fha: HUD Addresses Real Estate Commission on FHA Mortgages - 03/28/24 05:57 PM
Today, the Federal Housing Administration issued guidance regarding the payment of Real Estate Agent commission and forthcoming changes in the real estate industry.  This is in response to numerous inquiries received by FHA after the recent settlement proposed by the National Association of REALTORS®.    
In its announcement, they stated: Since its announcement, FHA has received questions from its stakeholders regarding how the proposed settlement agreement will affect the treatment of seller-paid buyer real estate broker fees in transactions using FHA-insured mortgage financing.
Under existing FHA policy, if sellers continue to pay buyer-side real estate agent commissions and fees as a manner of … (3 comments)

fha: FHA 90 Day Flip Rule Extended Until December 31, 2014 - 01/11/14 09:05 AM
As a reminder, HUD has announced that the 90 Day Flip Waiver for FHA mortgages has been extended once again. On January 15, 2009, HUD announced a waiver to its restriction of a borrower being able to obtain FHA financing on a property that had been acquired by the seller in the 90 days preceding the sales contract date.
 
The initial Flip Waiver took effect on February 1, 2010. The expiration date of the initial Flip Waiver was set as 12 months from its start date. That originally had the waiver set to expire on January 31, 2011.  Prior to the … (1 comments)

fha: FHA’s Energy Efficient Mortgage Program - 03/24/12 10:19 AM
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fha: HUD Expands Identity of Interest Definition for FHA Mortgages - 03/06/12 12:57 AM
For all FHA mortgages, HUD recently revised its Family Member definition for Identity of Interest.   The definition of a family member, for purposes of Identity of Interest transactions has been expanded to include:  
·     Brother, stepbrother
·     Sister, stepsister
·     Uncle
·     Aunt
 
These changes are in addition to the previous definitions including:
 
·     Child, parent or grandparent 
·     Spouse
·     Legally adopted son or daughter, including a child who is placed with the borrower by an authorized agency for legal adoption
·     Foster child
 
An identity of interest transaction is a … (2 comments)

fha: REBuildUSA Partners With Lowe's for FHA 203K Renovation Mortgages - 01/25/12 12:11 PM
REBuildUSA has partnered with Lowe's Home Improvement Stores to assit home buyers and home owners.  An FHA 203K loan allows you to purchase or refinance and renovate a home in one easy loan. Your loan is based on the after-improved value – what the house will be worth once the renovations are complete.
 
 
 
There are no costs to you to enjoy the convenience and time saving benefits of REbuildUSA™. As your 203K Renovation Lending Specialist, I will help you understand all the features of the loanI look forward to answering your questions about the loan program and guiding … (1 comments)

fha: HUD Extends FHA 90 Day Flip Waiver Until December 31, 2012 - 12/26/11 02:53 PM

As anticipated, HUD has announced that the 90 Day Flip Waiver for FHA mortgages has been extended once again.  On January 15, 2009, HUD announced a waiver to its restriction of a borrower being able to obtain FHA financing on a property that had been acquired by the seller in the 90 days preceding the sales contract date. 
The inital waiver took effect on February 1, 2010.  The expiration date of the waiver was set as 12 months from its starting date.  That originally had waiver set to expire on January 31, 2011.  HUD issued an extension through December 31, 2011.
The 2nd extension is now … (12 comments)

fha: The End of PMI.....Soon All Conventional Mortgages Will Require 20% Down - 08/21/11 11:47 AM
Is the end of Private Mortgage Insurance for conventional mortgages near?  The question begs to be answered after recent events of the last few weeks. 
On Friday, the New York Stock Exchange delisted The PMI Group, Inc.  Later in the day, they were informed that August 19, 2011 was their last day to issue new MI policies. 
This comes after the August 3, 2011 announcement from Republic Mortgage Insurance Company (RMIC) that they will cease issues new MI policies on August 31, 2011.   That is after Fannie Mae announced on July 27, 2011 that they would no longer purchase any mortgages with MI issued by RMIC.  Freddie Mac … (6 comments)

fha: Can I Purchase After a Short Sale in Georgia? - 08/06/11 06:12 AM
Can I purchase after a short sale in Georgia? 
That is a common question on the minds of many Georgia sellers in today’s market.  The answer is, possibly.  In December 2009, HUD announced guidelines under which a seller who has completed a short sale can buy a new home utilizing FHA financing. 
Short Sales
According to FHA underwriting guideline, borrowers are not eligible for a new FHA loan if
·         They pursued a short sale on their principal residence simply to take advantage of declining market conditions, and  purchase, at  a reduced price, a similar or superior property … (3 comments)

fha: Can I Purchase After a Short Sale in Alabama? - 08/06/11 06:11 AM
Can I purchase after a short sale in Alabama? 
That is a common question on the minds of many Alabama sellers in today’s market.  The answer is, possibly.  In December 2009, HUD announced guidelines under which a seller who has completed a short sale can buy a new home utilizing FHA financing. 
Short Sales
According to FHA underwriting guideline, borrowers are not eligible for a new FHA loan if
·         They pursued a short sale on their principal residence simply to take advantage of declining market conditions, and  purchase, at  a reduced price, a similar or superior property … (1 comments)

fha: New, Lower FHA Loan Limits for Atlanta-Sandy Springs-Marietta, GA MSA - Effective October 1, 2011 - 07/10/11 11:27 AM
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to as high as $729,750.  Of course, most counties across the country saw much lower loan limits. 
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as "jumbo" and carry a higher interest rate.
Once the maximum loan limits are lowered, the new FHA loan limit for the Atlanta-Sandy Springs-Marietta, … (8 comments)

fha: New, Lower FHA Loan Limits for Gwinnett County, GA - Effective October 1, 2011 - 07/10/11 11:17 AM
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to as high as $729,750.  Of course, most counties across the country saw much lower loan limits. 
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as "jumbo" and carry a higher interest rate.
Once the maximum loan limits are lowered, the new FHA loan limit for Gwinnett County, GA (as … (0 comments)

fha: New, Lower FHA Loan Limits for Cherokee County, GA - Effective October 1, 2011 - 07/10/11 11:13 AM
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to as high as $729,750.  Of course, most counties across the country saw much lower loan limits. 
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as "jumbo" and carry a higher interest rate.
Once the maximum loan limits are lowered, the new FHA loan limit for Cherokee County, GA (as … (0 comments)

fha: New, Lower FHA Loan Limits for Cobb County, GA - Effective October 1, 2011 - 07/10/11 11:08 AM
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to as high as $729,750.  Of course, most counties across the country saw much lower loan limits. 
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as "jumbo" and carry a higher interest rate.
Once the maximum loan limits are lowered, the new FHA loan limit for Cobb County, GA (as … (0 comments)

fha: New, Lower FHA Loan Limits for DeKalb County, GA - Effective October 1, 2011 - 07/10/11 11:04 AM
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to as high as $729,750.  Of course, most counties across the country saw much lower loan limits. 
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as "jumbo" and carry a higher interest rate.
Once the maximum loan limits are lowered, the new FHA loan limit for DeKalb County, GA (as … (0 comments)

fha: New FHA Loan Limits for Fulton County, GA - Effective October 1, 2011 - 07/10/11 10:59 AM
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to as high as $729,750.  Of course, most counties across the country saw much lower loan limits. 
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as "jumbo" and carry a higher interest rate.
Once the maximum loan limits are lowered, the new FHA loan limit for Fulton County, GA … (2 comments)

fha: New FHA Loan Limits for Greene County, GA - Effective October 1, 2011 - 07/10/11 10:38 AM
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to as high as $729,750.  Of course, most counties across the country saw much lower loan limits. 
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as "jumbo" and carry a higher interest rate.
Once the maximum loan limits are lowered, the new FHA loan limit for Greene County, GA … (0 comments)

fha: New FHA Loan Limits for Brunswick, GA MSA - Effective October 1, 2011 - 07/10/11 10:26 AM
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to as high as $729,750.  Of course, most counties across the country saw much lower loan limits. 
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as "jumbo" and carry a higher interest rate.
Once the maximum loan limits are lowered, the new FHA loan limit for the Brunswick, GA MSA will be … (0 comments)

fha: New, Lower FHA Loan Limits for Athens-Clarke County, GA MSA - Effective October 1, 2011 - 07/10/11 08:56 AM
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to as high as $729,750.  Of course, most counties across the country saw much lower loan limits. 
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as "jumbo" and carry a higher interest rate.
Once the maximum loan limits are lowered, the new FHA loan limit for the Athens-Clarke County MSA will … (0 comments)

fha: New, Lower FHA Loan Limits for Baldwin County, AL - Effective October 2011 - 07/10/11 08:02 AM
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to as high as $729,750.  Of course, most counties across the country saw much lower loan limits. 
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as "jumbo" and carry a higher interest rate.
Once the maximum loan limits are lowered, the new FHA loan limit for Baldwin County, AL … (0 comments)

fha: How Do Delinquent Homeowners Association (HOA) Dues Affect FHA Mortgages? - 07/03/11 08:22 AM
How Do Delinquent Homeowners Association (HOA) Dues Affect FHA Mortgages?
As part of the FHA condo project approval process, various aspect of the Home Owner's Association must be evaluated.  One such aspect is the delinquency rate of the current owners.  FHA guidelines require that no more than 15% of the total units can be in arrears on their condominium association fee payments.  Arrears is defined as more than 30 days past due.  This does not include late fees or other administrative expenses. The 15% includes all units (occupied, investor, bank-owned, vacant).
Should the delinquency percentage exceed 15%, exception requests may only be considered on a … (18 comments)