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fha: Mortgage write-downs - FHA MI increases (3!) - Mortgage app - Rates up - 03/27/12 07:44 PM
Fannie/Freddie are considering mortgage write-downsIn these so-called principal write-downs, a portion of the loan is forgiven for someone who's having trouble paying. Many Democrats like it, Republicans do not. More info
Rates upThe 30yr fixed rate mortgage averaged 4.08 percent for the week clearing the 4% barrier for the first time since October 27, 2011. Rates
FHA premiums up. 3 Increases:On 4/9 the upfront MIP will increase from 1.00% to 1.75%, and the annual MIP will increase as follows:
No MI portfolio loans, anybody?
Free app to calculate mortgage payments for your smart phone. It gives you the … (1 comments)
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fha: LLPAs up again - FHA premiums up again - 03/02/12 12:14 PM
You are not going to like this! Fannie Mae Loan Level Price Adjustments (LLPAs) just went up again, March 1st (See below) /// FHA mortgage insurance premiums are going up April 1st. /// In the next issue, a summary of the stipulations for converting a property from owner-occupied to non-owner occupied. /// Comments, questions? I'm open for business! – Paul Luykx, Mortgage Banker (What's a Mortgage Banker?)
LLPA increases
In 2007, Fannie Mae introduced "Loan Level Pricing Adjustments" (LLPAs). The concept is basic: For mortgage applications with higher risk profiles, there are additional up-front payments (or rate adjustments) to offset potential long-term losses. … (0 comments)
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fha: You can have >1 FHA loan - Mortgages after foreclosure, short sale - New REO inv company - 12/03/11 04:11 PM
Developers present me with REO projects on a daily basis. They need financing and investor capital. I am starting a new company dedicated to highly profitable, short-term, REO investments. If you are interested in being part of this as a (founding) shareholder, let me know. /// This week a quick review of mortgages after deed in lieu, foreclosure, or pre-foreclosure (short) sale. See below, or go to my website. - Paul :)
Can you have more than 1 FHA loan?Yes, under the following cirumstances:
Relocation. Must document unreasonable commute distance from current home. Increase in family size. Must have current mortgage balance at or below 75% LTV. Vacating jointly owned … (0 comments)
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fha: REO financing - Lending criteria - Mortgages after bankruptcy - 11/14/11 12:43 PM
All the money is being made in REOs at the moment. Lower risk than securities, and great cash on cash returns. You can buy them, or finance them at <50% loan to value. To add yourself to the mailing list for opportunities go here. /// This week a quick review of mortgages after bankruptcy. In short, the waiting period for FHA is 24 months, and for Conventional 48 months. See below. Next week: Waiting periods following foreclosure, short sale, or modification. /// Rates are still near record lows, but underwriting criteria are becoming tougher: Higher Fico requirements and rental revenue exclusions from … (0 comments)
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fha: Mortgage InfoCenter - Request streamline eval - Financing 5+ properties, Investment mailing list - 11/07/11 10:29 AM
I am amazed at the detailed questions I get nowadays from Realtors, borrowers, and others. It prompted me to convert my website to a Mortgage Information Center for peeps who want to know more. It includes a detailed Mortgage Summary (stuff you'll want to reach at least once if you are a Realtor), complete FHA/Fannie Mae underwriting guidelines, 203K presentation, and more. Check it out. If you have any recommendations for making it better, please let me know. /// As the stock markets go up and down, so do interest rates. Surpringly, rates have not increased as much as one would expect. The US Dollar remains the … (0 comments)
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fha: Stock market up, rates up - Constr loans - PMI or FHA? - Rate credits - 10/28/11 05:11 PM
OK, stock markets up - and upward pressure on rates because bonds compete with stocks for investment money. Maybe also renewed confidence in real estate - we'll see. As of now: Lock ASAP! - Paul
PMI or FHA?Conventional rates are about 0.50% higher. The cost is about the same. FHA is easier to qualify for, you must have it for 5 years (PMI=2 years), and you can refinance without income qualification and without appraisal. No lender fees - what does that mean?No application, processing, underwriting, commitment, tax service fees: None. And if you are a firefighter, police officer, teacher, medical worker, or municipal employee … (2 comments)
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fha: Inside Job - Fortune mag: Time to buy again - FHA 580 Fico - Rehab fin options - 04/01/11 05:50 PM
Inside JobIf you have not seen the movie yet, see it soon. Inside Job the 2010 documentary film about the financial crisis of 2007-2010, directed by Charles H. Ferguson. The film won an Academy Award for Best Documentary Feature last month. It's sad, also educational - and also more than a little amusing. A must see. - P See trailer Fortune Magazine: "It's time to buy again"Veteran Fortune magazine writer Shawn Tully - best known as the guy who accurately proclaimed the height of the market in 2006 - makes a convincing case that the moribund new-construction market, combined with rising rents and an improving … (0 comments)
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fha: Fix-Flip loans: 6 mos no pmts - Rates edging up - Prospect rocks! - Mortgage overlays - 11/19/10 06:21 PM
Mortgage bond rates soared to a 5 month high this week, suggesting that the era of record low rates may be over. /// Have a look at what Prospect Mortgage's achievements!...(below) /// Make it a good week folks. - Paul
Fix-Flip loans: No pmts 6 monthsFlexible terms, quick closes. Ask me for a quote for your scenario.
Rates edging upThe 30-yr and 15-yr fixed rose dramatically this week, as did the 5-year ARM. The 1-year ARM remained unchanged. Read more.
Prospect Mortgage rocks!PM is a real success story. In a challenging real estate and financial climate, we are experiencing dramatic growth. Consider the following benchmarks that we have achieved:
No. … (1 comments)
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fha: A good reason to buy now? - Rates up - Frustrating loan processes - 10/24/10 03:13 PM
October 25, 2010 "I'm going to wait for the market to hit bottom before I buy" - a common stance prospects take. Below is an argument for buying NOW. The key question is this: "if rates go back up from the current all-time low (and prices stay the same) how much more will you be paying?". Answer: as high as 17%. See below. /// The mortgage application process can be a frustrating process nowadays. A bit of perspective below. /// Make it a good week folks. - Paul :)
An argument for buying now?Consumers often focus on price and interest rate. Not wrong, but not always right … (1 comments)
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fha: Mortgage Handbook for Realtors - FHA Fico to 640 - Legal non-conforming property alert - 10/08/10 03:06 PM
Mortgage Handbook for Real Estate ProfessionalsThe increased complexity of real estate and mortgage financing requires a more advanced relationship between realtor and loan officer. Realtors want information, when they need it - and may not be able to respond right away. To make this better I wrote the "Mortgage Handbook For Real Estate Professionals", a web-based reference tool that puts mortgage options and rules at your fingertips. It will be perfected over time, and kept current. Knowledge is power! You may want to study the whole thing! Let me know how I can make it better please! Go there. - Paul
FHA loans to 640It appears that the common FHA minimum Fico is moving to … (0 comments)
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fha: Portfolio loans - Rates - FHA refi's: No appraisal or income qualification - 09/11/10 11:03 AM
Portfolio loans represent powerful financing options. Because they are held in house they do not need to conform to Fannie Mae, Freddie Mac, or government (HUD, USDA) criteria many common limitations do not apply. See below. /// Rates were up a bit this week. Rate summary below. /// FHA refinances without appraisal, and no closing cost options. See below. - Paul Portfolio loans
The pricing of portfolio loans is reasonable and also heavily Fico dependent. Here are some of the unique features of portfolio loans. - Fixed rate, ARMs, HELOCs, Jumbos - Up to 90% LTV without mortgage insurance - Up to $900K loan … (0 comments)
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fha: Short-term dev financing - FHA premiums up Oct 4 - 80+% ltv conv loan challenges - 08/23/10 12:16 AM
Short term development financing is readily available for 1-4 unit properties: 65% of purchase price, plus 75% of rehab/construction cost. /// FHA premium increases are postponed till Oct 4th (See below). /// Make it a good week folks. - Paul FHA premium increase postponed to Oct 4th. The FHA premium increase has been postponed to October 4th. The upfront premium (added to the loan amount) will DECREASE from 2.25% to 1.00%. The annual premium (1/12th added to te monthly payments) will INCREASE from 0.55% to 0.90%. A quick calculation tells us the break even (equivalent) is approx 3.5 years. Read more. Conventional loans over 80% challenges
There are … (1 comments)
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fha: FHA premiums up Sep 7 - Jaw dropping Jumbo rates - No MI loans to 90% LTV - Where's the appraiser? - 08/08/10 09:46 AM
FHA premiums are going up Sep 7. The upfront premium (added to the loan amount) will DECREASE from 2.25% to 1.00%. The annual premium (1/12th added to te monthly payments) will INCREASE from 0.55% to 0.90%. A quick calculation tells us the break even (equivalent) is approx 3.5 years. More below. Read more. /// Jumbo rates are jaw dropping low, as low as 2.75% and 3.35% for 3/1 and 5/1 ARMS /// Make it a good week folks. - Paul FHA vs Conventional vs Portfolio "FHA" is a loan insured by the Federal Housing Administration, "Conventional" is a loan that is not underwritten by a government agency, and "Portfolio" … (2 comments)
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fha: Heloc anybody? - tax credit close extension? - FHA premiums refundable - Paying off cards - 06/13/10 02:34 PM
Heloc anybody? Helocs are almost forgotten, but still availabe to 85% LTV (More below). /// The closing deadline for tax credit deals may be extended to the end of September. Good idea, but a little late. Until this happens, I am not counting on it. Read more. /// I see credit gaffes at least weekly. People who destroy their credit while thinking they are making it better. (More below).
Credit tip #2: Reducing my card balances will improve my credit, right?
That depends. The natural inclination is to pay them off one at a time, and then maybe close a … (0 comments)
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fha: 30 fixed at 4.5% on Friday - Credit tip: Paying off old bad debts - 06/06/10 08:46 PM
Mortgage Ready? New credit reports required just prior to funding (which can nix your loan or rate right there), explanation letters for recent credit inquiries, FHA thin credit policy (see below) - and a few more items that can have a big impact.... I now we need to go beyond pre-approvals to make sure peeps are truly mortgage ready. Better safe than sorry! /// The European debt crisis continues to affect rates. Rates were down as much as 0.25% on Friday with the 30yr fixed float rate as low as 4.50%. Refi's anyone? I can lock rates with a floatdown as soon as I have you have applied, which you can do … (0 comments)
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fha: Cash is king - FHA concessions to 3% - No more USDA loans (for now) - 05/22/10 01:18 PM
Cash is king. I see many good investment opportunities that I cannot finance because more cash is required. If you have the cash and are looking for opportunities, let me know - maybe I can match you up. /// Reminder: FHA seller concessions are due to go to 3%. See below... /// Post tax credit volume remains to be good and industry reports seem to back it up :)... /// Make it a good week folks! - Paul
FHA seller concession from 6% to 3% soon?
In January, the Department of Housing and Urban Development (HUD) announced the first major changes to FHA financing for the … (2 comments)
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fha: FHA for mixed use - Markets to remain strong - Tomorrow's trouble spots - 05/06/10 08:59 AM
The tax credit purchases have been made. If you need a 203k loan, do not delay. They take 45-60 days to close! Actually, better safe than sorry - do not delay anything. Tax credit deals need to close by June 30th. /// Rates are flat. Fortunately the long-awaited rate increases have not materialized yet. /// Don't forget: FHA loans are available for mixed use property. See tips. /// Make it a good week folks! - Paul
Fannie adds incentive to avoid foreclosure
Beginning in July, Fannie Mae will allow financially troubled home owners to complete a “deed in lieu of foreclosure” or … (0 comments)
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fha: Tax credit deadline Apr 30 - Foreign nationals financing - Prequal condo certs - 04/24/10 01:12 PM
Deadline for tax credit deals is this week! You need to be in contract by April 30 and close by June 30th. Details. /// "Fixed rate loans were pretty much unchanged this week, while ARMs flucutated" said Frank Nothaft, Freddie Mac vice president and chief economist. Rate survey. /// Make it a good week folks - Paul
Condo certifications (3)
We do the condo certifications with as part of a loan application at no cost. The first step is a short review to see if there are any issues that may prevent certification. If you want to be pro-active for any of your listings (or for … (0 comments)
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fha: Rates easing - Project certs (2) - Did you know? - 2 weeks left - 04/17/10 03:47 PM
Rates eased a little this week. "After rising for 4 consecutive weeks, mortgage rates eased back to where they were 2 weeks ago and still remain historically low," said Frank Nothaft, Freddie Mac vice president and chief economist. Rate survey. /// 2 weeks left to get into contract to get the tax credit. Details. /// Condo certs are onerous, but well worth it! More below... /// Make it a good week folks! - Paul
Condo certifications (2)
Prospect Mortgage does certifications at no cost to property owners, HOAs if needed to process the loan. The required documentation list is long, and once we have all the documents it takes … (0 comments)
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fha: Condo loans and project certs all in one - 30-yr fixed jumps - More rate hikes? - 04/11/10 12:17 PM
Certifications are key to getting a mortgage for a condo, and have become both tougher and easier to get. Spot approvals for mature projects are still available for conventional loans, but for FHA loans they have been eliminated. Conventional and FHA project certifications have been delegated to certified lenders. Prospect Mortgage is certified, and we process mortgage loans and condo certifications simultaneously! More on condo certs. /// Reminder: buyers need to be in contract by April 30 to get the tax credit. Details. /// Make it a good week folks! - Paul
30-year fixed at an 8 month high: Inevitable rate increases now?
The 30yr fixed … (0 comments)
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