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fha: FHA Sources of Down Payment - 11/20/08 10:22 AM
Gift funds - May be used for 100% of the borrower's closing costs and down payment - eligible donors include close relatives, a close friend with a clearly defined interest in the borrower, a corporation established for charitable purposes, a borrower's employer or labor union, Federal, State or Local Government agency.
Cash from private savings clubs - Savings clubs established and used by various ethnic groups.
Commission from sale - A licensed Realtor may use commission income from the sale of the property being purchased. If the borrower is a licensed real estate agent entitled to a real estate commission from … (2 comments)
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fha: 2009 FHA Loan Limits - Hillsborough, Pasco, and Pinellas Counties - 11/13/08 05:08 PM
FHA has announced the new 2009 FHA Loan Limits for Hillsborough, Pasco, and Pinellas counties. Please not that they are a little lower than this year. January 2009 the minimum dowpayment for a FHA loan increases to 3.5%.
Please call (813) 507-0296 for more information
… (5 comments)
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fha: HOPE for Homeowners - 10/11/08 04:25 PM
This is a new program for borrowers at risk of default and foreclosure. The program provides new, 30-year, fixed rate mortgages that are insured by the Federal Housing Authority (FHA). H4H is voluntary. Both lender(s) and borrower(s) must agree to participate.
When does H4H begin?: The program begins October 1, 2008 and ends September 30, 2011.
Who is eligible?: You may be eligible if, among other factors:
The home is your primary residence, and you have no ownership interest in any other residential property, such as second homes. Your existing mortgage was originated on or before January 1, 2008 and you … (2 comments)
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fha: Good Neighbor Next Door (GNND) - 10/07/08 09:19 AM
HUD Acquired SFR eligible for purchase by Teachers, Law Enforcement Officers, Firefighters and EMT's for 50% off the purchase price. Homes are located in HUD designated Revitalization Areas $100 Down payment if the home is financed FHA Not limited to First Time Homebuyers* Home MUST be owner occupied for 3 years Silent second for 50% forgiven after 3 years Law Enforcement Officer: Must be employed full-time by a law enforcement agency of the federal government, state,, or general local government or Indian Tribe.
Teacher: Must be employed full time by state accredited public or private school serving pre-kindergarten through 12th grade. … (2 comments)
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fha: FHA - Converting Existing Homes to Rentals - 09/22/08 11:10 AM
Recently, FHA & others in the mortgage industry have observed an increasing number of homeowners who have chosen to vacate their existing principal residence and purchase a new residence.
Effective immediately FHA is instituting underwriting guidance designed to assure that the homebuyer can make payments on the full debt of both mortgages. The underwriting analysis may not consider any rental income from the property being vacated except under two circumstances. The exclusion of rental income from the property being vacated is temporary while FHA further analyzes the situation. This guidance is directed to preventing the practice known as "buy and bail".
… (3 comments)
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fha: USDA - Rural Development - Florida - 09/15/08 12:15 PM
A great alternative to an FHA loan is the RURAL DEVELOPMENT, USDA loan. The home to be purchased must be located in an eligible rural area as defined by USDA.
To determine if a property is located in an eligible rural area visit http://eligibility.sc.egov.usda.gov
THE ADVANTAGES OF THE USDA LOAN:
Loan up to 102% of appraised value NO MI No maximum loan amount No cash contribution required from the borrower Unrestricted gifts, no need to document source Non-traditional credit may be substitute for lack of traditional credit history No credit explanations when credit score is 620 or above No minimum credit … (4 comments)
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fha: FHA Announces New Mortgage Insurance Premiums - 08/30/08 12:37 PM
In response to the passing of HR 3221, this update announces FHA's new Mortgage Insurance Premiums for the period of October 1st, 2008 through September 30th, 2009. FHA's Risk-Based Premiums that went into effect on July 14th, 2008 will be on hold until October 2009.
1. Up-front Mortgage Insurance Premiums:
Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1.75%. Streamline Refinances (all types) = 1.5%. FHASecure (Delinquent) = 3.0% 2. Monthly Mortgage Insurance Premiums:
For 30 year loans with LTV > 95%, monthly will be .55%. For 30 year loans with LTV < 95%, monthly will be .50%. For 15 year … (0 comments)
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fha: Housing and Economic Recovery Act of 2008 FAQ - 08/09/08 01:31 PM
Housing and Economic Recovery Act of 2008 FAQ
Q: How will the law help struggling homeowners keep their homes?A: The program offers government insurance to lenders who voluntarily reduce mortgages for at-risk homeowners to at least 90% of the property's current value.
Q: When will the program begin?A: The program will begin on October 1, 2008 and sunset on September 30, 2011.
Q: Who is eligible?A: To be eligible to participate in this program, a borrower must:
Have a loan on an owner-occupied principal residence. Have a monthly mortgage payment greater than at least 31 percent of the borrower's total monthly … (0 comments)
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fha: Simple qustions to ask your lender - 08/05/08 11:47 AM
Here are four simple questions a professional lender absolutely must know the answers to. If they do not know the answers, run-don't walk-to a lender who does.
What are mortgage interest rates based on?
The only correct answer is "Mortgage Backed Securities" or "Mortgage Bonds," not the 10-year Treasury Note. While the 10-year T-Note sometimes "trends" in the same direction as Mortgage Bonds, it is not unusual to see them move in opposite directions. Do not work with a lender who has their eyes on the wrong indicators.
What is the next economic report or event that could … (0 comments)
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fha: New Fannie Rule - 07/29/08 12:27 PM
Below is a summary of the New Fannie rule regarding conversions of an Existing Primary Residence to a Second Home or Investment Property. Typically Freddie follows Fannie so I'm sure they will be right behind. This only applies to Conventional loans.
Current mortgage rule: You would just have to get a copy of the rental agreement and lenders could use 75% of the rental agreement as income.
The new Mortgage Rule coming into effect on 8/1/2008:
The borrower must have at least 30% equity in the house {derived from a full (i.e., 1004) or 2055 appraisal} a copy of the rental agreement and … (0 comments)
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fha: Benefits of FHA Loans - 07/16/08 01:22 PM
Why use FHA?
Since 1934, FHA has served as an economic backstop working hand-in-hand with lenders to provide consumers with access to safe and affordable loans, even during times of tremendous market volatility as with the current subprime situation.
No minimum credit score. Non-traditional credit is acceptable. Low 3% downpayment. Unlimited gifts. Non-occupant, co-borrower is permitted. Expanded qualifying ratios. No prepayment penalties. Fully assumable. Default assistance. Lower premiums. Non-credit qualifying, streamline refinances. Availability: in all areas of the country, provided a market exists for the property and the home meets HUD's minimum property standards. Versatility: may be used to purchase or refinance … (3 comments)
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fha: Dispelling Common Myths About Participating with FHA - 07/16/08 09:57 AM
Dispelling Common Myths About Participating with FHA
Myth: Takes more time processing.Truth: Takes no more time than a conventional loan. Adds no additional or special requirements. Myth: More paperwork is involved.Truth: Requires only one additional document signed by the borrower. Myth: Higher costs are inevitable.Truth: Rates are competitive with the best in the industry. Lender insurance programs eliminate shipping and reshipping costs. Streamlined loan process. Myth: The borrower can't pay certain loan costs or fees.Truth: FHA eliminated non-allowable closing cost fee schedule (ML 06-04, 06-07) . The borrower, or any interested party to the loan, may pay all reasonable and … (0 comments)
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fha: Guaranteed residential loan... - 07/02/08 09:31 AM
A great alternative to an FHA loan is the RURAL DEVELOPMENT, USDA loan. The home to be purchased must be located in an eligible rural area as defined by USDA.
To determine if a property is located in an eligible rural area visit http://eligibility.sc.egov.usda.gov
THE ADVANTAGES OF THE USDA LOAN:
Loan up to 102% of appraised value NO MI No maximum loan amount No cash contribution required from the borrower Unrestricted gifts, no need to document source Non-traditional credit may be substitute for lack of traditional credit history No credit explanations when credit score is 620 or above No minimum credit … (1 comments)
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fha: FHA "Ease-In" - 06/19/08 10:46 AM
The "Ease-In" buydown feature is a seller-paid interest buydown that allows the borrower to "ease-in" into a new home and to "ease-in" to the monthly payments.
The "Ease-In" buydown feature is a seller-paid interest buydown that allows the borrower to "ease-in" into a new home and to "ease-in" to the monthly payments. The builder or seller may pay the interest portion begininng with the first payment up to the 6th month. The amouunt of the seller-paid interest buydown must be a FIXED amount (i.e., payments applied to interest cannot fluctuate from month to month). No portion of the buydown funds may … (4 comments)
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fha: FHA Waives 90-Day Waiting Period for Resales - 06/16/08 09:00 AM
On June 4th, 2008 I wrote that FHA has a 90 day waiting period on resales unless they met certain criteria. Looks like that is about to change.
The Federal Housing Administration plans to lift a 90-day waiting period on resales of homes financed by FHA-guaranteed loans for one year in an attempt to prevent communities from being saddled with foreclosed and abandoned properties.
The move also helps lenders get the properties of their books quickly--although they will have to repair any distressed homes and bring them up to FHA standards before doing so. The FHA implemented the waiting period in … (1 comments)
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Todd Martin - Florida's - Doctor Loan
Tampa,
FL
More about me…
Address: 11353 Countryway Blvd, Tampa, FL, 33626
Cell Phone: (813) 507-0296
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