mortgage: FHA Changes Coming Our Way - 01/24/10 08:22 AM
I just received a Fl-yer from one of my Lenders telling of FHA changes coming our way this Summer and I must say I have cause for concern!
The changes would raise the Mortgage Insurance Upfront Premium from 1.75% to 2.25%.
FHA is seeking Legislative Approval to increase the Annual Premium which would then shift some of the Upfront Premium to the Annual MIP.
Additionally the Sellers Concessions will Decrease from 6% to 3%.
We currently have the ability of telling our customers about the Tax Credit currently on the table and it appears there truly has never and will never … (2 comments)
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mortgage: Light At The End Of The Tunnel - 05/20/09 07:53 PM
Could It Be? Could we actually be seeing the light? Are we starting to see a turn around! Have we made it though the storm? I don't think we are quite there but, I can finally say I actually see a little gleam of light, a little ray of hope.
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mortgage: Just An Idea! - 11/18/08 08:42 AM
I'm a little confused! With this ever changing Mortgage situation- Just a thought! If a customer has a Mortgage and is behind on their payments the first step Lenders do is to establish their current financial situation right? If it is confirmed that the customer still has the funds to pay their mortgage but, maybe has just fallen behind and needs to get caught up, Why does the Lender and or Investor not look at the whole picture. It has been my experience with customers I've talked to when they make that phone call they are asked a series of questions … (2 comments)
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mortgage: Let The Game Begin! - 11/01/08 08:38 AM
As College Football is in full swing and the Holidays are among us. I have officially started a new game. Perhaps you could call it my own personal competition. When I first started using Active Rain I did what most agents probably do and I started looking around to see what agents were active in my area. As I began my search I noticed that the pickings were slim. I couldn't understand why but, I thought hey wait a minute! I get points for everything I do. I can provide little tid-bits of information about things in my area and get points by … (9 comments)
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mortgage: We've got to be careful! - 10/05/08 09:39 AM
Safety has always been something that should be first on everyone's mind and I know we are in a totally different time right now. We have issues that we are facing that are totally new even to the most seasoned Realtors and I know it's been said over and over again. I know it harder and harder to get customers and keep customers but, please- please lets be careful out there! Last week a Realtor from Columbus, Georgia was found strangled to death by a tenant she was going to serve eviction papers on. We are truly living in desperate times. … (0 comments)
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mortgage: Twilight Zone - 09/25/08 08:16 AM
Not to discuss politics here but I just pulled the following statement from President Bush's 2007 State of the Union Address and I am comparing this statement to where we are now and the 15 minute speech President Bush made last night on how dire or economic situation was and how important the support of congress was to swiftly pass this bailout and one must ask themselves several questions- This speech was done in 2007 and we are in 2008, which is only a year! This mess we are dealing with didn't just happen did it? Where has Mr. Bush been during this … (0 comments)
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mortgage: PMI - 09/17/08 06:31 AM
I simply do not get this whole PMI business. It is one of those things that if our customers don't have enough down they are expected to pay. The amounts raise their mortgage by a sizable amount and I don't get the real purpose of it. I know PMI is to protect the Lender but. during this mortgage mess is it doing it's job. Who is regulating the PMI people? There is suppose to be some type of criteria that states after a certain point & time the PMI will drop off a buyers mortgage but, I don't get that period … (2 comments)
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mortgage: Is It A Full Moon or Just Mass Panic! - 09/12/08 08:52 PM
First and foremost to my fellow Realtors in Texas and your family's I want to say that my thoughts and prayers are with each of you effected by the Hurricane. I am a Realtor in Georgia and yesterday I went into a convenience store and heard this woman stating that this was the 3rd. vehicle she had brought from home to fill up with gas. I thought to myself maybe I need to turn on the radio and see if maybe I had missed something. After listing to a local reporter on the radio he explained that the rumor mill was … (2 comments)
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mortgage: Fannie Mae and Freddie Mac - 07/16/08 09:42 PM
I need your input. I got a call today from a Lender I use on a regular basis. He said he wanted to give me the heads up on one of the new Fannie Mae - Freddie Mac guidelines for first time home buyers. He told me that effective in the near future new home buyers wanting to finance FHA will be required to go through a First Time Home Buyers class and will receive a certificate of completion. He said they will not be able to go into a binding agreement unless this class has been completed. He is suppost … (8 comments)
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mortgage: There's No Place Like Home! - 07/04/08 07:01 AM
Have you noticed how much the market is changing? I have found a new name for the infamous underwriter. You know the one who decides if you make it to the closing table or not. The one who ultimately says yes you close or no you don't. His or her name should be The Wizard of Oz! They like the wizard hide behind this curtain. You never see them, You never get to talk to them, You just know they exist. You start off on your journey to oz the moment your customer finds a home. You travel through Poppy Fields, … (3 comments)
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mortgage: Happy Mothers Day - 05/11/08 08:24 AM
To all the moms/realtors out there I would like to wish you all a very Happy Mothers day! Each day you get up - Feed Children, Wash Clothes, Drive to and from school, educate, change diapers, listen to the dramas of the day, etc... and still find the time to list and sell!!!!!! May each of you have the best Mothers day you can possibly have and may your Real Estate business flurish!
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mortgage: Rent to Own!!!!!! - 05/08/08 01:58 PM
I got a call today and have had several calls in the past month or so from customers who have driven by, saw on of my listing signs in the front yard and call me wanted to know information on the property in question. I explain to them the details of the house and they immediately want to know if the seller is willing to rent to own and what the terms will be. I don't understand what part of FOR SALE on the sign is not being understood???? … (2 comments)
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mortgage: Financing Today - 04/14/08 11:34 AM
I realize we are in a market that is changing daily. Today I was on the phone with a lender here locally who told me that she was having a very difficult time right now getting customers Conventional financing. She said most of her customers were going FHA or other alternative financing. This confuses me! I wonder what other agents are experiencing? I have a customer coming into my office tomorrow and I find it hard to believe that Conventional financing is tougher than FHA. My own past experience was just the opposite. She made the statement that Conventional financing was … (6 comments)
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mortgage: Give me your thoughts - 01/31/08 02:03 PM
Just checked the rates for a customer of mine here in Dalton, Georgia and was quoted 5.875. I was told the rates had actually went up since this morning. I've got so many customers watching the news seeing the Feds drop the rates and thinking they can pick up the phone and get those same rates at that very minute. I was told yesterday it would probably be about 2 weeks before we start to see the results of yesterdays decrease? What do you think? … (0 comments)
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