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fha: HUD to announce changes to FHA Mortgages Tomorrow (1/20/10) - 01/19/10 10:38 PM
This was sent to us by Eric Egenhoefer, President of Waterstone Mortgage Corporation:
FHA tomorrow will announce a series of changes designed to protect the federal agency that has emerged as the cornerstone of the mortgage market as the housing sector wobbles toward recovery. On the whole, mortgage lenders will find the new rules painful but necessary. The problem is that for the past 4 years, FHA was an "anything goes" environment. So they have a lot of catching up to do in terms of tightening up the rules. What makes this hard: With FHA hovering around … (1 comments)
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fha: First Time Home Buyer Tax Credit - TIME IS RUNNING OUT! - 09/26/09 12:03 AM
Here is a video that gives some important information about this credit, information that I hadn't really thought about until recently. Because I know that I hadn't thought about it, I feel it very important to share this information with any and all potential buyers - they really don't have much time remaining! If you, a friend, a client, a family member, or someone you work with is still on the fence about buying, you need to send this to them@
Click here to see the video and share with anybody you know that is contemplating on buying a home but … (5 comments)
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fha: 10 Real Estate Deal Killers........ - 03/06/09 03:04 PM
I attended a class the other day called "10 Things to Ask Your Buyers Before Taking Them House/Condo Hunting" and will be addressing those issues in an upcoming blog entry but wanted to put together a list of what can kill a deal for a buyer or a seller. Please feel free to share this information with your buyers and sellers!
Skipping the Mortgage Preapproval Process: For buyers, getting preapproved for a mortgage gives them a clear idea of how much they can safely borrow, plus it addresses credit issues and kick-starts other financial paperwork. What's more: it identifies them … (4 comments)
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fha: 2008/2009 Mortgage Guideline Changes - 01/11/09 04:00 PM
We have now had our first full week of a new year and I wanted to tell you "Happy New Year" and I hope that 2009 will be awesome for you.
As you are aware, there were many changes implemented in 2008 and at the beginning of 2009, and will be more forthcoming. I wanted to give you a run down on them since it affects all of us and how we can get buyers to the closing table. I feel it is a lenders' responsibility to keep you, the Realtor®, abreast of what is happening to help you to keep … (5 comments)
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fha: USDA Rural Housing Program - Buyer Can Get 2/1 Buydown with Start Rate of 3.75%! Less than 4% is HERE!! - 12/10/08 12:13 AM
Based on today's rates, a buyer can get a 30 year fixed rate mortgage on a 2/1 buydown (rate is bought down 2% the first year and 1% the second year) with a rate of 3.75% the first year, 4.75% the second year, and 5.75% years 3 through 30! This gives you a better payment and cash out of pocket at closing than does a VA or an FHA loan!
There is a cost to do this of 2.1% of the loan amount and this can NOT be paid by the buyer - it can be paid by the Seller, the … (0 comments)
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fha: 2009 FHA Limits For Florida - 11/12/08 04:54 PM
HUD has come out with their maximum loan limits for 2009. In the state of Florida, the following will be the maximum loan amounts that will be insured by an FHA loan:
2009 FHA Limits - Florida
All areas except those counties listed below:
One-Unit $271,050
Two-Unit $347,000
Three-Unit $419,400
Four-Unit $521,250
One Unit Two Unit Three Unit Four Unit
… (2 comments)
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fha: Choose the Right LOAN OFFICER, as well as the right Lender. - 10/20/08 07:50 PM
While it may be tempting to choose a loan officer and lender strictly based on the lowest-quoted interest rate, it is recommended that the decision be prioritized by a different standard - their reputation. As the loan officer to provide you with testimonials from past clients, as well as ancillary-related professionals (you can see mine here). Google your prospecitve loan officer's name and see what type of information that they are contributing to help buyers and sellers and Realtors®. (It is suggested you google the first and last name of the loan officer, the word "mortgage" and the city … (0 comments)
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fha: Florida Real Estate Foreclosures: Inflated Facts or Fiction?? - 10/19/08 10:05 PM
Florida has gotten the reputation for being "the foreclosure capital of the nation". What they don't tell you is that the basis of this "fact" is the the Lis Pendens filing, which is the first step in the foreclosure process.
A Lis Pendens is file and it can take 6, 8, 12 8, and even 24 months in some cases to actually get to foreclosure. During this time (after the filing of the Lis Pendens and prior to the foreclosure), many of these properties are being sold (either as a short sale or a regular sale), or some of the … (3 comments)
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fha: Florida FHA Loan Limits - 10/15/08 12:22 AM
Florida FHA Loan Limits
… (3 comments)
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fha: USDA 100% Financing, No Down Payment, Rates Back at 5.5% No Points/No Origination Fee - 10/06/08 12:12 PM
Today's rates on a USDA Rural Housing loan are at 5.5% again with no points, no origination fee. There is a 2% financed funding fee but no monthly mortgage insurance. What does this mean to a person who is currently renting? They can buy a home at a sales price of $155,400 and have a payment less than $900, not including taxes and insurance. This $900 payment does include the financing of the 2% fee.
Here are the sales prices that can be purchased to keep principle, interest and financed funding fee under a renter's current rent; these figures do not … (1 comments)
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fha: First Time Buyer? Buy a House with NO MONEY DOWN and get the $7,500 Tax Credit for 2008! - 10/01/08 02:01 PM
HR3221, the bill signed into law about a month ago, allows for up to $7,500 in tax credits to be given to first time homebuyers that purchase a home between August 9, 2008 and July 1, 2009. This credit will be deducted from your 2008 tax return. It does have to be paid back but it is paid back over 15 years, which would be $500 a year added to your tax liability for the next 15 years as it is interest-free when repaying it.
If you couple this with a USDA Rural Housing Loan (mortgage), you can get into a property … (1 comments)
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fha: First Time Buyer? Buy a House with NO MONEY DOWN and get the $7,500 Tax Credit for 2008! - 10/01/08 01:54 PM
HR3221, the bill signed into law about a month ago, allows for up to $7,500 in tax credits to be given to first time homebuyers that purchase a home between August 9, 2008 and July 1, 2009. This credit will be deducted from your 2008 tax return. It does have to be paid back but it is paid back over 15 years, which would be $500 a year added to your tax liability for the next 15 years as it is interest-free when repaying it.
If you couple this with a USDA Rural Housing Loan (mortgage), you can get into a property … (0 comments)
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fha: With Down Payment Assistance Gone, How Long Will It Take To Buy a Home? - 09/27/08 08:15 AM
On October 1, 2008, the ability to get an FHA loan and have the seller contribute to a down payment assistance program such as Ameridream ends. The passage of HR 3221 by Congress took this feature away, ending the ability to have the seller help a buyer to get 100% financing on an FHA loan. A buyer will now have to contribute 3% towards down payment (3.5% after January 1, 2009) for an FHA mortgage.
A lot of potential buyers are now feeling as if they can't buy a home until they save money for a downpayment. This is NOT the … (3 comments)
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fha: USDA Rural Housing Loans (Mortgages) are Alive and Well! - 09/15/08 12:45 PM
While many mortgage loan products are being scaled back due to associated credit risk, the USDA Rural Housing loan is still allowing borrowers to finance 100% AND THEN SOME to buy their homes.
The USDA Rural Housing loan works a lot like a VA loan with a couple of differences that are beneficial to buyers with little or no cash on hand. A VA loan has a 2.15% funding fee for the first use; USDA loans have a 2% funding fee for all uses (in both the VA and USDA loan, the funding fee can be added to the loan amount … (1 comments)
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fha: FHA New Down Payment and Loan To Value Requirements - 09/10/08 03:27 PM
… (0 comments)
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fha: Credit Score and FHA Loans - 08/28/08 03:50 PM
FHA has no minimum credit score for buyers using this program. However, most investors have a minimum score requirement of 580. We have two investors who will go below this: one will go as low as 560 and one will go as low as 500. However, there has to be a credit explanation letter with extenuating circumstances as to why the credit score is as low as it is in order to be approved.
Currently, FHA has different Mortgage Insurance costs depending on a buyer's credit score.
We also work with a credit repair specialist who helped write the FICO model … (3 comments)
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fha: Mortgage Insurance is Tax Deductible through 2010 - 08/28/08 02:01 PM
With the increase in FHA loans (which have up front and monthly mortgage insurance), it's important to know, for yourself and for your clients, that Mortgage Insurance Premiums are tax deductible on Federal Income Tax Returns. This deduction is for both government and private mortgage insurance premiums. In order to qualify, the mortgage would have to have been originated between 2007 and 2010. Originally, it was put in place only for 2007 but the extension was granted as part of the Mortgage Forgiveness Debt Relief Act of 2007. In order to qualify for the full tax deduction, a family's adjusted gross … (3 comments)
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fha: New FHA Mortgage Insurance Premiums Effective October 1, 2008 - 08/27/08 08:54 PM
Effective with all case numbers on or after 10-01-2008, FHA has announced new FHA MIP amounts!
Up Front MIP -
1.75% - Purchases and Qualifying Refinances1.5% - Streamlined Refinances3.0% - FHA Secure (Delinquent Borrowers)
Annual MIP -
0.55% - over 90% LTV greater than 15 year term0.50% - less than or equal to 90% LTV greater than 15 year term
Prior to July 14, 2008, the Up Front MIP was 1.5% and the Annual MIP was .50% in all cases; due to higher risk, they have changed how they charge MIP.
FHA has jumped to 23% of all first … (0 comments)
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fha: A VA Loan isn't Always the Best Loan for a Veteran! - 08/26/08 09:36 PM
If your buyer is eligible for a VA loan, and are looking to purchase a primary home, the following information may be VERY helpful to you.
We have found that Rural Housing loans or FHA loans, the Rural Housing loan in particular, can be the best mortgage available, even better than a VA loan in most cases. The Rural Housing loan is specific to particular areas based on full-time population as determined by the US Census Bureau. For instance: in our local area, all of Walton County and Santa Rosa County qualify, as do: west of Hurlburt Field, Destin, Crestview, Niceville … (1 comments)
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fha: How do you make sure your client isn't buying "too much house"? - 08/07/08 04:18 PM
In this day of "post mortgage meltdown", buyers are being forced to actually qualify for the mortgage they are getting. Because most first time homebuyers are doing FHA or Rural Housing loans, your buyer will not be able to buy more home than they can afford due to:
FHA has a maximum debt to income ratio of 41% Rural Housing has the same, unless it was built post January, 2001, and then it is 43%. Both of these loan programs are FULLY VERIFIED programs There are some compensating factors that can help your buyer go higher (ie: a lot of … (1 comments)
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Sue Botelho-USDA Rural Housing Mortgage Pro
Fort Walton Beach,
FL
More about me…
Waterstone Mortgage Corporation
Address: 2 Park Circle, Suite A, Ft. Walton Beach, FL, 32548
Office Phone: (850) 362-6901 x 2
Cell Phone: (850) 797-7946
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