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fha purchase: 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
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fha purchase: 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".
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fha purchase: FHA Production Jumps by 48 Percent - 08/12/08 09:46 AM
The Federal Housing Administration guaranteed 351,140 home loans during the second quarter, and the agency now accounts for 30 percent to 50 percent of loan production for some mortgage companies.
Below are the FHA Loan Limits for Florida. Please call (813) 507-0296 with any questions.
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fha purchase: 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 purchase: 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 purchase: 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 purchase: 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 purchase: 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 purchase: 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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Todd Martin - Florida's - Doctor Loan
Tampa,
FL
More about me…
Address: 11353 Countryway Blvd, Tampa, FL, 33626
Cell Phone: (813) 507-0296
Email Me
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