FHA loans. I've summarized what you and your clients need to know.
"Nontraditional Credit" means monthly obligations that a person may pay but that is not normally reported to the credit bureaus. Examples would be rent, utility payments, auto insurance, cell phone account, etc. Essentially, a nontraditional credit account would be any monthly obligation being paid to a business.
Borrowers with limited or no traditional credit must have a minimum of 3 alternative trade lines with a 12-month history. One of the 3 must be rent or … (3 comments)
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Michael Mullin MLO 11911 ~ Banker/Broker FHA, VA, USDA, Conventional Loans
Spokane,
WA
More about me…
First Priority Financial, helping home owners in WA and CA
Address: 5978 Hwy 291, Suite 3, Nine Mile Falls, WA, 99026
Office Phone: (509) 252-9151
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