fha home loans: The Power of Persistence - (When the builder's lender couldn't) - 02/28/10 03:43 PM
He first called me in August when Novation Mortgage was still around. He found my name on the internet by search Google for "fha home loans" and called me for one reason: I was the first link on the list.
After reviewing the story I understood why he was searching. He is an H1B Visa holder with a high ranking, high paying position with a very well known company. He had been pre-approved for an FHA loan as non-occupant co-borrower on a home for his daughter who is on an H4 Visa which has been amended and she now has her … (19 comments)
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fha home loans: I want my MTV! - 02/08/10 11:59 AM
Move it, move it. Money for nothing and your kicks for free. Don't you want your MTV?
I want my MTV and I think you will, too. One of my foremost goals, because it is the way I feed my family and build relationships with others, is to be the FHA home loan lender others can trust.
Like most others I like acronyms. Some of my favorite are those which spell words, those which make no sense at all (BLOG for example) and those others which take popular words or names and reassign the value of the letters. Several months ago … (5 comments)
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fha home loans: FHA mortgage limits fact - 02/03/10 11:55 AM
Even though you would like to believe an underwriter for a major bank would know the FHA regulations and have a healthy comprehension of the same there are instances where they can stand corrected. Helping agents and loan officers be accurate on the front end should help in circumstances like the one I recently witnessed.
Disputing information without a valid and enforceable source is useless so make sure you have that at hand. After all we have all seen the "yes you are" "no I'm not" back and forth disputes even here on AR without ever seeing an actual result we … (1 comments)
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fha home loans: FHA mortgage limits fact - 02/03/10 11:54 AM
Even though you would like to believe an underwriter for a major bank would know the FHA regulations and have a healthy comprehension of the same there are instances where they can stand corrected. Helping agents and loan officers be accurate on the front end should help in circumstances like the one I recently witnessed.
Disputing information without a valid and enforceable source is useless so make sure you have that at hand. After all we have all seen the "yes you are" "no I'm not" back and forth disputes even here on AR without ever seeing an actual result we … (0 comments)
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fha home loans: Foreseeably Harder Approvals: FHA gets tough - 12/03/09 02:52 PM
For many years home mortgage insured by the Federal Housing Administration (FHA) have made home ownership possible for millions of home owners. During the "boom" FHA loans lost a lot of ground in the marketplace because non-conforming loans were often easier to get and cost the borrower less scrutiny and often less out of pocket. (More on Examiner.com from my article this morning.)
Welcome the day when Housing and Urban Development Secretary (HUD) Shaun Donovan stood in front of Congress and reported the reserves of the FHA insurance pool to be only .53% - far below the federally mandated, by law, 2% reserves. … (51 comments)
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fha home loans: FHA and Fannie Mae Home Loans for Marietta, Georgia - 03/26/09 12:17 AM
Marietta, Georgia is one of the most progressive cities in the South. Our schools in the city and surrounding county are rated some of the highest in the nation and our State School Suprintendent, Kathy Cox, was the first person to ever win $1,000,000 on "Are You Smarter Than A Fifth Grader?"
If you are planning a move to Marietta, Georgia there is plenty of information avaiable. From condos and town homes to luxurious multi-million dollar mansions lining the Chattahoochee River the Marietta area is highly diverse in people, culture and opportunity. We have produced many great names and boast many … (2 comments)
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fha home loans: What Does It Mean to "Lock the Rate" or "Rate Lock"? - 02/27/09 06:52 AM
Yesterday I had a customer who is an engineer at one of the largest cable companies in the world tell me he was feeling pressured from me to get his mortgage loan origination agreement so I could lock his rate. Just as I read his email a man was in my office to pick up my son's XBox360 and that man is a career firefighter. He overheard part of the conversation and looked at me questioningly. I said, "every job has details other people have no idea about. People have no idea what you do when you are not fighting a … (9 comments)
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fha home loans: Guidelines and Important Information About Georgia FHA Streamline Refinance - 02/24/09 03:59 PM
Chances are if you are a homeowner with an FHA loan in Georgia you have been contacted, solicited, hammered ... by out of state lenders offering you the opportunity to "refinance and close in a week with no closing costs and no appraisal". We've seen those quotes - here is a guideline for you to use to comparison shopping.
Credit Scores
You will be told, have been told and will read "FHA has no credit score requirements". Let me add - FHA does not lend money, they insure a portion of the loan. The lenders have credit score requirements. Currently the … (1 comments)
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fha home loans: Agent Tips Countdown: #28 FHA Downpayment Assistance - 12/01/08 10:36 AM
Mortgage Tip #28 (Counting down to #1)
Most Active Rain agents and readers know that FHA eliminated seller funded down payment assistance in 2008. There are mixed views about this but the result is the same: less sales. What many do not know (and some do not want to accept) is the reason FHA wanted to end seller funded DPA: they were gunning for 100% loans and were shot down. In the mean time they won their campaign to have seller funded DPA eliminated. Caught in the cross-fire was a small array of potential home-buyers who are not permanent renters thanks … (5 comments)
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fha home loans: How Do I Know It's A Good Time To Buy? - 11/10/08 11:31 PM
This is a very simple question to answer and it is all based on need (demand) and choices (supply). Let me see if you answer yes to all five of these questions. If you answer yes to all of them then immediately call me to get qualified for a loan then call one of these great Active Rain real estate agents in your area.
1. Do you have a need to move to a new home? (Tired of renting, growing family, closer to work, big/small yard)
2. Can you afford to make the payments on a new home?
3. Would getting … (0 comments)
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fha home loans: HR 5679 And Real Estate Values (and Down Payment Assistance) - 09/17/08 02:38 PM
The joke starts out like this: Two Law Professors, two Politicians and one Salesman walk into a committee meeting about foreclosures ... You don't want the punchline.
I am so glad they invited someone from the actual finance industry with an economics background to their party. Still, other than the fact that Ron Phipps (1st VP of the National Association of Realtors) over-calculated servicing fees by 10 times (said $2500 when it should be $250 .. per YEAR on a $100,000 loan) the input and feedback was acceptable considering most of the sources. Two law professors do not a viable advisory … (5 comments)
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fha home loans: Jeff Belonger Mentioned to Audience of 9750 !!! Congrats Jeff on your DPA Efforts (Video too!) - 09/11/08 08:23 PM
Today during our conference call with Scott Syphax, president of Nehemiah, he mentioned our Jeff Belonger in a very good company. Jeff helped very much with the organization of the rally in Washington DC which made other headlines as well.
Here is Jeff speaking with the Capitol in the background:
… (6 comments)
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fha home loans: Mortgage Companies and Banks Do Not Run The Mortgage Industry - 09/05/08 11:05 AM
Neither do the investors.
Neither does the government.
A couple of weeks ago I was on a conference call for wholesale lenders and mortgage brokers with HUD Deputy Secretary Jim Beavers who is in charge of FHA's Single Family Housing Products. Jim "fussed" at the wholesale lenders for writing their own rules above and beyond what FHA's guidelines allow for. He gave them/us an earful about how FHA Secure has been treated by the lenders.
I agreed with him. Lenders have treated FHA Secure like the piece of garbage it is. Designed to help homeowners (originally) who were behind in their … (9 comments)
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fha home loans: Not HUD Appoved Not to worry!Earn 5K or more per deal! - 09/04/08 01:36 PM
I think I have made my position perfectly clear on this. I absolutely DETEST rule breakers. Not only that but I gather all the evidence I can and send it all to HUD. From the mouth of Jim Beavers to my ears, "We will no longer tolerate lenders accepting applications and paying fees to unapproved brokers, consultants, originators, advisors, or by whatever name they are called. I am personally making it a priority to shut down these operations immediately."
So, do me a favor loan officers, brokers and lenders. When you receive an email like the one I just recieved by … (2 comments)
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fha home loans: Opposition of Down Payment Assistance - 08/26/08 01:34 PM
First let's set the record straight and say that HR 3221 did not end Down Payment Assistance. What it ended is what is called seller funded or interested party down payment assistance. DPA is still available in a much less regulated way than the type of DPA which was just "outlawed".
I know there are many people who do not care either way about DPA and there are people who care passionately about DPA. What I also have come to realize is that any who oppose it do not fully understand it. They have relied on numbers that are textbook examples … (14 comments)
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fha home loans: Crucial Conference Call on HR3221 FHA Deal Killing Changes NOW - 08/15/08 09:25 AM
Join me and my guests for this very crucial conference call regarding the changes mandated by HR 3221 (Housing Rescue Bill) and how it WILL affect your transactions. It is urgent because this is in play now - not at some phantom future date - and many of you will be caught in the cross fire. Especially if you do not know the Seven Deal Killers that are in play right now.
This is probably the most important conference call you will participate in this year. It contains assembled information not available from any other source of this type at this … (0 comments)
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fha home loans: Crucial Information About FHA and Down Payment Assistance - 08/14/08 09:51 AM
I will be slowly, for the sake of accuracy, disseminating the changes in lending laws that will directly impact your world. In HR 3221, American Housing Rescue and Foreclosure Prevention Act of 2008, is filled with good and bad. Unfortunately the bad outweighs the good. But let’s look at what we need to know now to avoid being ensnared by a couple of the traps in this bill that will definitely impede your ability to get people into homes.
RESERVE YOUR EMERGENCY CONFERENCE CALL LINE RIGHT NOW - only 25 lines available
This is an ACT NOW warning and I … (6 comments)
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fha home loans: FHA Down Payment Assistance Under Fire ... Again - 06/16/08 12:28 PM
It has just been a short while since Nehemiah, the not-for-profit corporation who has long helped families and single borrowers get into a home using FHA and their 3% down payment assistance. According to FHA chief, Brian Montgomery, said, "In these transactions, home sellers - or any entity that would profit from a sale - give 10% or 20% of the sale price to buyers, who can then use that cash as a down payment."
10%? 20%? Wow - we never did one over 3%
So what do you think? Should programs such as Nehemiah, be allowed to continue? If allowed … (9 comments)
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fha home loans: Stopping The Confusion About The New FHA/FNMA Loan Limits - 02/19/08 08:46 AM
Unbelievable! That's the number of emails I am getting from all across the nation about the new FHA loan limits. You need to stop thinking right now that you can borrow $729,750 using FHA on a single family home anywhere in the United States. That's not what the change is and it is not what the change is going to be. That is the agreed upon MAXIMUM for ANY FHA loan and that will be for a home in the MSA's with the highest MSP's from the previous year.
For example, the MSP in Fort Wayne, Indiana in 2007 was 97k so … (9 comments)
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fha home loans: It's Over, There's No Hope, Close Up and Go Home--Or Play Along And Be Accused of Discriminating - 12/19/07 11:34 AM
Have you watched the news lately? Have you been following what is happening in almost every division of the Federal and in many State governments? The housing market is toast. It's only half as bad as it is going to get. These mortgage defaults aren't even after the resets - the resets are coming in 2008. 20% of the people who purchased homes over the last 4 years should not have.
Everyone who bought, bought too much home for their budget.
The evil lenders forced people into loans they couldn't pay back and those devilish mortgage brokers put A credit borrowers … (7 comments)
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