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Blog entries tagged with "fha":
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers
and brokers listed on this site. These real estate profiles, blogs and
blog entries are provided here as a courtesy to
our visitors to help them make an informed decision when buying or selling a house. ActiveRain
Corp. takes no responsibility for the content in these profiles, that are written by the members
of this community.
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The south Florida Business Journal reports that despite tight credit restrictions, houses in Florida continue to be in demand for purchase. The Florida Association of Realtors reported last week that for the second month in a row, single family home sales were up in response to the lowering prices.
Yes, it appears that this new program may help desperate homeowners to move out of foreclosure, but if you agree to the program, you have to sign a note promising FHA that they will receive 50% of the equity gained in the house. It just doesn't feel right to me.
Friday's bond market has opened down sharply again despite an extremely volatile morning in stocks. The stock markets initially opened with huge losses then recovered, but are now sliding again. The Dow is currently down 350 points after falling 700 points right after the morning bell. The Nasdaq is currently … (0 comments)
Michael Shotnik
We all know there is alot of tough news out there right now. I just need to dispell the myth that you can't get a loan. You CAN get a loan and interest rates remain very attractive. I asked my friend and motgage broker James Adair www.pdxhomeloan.com to share what kind … (0 comments)
Sometimes I wonder where the media comes up with its content. In case the general population is not anxious enough about our countries state of affairs we have people running around saying "the sky is falling, the sky is falling!" 
This is my first blog so I will do my best here...
10/02/2008 - "This morning, FHA Commissioner Brian Montgomery announced that the new HECM nationwide loan limit (maximum claim amount) will be $417,000. The target effective date is November 1"This is a target date right now, not a set deadline. We still expect FHA to increase the "floor" on the origination fee … (1 comments)
If you are one of the many people that are thinking about renting your current home and buying a different one to be your primary residence ...congratulations. Its a great time to BUY UP in a down market.
IS the sky falling? Considering the fact that Nobel Prize winning-economists, Congress, and the Cabinet don't seem to know, I'm not going to dare to opine. However, I do have some observations about our local real estate market - lovely Richmond, Virginia, my hometown - which I am listing below in no particular … (2 comments)
I will be honest, well because it is a lot easier than anything else. I am sick and tried and just plain fed up with the pity looks on peoples faces when I meet them and the find out what I do for a living. 
Every time you open the paper or turn on the computer it seems like there is only bad news on the economy. The stock market is down over 35% over the past year, and home prices have also declined. In a recent survey it was reported that over 60% of Americans think … (5 comments)
Overshadowed by the massive 800 Billion dollar bailout, the Hope for Homeowners program takes effect with little press coverage.
Remember, FHA will allow a buyer to add in the cost of improvements to the purchase price! In this day and age, it is really cool to know that those loans are in play RIGHT NOW! You can buy a home, change the floors, remodel the kitchen, buy new appliances and … (0 comments)
I know the market is tough right now and everyone is pinching pennies. However, if you've got vision and financial savvy you may be able to purchase your next home for next to nothing.
I will admit yesterday was not a good day for me. I was mad, upset, and generally not in a good mood. I was thinking and spending too much time doing so thinking about the economy and the likeliness of me staying in the business. I love Real Estate and Mortgagea, … (3 comments)
I blogged about changes to the Fannie Mae / Freddie Mac underwriting guidelines concerning keeping a home as a rental property and purchasing a new property a couple months ago. These changes have now hit FHA lending guidelines as well. Last week HUD released new temporary underwriting guidelines surrounding this practice.Unfortunately, … (0 comments)
Isn't it funny how the media really affects how consumers react? If only our voice was as powerful, I mean, we are the ones who know our markets. Why can't we educate and influence like that. Here in Austin Tx, the market is still doing pretty well. There are many mortgage companies that are still … (1 comments)
Hi Everyone!
Now, seniors 62 and older can qualify for a special type of mortgage that makes monthly payments to THEM! It's really true and easy to qualify, basically just answer a few simple questions and your options will be explained.
Residential Financing Updates: 5.5% on a 30 yr. Fixed and still NO MAX for CASH OUT Refinances. 
We strongly believe that FHA Loans are the safer, more affordable alternative to Fannie & Freddie loans. Here is a quick comparison of the benefits and differences between the two. 
A young single mom was referred to me for help on refinancing her mortgage that she had with a private lender, and it is a good thing that she came to a professional. Prior to contacting me, she applied through one of the big National lender (now the biggest lender in … (2 comments)
Don't believe or buy in to the hype when the media says that there isn't any credit available out there! It's just not true!
First a disclaimer. This is a simple and easy way to know. Yes, there are other options and this and that, but this is a quick "how to tell" if you are talking to a good buyer.
A little while back, FHA changed their upfront and monthly mortgage insurance premiums to a risk based pricing model. Basically this meant that the more risky the loan, the more upfront premium and the higher the monthly premium would be on FHA insured mortgages. These pricing "hits" were mainly determined by … (0 comments)
Much "to do" has been made over the recent housing legislation that has eliminated the use of seller funded DAPS (down payment assistance programs). I can say this - HUD has been against these programs for years, and the new bill was their way of finally getting rid of them - … (0 comments)
If you're looking to take advantage of lower home prices and historically low interest rates, credit is still widely available for borrowers who qualify. Qualifying for mortgages today simply means being prepared to provide documentation that supports your application. If you do have credit issues, you might want to consider government … (0 comments)
FHA Launches New Program to Help Lenders Refinance Troubled Loans
Carrie Bay | 10.03.08
The Federal Housing Administration (FHA) rolled out the new Hope for Homeowners (H4H) program on October 1. The program was created as part of the larger Economic Recovery Act of 2008 passed by Congress this summer, and … (1 comments)
It's official, as of Oct. 1 2008, the beloved days of 100% financing are now dead. President Bush signed historic legislation on July 30th that boosts mortgage finance companies Fannie Mae and Freddie Mac and authorizes a $300 billion expansion of Federal Housing Administration loan guarantee programs. The mortgage industry has … (0 comments)
Today's rates on a USDA Rural Housing loan are at 5.5% again with no points, no origination fee. There is a 2% financed funding fee but no monthly mortgage insurance. What does this mean to a person who is currently renting? They can buy a home at a sales price of … (1 comments)
Upon reaching age 62, a homeowner can take out a "Reverse Mortgage". It's reverse, because monthly mortgage payments are sent from the bank to the homeowner. The homeowner can also take out a lump sum or a line of credit or a combination of the three.
Great opportunity for "first time homebuyers"! 
Lots of changes in the industry take place this month…here’s a summary:
With mortgage rates taking a tumble over the last few days, loan officers with customers who have an FHA insured mortgage have been calling frantically to get them locked in at a lower rate. 
Elite Mortgage Corp is located in Shelby Twp., Michigan is offering Conventional, FHA as well as VA financing. Kris Asquith is the owner and has over 18 years experience. If you are looking at purchasing a home or refinancing, don't hesitate to call us. 586-803-9600
Homeowners who are facing foredlosure may want to read the information on the new HUD program that became effective earlier this month. In a nutshell, this program "encourages" lenders to participate in a program to write new loans that will replace troubled mortgages. The new loan is based on 90% of the current appraised value of the home. There … (0 comments)
In California the Department of Real Estate put out an article that homeowners facing pre foreclosure/Notice of Default need to be made aware that they are easy targets by third party companies who ask for advanced payment to help the homeowner workout loan modification with their lender. California Civil Code Section … (0 comments)
CAAR Blog
BrokerIPTV: Today we are talking with Pete Lansing, President of Universal Lending. Pete thanks for being with us.
There is finally some good news for you or anyone you know facing the threat of foreclosure.A new program designed by Congress called Hope for Homeowners which will help homeowners at risk for loan default and/or foreclosure launches today and will run through September 30, 2011.The program will be voluntary for … (0 comments)
Friday, October 3, 2008
Does FHA allow a borrower to have more than one FHA loan?
Over the past couple of weeks we successfully closed our last remaining DPA (Down Payment Assistance) transactions and thus the last 100% financing loans.... Possibly for ever? My last two DPA transactions were first-time home buyers, who "needed" the program. They didn't have enough money for a down payment, and these … (6 comments)
I stopped to think today that many Realtors out there don't have a working relationship with a lender that keeps them updated on the important changes in the industry. Just another reason why AR is so great. To you guys I post this FHA update. If you've ever put together a … (0 comments)
HOPE Guidelines have been released...
Register to Receive FNMA Single-Family E-mail Updates, Alerts, and Newsletters 
Hello Fellow ‘Rainers! I hope everyone is enjoying some Fall weather! It is just around the corner for us here in Central Florida. Or at least that is what I am hoping for! With the arrival of Fall, Park Place Title is planning it’s Fall Educational Series and I would like … (1 comments)
There should be five goals to target when arriving at a solution to the housing crisis:
Why are FHA Loans back in business after so many years of being on the back burner?
The White House temporarily suspends "flipping rule that imposes a 90-day waiting period before foreclosed homes can be sold in order for these buyers to receive FHA (Federal Housing Administration) insured loans.
Part of my job is staying informed so I can give advice to my Fort Hood home buyers and sellers. I owe it to them to be a good source of reliable information. 
Effective immediately, FHA has extended the $100 HUD Repo Program that allows borrowers to purchase HUD-owned properties. In addition to requiring only a $100 down payment, borrowers may also obtain financing up to 110% of the loan amount. Appraisal required repairs up to $5,000 and all closing costs and pre-paid expenses … (2 comments)
-nearly 15% of FHA insured loans are 30 days late or more (MBA)
(This post is directly referencing the latest RPAC email : Call for Action : Pass the Emergency Economic Stability Act. Please be familiar with this email as I will not repost it in it's entirety.)
Up to 35k for Renovation
I believe it is the right time, but I should wait to buy because the market is still going down? Real estate is never going up again, it makes more sense to rent. My house is not worth what I paid for it, I am going to stay here as long … (0 comments)
FHA Risk Based Premium and Up Front MI change Oct. 1st
I was in Washington the first part of this week because of an invitation to attend a roundtable with HUD. For the first time since 1934 (when FHA was initiated), FHA is in a deficit. But right now, FHA is our best hope for the housing market and they are committed … (9 comments)