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fha: Mortgage rates and home prices combine to give homebuyers great affordability - 09/25/11 09:34 PM
Home mortgage rates have reached new lows in response to the recent announcement from the Federal Reserve to work to keep long term rates as low as possible.
These low rates have increased the push for existing home owners to refinance their mortgages. And if you are able to refinance your present mortgage, the new lows in interest rates offer you a great opportunity for maximum saving.
For excited home buyers though these low rates may provide an opportunity for home prices to begin to edge upwards.
This market right now gives home buyers the best combination of low home prices … (9 comments)

fha: Basic Home Loan Options - Purchase loans for Chattanooga - 02/20/11 06:36 PM
Sometimes it can be difficult to know which type of home loan is best for you. There are so many things to consider when purchasing that new home, deciding from all the different loan types can be confusing.
There are two basic mortgage loan types: government and conventional/Jumbo.
Government mortgage loans generally target some population.
FHA is generally for moderate income families for loan amounts under a loan maximum VA is of course for eligible veterans Rural Development is for moderate income families and for properties in designated rural areas For most home buyers these programs offer the best terms and … (4 comments)

fha: FHA Streamline Refinance Program Changes - 02/15/11 10:28 AM
FHA allows for home owners under certain circumstances to refinance an existing FHA loan to a new FHA loan that has better terms. The refinance is called an FHA Streamline Refinance. Over the last couple years specifics on the FHA Streamline Refinance program have become a little more stringent, as with most other home loan guidelines.
The most recent change with the FHA Streamline Refinance program that was announced made changes to the determination of Net Tangible Benefit (NTB).
Previously the qualifying NTB required the new loan to have a reduced total mortgage payment, including the monthly tax and insurance escrow.
… (13 comments)

fha: THDA Down Payment Assistance - Great Start Rate Increase Announced - 02/11/11 10:41 AM
Tennessee Housing Development Agency, THDA, offers great assistance for Tennessee first time home buyers who meet their eligibility criteria. One of the best benefits with the THDA programs is interest rate stability. Since THDA programs are funded with a separate bond offering, the THDA rates do not vary daily with the regular bond markets.
This week though THDA did announce a rate increase, effective February 14. The rates on the three assistance programs were increased by .5%. When THDA announced the increase they indicated that it was necessary because of "unfavorable bond conditions."
No doubt the bond market has seen market … (5 comments)

fha: FHA Flipping Waiver Extended - 01/30/11 08:20 AM
FHA announced it will extend the property flipping waiver until December 31, 2011, This flipping waiver had previously been in force through January 31,2011.
The waiver basically allows properties purchased within the last 90 days to be sold with FHA financing, with a 20% cap on price increase.
In the announcement, FHA Commissioner David Stevens said, "As I noted when we first announced this policy change early last year, because of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers."
"Today I can report that this policy change has been effective.  Since … (62 comments)

fha: Loan Officer Good Client Service - Just Courtesy and Care - 05/15/09 12:41 PM
Top on the list of customer complaints about loan originators is "Returning Phone Calls." Yes, it is still apparently a customer service problem iin our industry.
One of our loan officers at , Sandy Houston, told me today that she had a received a call from a new client a few days ago. The customer had called another company and asked about an FHA loan. Evidently the loan officer went straight to the application, but never called back.
She later called the manager, who promised to call her back the next day. No call back.
She called Sandy, two days ago.
Sandy did not … (4 comments)

fha: THDA Tax Credit Second Mortgage - 04/25/09 07:47 PM
THDA, Tennessee Housing Development Agency, has this month introduced their anticipated second mortgage program. The program is to be used in conjuction with the stimulus tax credit for first time home buyers. The purpose is to assist potential home owners by providing a no interest loan. THDA recommends that borrowers use their tax credit to pay the loan off, when the credit refund is received.
Some details:
The THDA second mortgage is for the down payment. It is only available with an FHA loan closed with the THDA Great Rate or THDA Great Advantage programs.
The minimum credit score is 620 … (2 comments)

fha: is downpayment assistance lost in the push for $700 billion bail out? - 09/22/08 11:05 PM
Meanwhile back at the down payment assistance ranch, time is running out. The consensus is that the legislation will pass the House floor vote. Many had thought it would go to the House floor by now. Likely the debate over the $700 billion bail out of the global financial markets has pushed the consideration of the Down Payment bill, HR 6694, back on the agenda.
Even if the bill can pass the House vote, the word that I am getting is there is no support in the Senate. An Ameridream state representative told me today that efforts are underway to find sponsors for … (13 comments)

fha: Down Payment Assistance Rescue H.R. 6694 - 09/18/08 08:58 PM
G-II has posted as good a survey and presentation of the facts of DPA as I have seen.

Here is another of his posts on DPA that should be read. http://activerain.com/blogsview/692021/Part-2-Down-Payment
Thanks,
Richard

Via G-II Varrato II:
By now, everyone, or almost everyone, is aware that the Housing and Economic Recovery Act of 2008 was signed into law by President Bush on July 30th, 2008.  The bill was strongly supported by the NATIONAL ASSOCIATION OF REALTORS® (NAR).  What many don't know is that NAR did not oppose SEC. 2113. CASH INVESTMENT REQUIREMENT AND PROHIBITION OF SELLER-FUNDED DOWN PAYMENT, a component … (4 comments)

fha: DownPayment Assistance Conference Call with Nehemiah CEO Scott Syphax - 09/18/08 09:28 AM
Scott Syphax, Nehemiah CEO, held a conference call yesterday to discuss the legislative status of seller funded down payment assistance. Almost 9000 industry professionals joined in the call.
He congratulated every one who made a call or sent a letter to the elected representatives. He stated unequivocally that the volume of calls and letters made the right impression.
Basically, it is likely that HR 6694 will pass the House. The bill though may find difficulty in the Senate and possibly with the President.
Mr Syphax called for a new round of letters, emails and calls to all elected officials. The new … (16 comments)

fha: DownPayment Assistance Passes Committee - support DPA on House vote - 09/17/08 06:13 AM
Seller funded down payment still needs support Yesterday the House Financial Services Committee passed HR 6694 to reinstate seller funded down payment assistance. This form of down payment for FHA loans was discontinued by the new housing law in July. Seller funded down payment assistance has been helping qualified families purchase homes for about 10 years.
HR 6694 would allow down payment assistance to borrowers with 680 credit scores without any adjustments. Persons with credit scores betweed 620 and 680 would be eligible for assistance but would pay a higher mortgage insurance premium.
Persons with credit scores below 620 would not … (18 comments)

fha: Red Bank TN Real Estate Sales - Conventional, FHA, VA, Rural Development Loans - 09/14/08 07:13 PM
Red Bank Real Estate Sales
Real estate sales information about Red Bank, TN. Call for information about qualifying for a conventional, FHA, VA, or Rural Development home loan.
It helps for both buyers and sellers to understand the trends in homes for sale.
FHA, VA, Rural Development, Reverse Mortgages, Construction Permanent, Renovation, FHA Renovation Mortgage lending offices located in Chattanooga, TN rsmith@aamonline.com
… (0 comments)

fha: HUD homes $100 down in Tennessee and Georgia - 09/13/08 07:25 PM
HUD foreclosures make a great opportunity to purchase a home for very little down, as low as $100. In many cases these purchases can be negotiated with HUD paying closing costs.
·       $100 down (that's right $100 down per HUD Contract)
·       Up to $5000 in repairs (repair amount set by HUD)
·       Up to 110% loan with repairs
·       NO appraisal required, therefore no appraisal fee
·       Closing costs paid by HUD or financed (per HUD contract)
 HUD opened Tennessee to the $100 down program in February. Georgia properties have been offered under the program for much longer.
Richard SmithAmerican Acceptance Mortgage, Inc … (4 comments)

fha: FHA Loan to Value guidelines - new down payment amount - 09/11/08 10:05 PM
FHA today released information about the implementation of the higher down payment requirement that was established with the new housing law.
The old down payment was 3%, and allowed certain of the buyer paid closing costs to be used to meet the down payment requirements. In many cases the actual loan to value could be 97.75%, if the buyer paid closing costs in the amount of at least .75% of the sales price.
The new guidelines institute a higher down payment requirement of 3.5% and remove the consideration of buyer paid closing costs.
The maximum loan to value for FHA purchases … (8 comments)

fha: FHA Seller funded downpayment may be back - industry and government efforts address HUD concerns - 09/09/08 10:08 PM
It appears that industry and government efforts may succeed in bringing back FHA approved seller funded downpayment assistance. Inman News has published information that negotiations are underway to pass HR 6694 before the October 1 deadline. HR 6694 would reinstate seller funded down payment programs, with additional underwriting guidelines.
Loans closed with a seller funded downpayment use funds from an IRS approved non profit grant to pay the buyer's funds for closing. The seller then reimburses the grant program from their sale proceeds at closing. This transaction is considered by many detractors to be no more that laundering. The real issue over seller funded downpayment assistance programs is the documented … (10 comments)

fha: Hixson TN Real Estate Sales - Conventional, FHA, VA, Rural Development Loans - 09/04/08 11:09 PM
Hixson Real Estate Sales
Real estate sales information about Hixson, TN. Call for information about qualifying for a conventional, FHA, VA, or Rural Development home loan.
It helps for both buyers and sellers to understand the trends in local area homes for sale.
FHA, VA, Rural Development, Reverse Mortgages, Construction Permanent, Renovation, FHA Renovation rsmith@aamonline.com
… (0 comments)

fha: Hamilton County Real Estate Sales - Conventional, FHA, VA, Rural Development Loans - 09/03/08 09:09 PM
Hamilton County Real Estate Sales
Real estate sales information for Hamilton County, TN.  Call for information about qualifying for a conventional, FHA, VA, or Rural Development home loan.
It helps for both buyers and sellers to understand the trends for the local homes for sale in the local market.
FHA, VA, Rural Development, Reverse Mortgages, Construction Permanent, Renovation, FHA Renovation rsmith@aamonline.com
… (2 comments)

fha: Ooltewah Real Estate Sales - Conventional, FHA, VA, Rural Development Loans - 08/30/08 08:28 PM
Ooltewah Real Estate Sales
Real estate sales information about Oolteway, TN. Call for information about qualifying for a conventional, FHA, VA, or Rural Development home loan.
It helps for both buyers and sellers to understand the trends for local areal homes for sale in the local market.
FHA, VA, Rural Development, Reverse Mortgages, Construction Permanent, Renovation, FHA Renovation rsmith@aamonline.com
… (5 comments)

fha: Curves for women's fitness - openings in Ooltewah and Brainerd - 08/29/08 06:56 PM
Chattanooga has over 10 Curves fitness centers for women that provide onsite trainers and anytime access to a full circuit training work out. Ladies can do a 30 minute session at their convenience, as often as they like. The recommended program is 3 times a week.
This week the Chattanooga Chamber of Commerce held ribbon cutting ceremonies for two Curves centers - Brainerd and Ooltewah.
The sessions give a full body work out for toning and aerobic exercise. Calorie burnoff can be as high as 500 for a 30 minute session. That is an amazing number of calories for 30 minutes.
The work … (2 comments)

fha: FHA announces mortgage insurance premiums - 08/27/08 04:25 PM
The first of a series of expected mortgagee letters from FHA on their implementation of the new Housing Law came out this afternoon.
FHA has announced the new upfront and monthly mortgage insurance premiums that will replace the existing premiums that were tiered based on credit risk.
The new premiums are the same for all credit levels, but they are higher than the premiums used to be before the tiered MI pricing went into effect on July 14.
Confusing isn't it.
The new upfront mortgage insurance premium is 1.75% for purchase money and all full credit qualifying loans.
For streamline refinance … (6 comments)

 
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Richard Smith FHA VA Rural Development in TN GA

Chattanooga, TN

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Address: 1961 Northpoint Blvd, Suite 110, Chattanooga, TN, 37343

Office Phone: (423) 280-0345

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