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Blog entries tagged with "fha":
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Many of us sit in front of a computer more days out of the week than we do a television, well at least I do. I'm a part-time realtor, fairly new to the real estate industry but well educated about the market. Most of my days are spent in front of … (0 comments)
Curves fitness centers for women provide onsite training 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.
As we work to close and put under contract the final deals under the current Down Payment Assistance Program, I am left wondering: What happens now?
My speciality for the last 3 years has been primarily to focus on helping 1st time home buyers make the dream of home ownership a reality. Wow what a cliche I just said. Anyhow my question of the week from many real estate agents is: How am I going to help buyers … (3 comments)
On July 14, 2008 HUD put into effect a risk based premium structure on FHA loans. This new structure allowed borrowers with better credit and lower loan to value mortgages the ability to pay lower rates, while riskier loans carried higher mortgage insurance rates.However, with the Housing and Economic Recovery … (0 comments)
"Sellers need to know that correct pricing is and always has been the key to a successful marketing process." says agent Chelsey Samonte. (Price Shopping-True Value, Seattle Metropolitan Magazine, September 2008)
1524 Appleton Street
Not to be a downer but can you believe Summer is almost at an end???
be+DO=have "My greatest point is my persistence. I never give up in a match. However down I am, I fight until the last ball." ~ Bjorn Borg, tennis playerWashington has been busy lately. In one of the most … (0 comments)
Regardless of how you vote in November, tonight this country is taking two steps forward, as Barack Obama makes his historical acceptance speech. But Wait - this post is not about politics it's about Real Estate. It's about taking steps forward and taking steps back. Moving forward is good but sometimes … (0 comments)
My cell phone rang again today. Another potential borrower looking to refinance off a piece of my direct mail. I don't think I get more excited than when I hear "I got a piece of mail from you and I would like to refinance. Can you help me?" The excitement is … (8 comments)
FHA has made a remarkable comeback in the last several months. Many of the creative home loan products that fueled the recent boom, especially those under the banners subprime and Alt-A, are rapidly being swept into the dustbin. FHA has stepped into the vacuum, offering low down payment options to borrowers … (4 comments)
… (2 comments)
Residential Loans - Can close in 3 days, FHA, Cinventional - All 50 States
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 … (0 comments)
I helped a client get a SUPER deal on a condo in Sunbury, Ohio today! Closed this afternoon - HUD as-is value was $121K and my client got it for $95k. It was in pretty decent condition. I alos have a few other clients that I'm working with on HUD homes … (0 comments)
First Palmetto Mortgage, Inc has opened a new office in Columbia, SC. This will be the 3rd office for First Palmetto Mortgage in South Carolina. The other offices are located in Greenville and Summerville. PLease check out my page for more information on the loan programs we have available to our … (2 comments)
Here are some key dates to the housing stimulus plan. Oct. 1st 2008; Effective date for $300 billion FHA refinancing expansion. Dec. 31st 2008; One year high-cost $729,750 conforming loan limit expires. Jan. 1 2009; Permanent high-cost $625,500 conforming loan limit becomes effective. April 9, 2008- July 1, 2009; Eligibility window … (4 comments)
NEW YORK (CNNMoney.com) -- Hope Now has helped more than 2 million at-risk borrowers stay in their homes during the past 13 months, according to numbers released by the coalition on Wednesday.
As of October 1st, 2008 there will be yet another UFMIP/MMI Schedule in place for us to learn!
FHA has sent a notice to the Federal Register regarding the moratorium on risk-based pricing on upfront mortgage insurance. You may view it here.
FHA has just published new guidelines regarding their upfront MIP (Mortgage Insurance Premium) and annual premiums. The information directly from FHA is as follows;
As we all know, the mortgage industry has been turned upside down over the past year and the changes are still coming. The latest change is a doozie--FHA will no longer allow Seller-Funded Down Payment Assistance programs such as Nehemiah, Neighborhood Gold and AmeriDream, etc.
Certainly heard it right! It was only July 14 when the new Risk-Based Premiums for mortgage insurance went into effect. I had just gotten used to referencing it with my prospective buyers and referall partners...and now a new annoucement from HUD. Just as I thought I got a hang of something, … (0 comments)
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Over the last 2 weeks most of my FHA lenders have released thier notices about how their company will handle September fundings as far as seller financed Down Payment Assistance...
I don't know if everyone else has noticed but the Federal Housing Authority is now advertising on Active Rain...What does this mean to us? It means that the government is actively moving to show the real estate world that they are here to support us getting the market moving again. It … (6 comments)
I always hear about great HUD loan programs but this is one I haven't seen in action. I have a basic idea of how the 203k works but I still have questions. It is still a 3% down fha product? How quickly does the work need to be completed. If the … (0 comments)
With recent news that many, if not all PMI companies are having issue with insuring condo's in Florida I thought this would be a good time to talk about the current challenges in financing condo's. Most of the information applies to all but some is more specific to my market here … (0 comments)
Congress has this bill on the floor when they return from the Summer Break. We all need to voice our opinion to keep the Down Payment Assistance programs alive.
If you have available equity in your home and want to get cash, consolidate debt, or lower the overall effective interest rate on your total debts or lower your overall monthly debt payments, a cash-out refinance loan might be the solution you're looking for. With cash-out refinancing, you refinance your mortgage … (0 comments)
There has been alot of speculation recently about many of the down payment assistance programs, commonly referred to DAP programs. The hightened coverage of foreclosure figures has prompted HUD and several politicians to get on the bandwagon about these programs.
FHA is now running as strong as ever. What had dwindled down to less than 3 percent of the market is now well over 40% of loan fundings in 2008. For all practical purposes FHA is now THE LOAN OF THE NEW MILLENIUM. Alt-A (or alternative doc loans are all but … (9 comments)
Part of the reason I love working with first-time homebuyers is getting to teach them things about the process. I know with the constant changing guidelines (be it lending, Northern Virginia Association of Realtors paperwork changes, etc) I learn something constantly! I think you have to in order to grow...so this … (0 comments)
A new issue of Louisiana State bond money is available for homebuyers. The rate is 6.625% and is fixed for 30 years. With this program, borrows get 4% of their loan amount in GRANT money to help with down payment/closing costs. That means you get 4% of the loan amount for … (0 comments)
This past Saturday, August 23rd, I attended the event I Survived Real Estate
2008 at the Nixon Library. This event was for two purposes. The first to raise
awareness and create solutions for the ailing Real Estate Industry and the second was
to raise funds for the Susan Komen Foundation. Both … (3 comments)
Picture 1934 in your mind.The United States is in the depth of the Depression. Out of every ten households, only four own their own homes.The normal mortgage is limited to 50% of the home's value. If you want to buy a home, that means you must come up with a 50% … (0 comments)
This is really, really old news. FHA did away with their list of Non-Allowable fees in June of 2006 but the issue keeps coming up. The only normal "Buyer's Fee" that must be paid by the seller is the Tax Service Fee.
Homebuyers are taking advantage of depressed prices of existing homes. Home sales in July rose by 3.1% with many of the reported sales being foreclosed properties and private owners pressed to sell for less than they had originally paid for a home. The increase in sales is reported to be the … (0 comments)
An article I ran across the other day after speaking to a couple of our FHA Loan Modification Managers at one of my weekly meetings talking about the banking standards, how the banks are responding, and what is really happening from the inside out...
Okay, I'm shocked....I just priced out a 20% down Conventional with a 647 credit score, I just knew Conventional would beat FHA. NOPE, even with mortgage insurance FHA beat out Conventional. I'm not sure how I feel about this.
The 2nd quarter of 2008 began on a positive note for mortgage borrowers, as a relative lack of news caused the Mortgage - Treasury spread to narrow from its March 13th peak at 2.60% to a low of 2.03% May 30th. The Mortgage Treasury spread is an indicator of relative risk … (2 comments)
Congratulations to Erik Hitzelberger on winning the Starbucks gift card in the first of MANY (so y'all subscribe!) Donna's Got Money giveaways.
Many first time homebuyers are looking at past generations for help coming up with a downpayment. FHA now requires a 3.5% downpayment (effective October 1, 2008) and the downpayment assistance programs (as of today) will disappear. Fortunately, FHA allows for gift money! The gift needs to come with a letter from the person … (6 comments)
As you may have seen, the new housing bill recently signed by President Bush calls for a one-year moratorium on the risk-based pricing FHA implemented this summer. According to a presentation at NAMB this weekend, HUD will be repealing the risk based premiums (both up-front and monthly) on October 1 for a … (1 comments)
I have seen these type of posts before but I guess I need to add mine to the batch. I just hit two months with Active Rain and passed 33,000 points.
So, what does that mean? So far, it has meant getting calls from California about USDA rural programs in Oregon … (5 comments)
Did you know the Veterans Housing Assistance Program (VHAP) provides financing up to $325,000 toward the purchase of a home to qualified Texas veterans. 
In order make our Association more known, along with the local members, the Northwest District of the Mississippi Association of Mortgage Brokers (MAMB) is sponsoring a FREE class offering 2 hours of approved CEU's. The class, FHA Basics for Realtors, will be taught by a HUD representative and will cover FHA … (2 comments)
First Time Homebuyer Programs Making the transition from renting to owning a home may seem difficult, but with M&T you can become a homeowner even if you have: Little money saved - M&T offers low downpayment mortgage options, reducing the amount of cash savings needed to buy a home. We may … (0 comments)
While Congress could still change this; as the way things stand currently; the Nehemiah and Ameridream programs will be going away at the end of September.
I don't know about you but I have been receiving several Neimiah program offers as of late, trying to beat the deadline of October 1st. In my over 9 years in the business, I have only had 3 deals with the program and now, people are finding the program once more.
Being in the Kansas City market, we are lucky to have many opportunities during the back to school months. With three Division I Universities within 100 miles of Kansas City (KU, MU and UMKC), there are unique opportunities for parents wanting to allow their children to have off campus living quarters. … (1 comments)
I hereby declare that from the 21st of August, 2008, I will move on from down payment assistance. Now, I'll focus not on bad-mouthing, I will focus on the solutions below...
Final 40 for Down Payment Assistance (DPA)
Horrific is a fitting term for the current state of affairs in Mortgage Land. The Fannie-Freddie meltdown and continuing real estate malaise are still making things worse. Zero down opportunities are disappearing in advance of the Sep 30 deadline (which is why I am releasing the newsletter early this week). And now commercial financing … (2 comments)
News Economic Indicators Atlanta Area Job Growth, Building Products and More Learn More 
One of the things I want to talk about is FHA loans. This program up until earlier this year had maybe 2% penetration into the market place. Reason for this is the influx of money, from investors, into the mortgage market thus creating a plethora of alternative loan programs that were giving borrowers … (7 comments)
USDA Rural Development 502 Guaranteed Housing Loan Program 
Seams that after September 30th FHA is saying that the seller or any other 3rd Parties cannot participate in any FHA down payment assistance programs. So unless your client is closing on or before Oct 1st. don't count on it happening. Seams like every month the lenders are finding ways to keep buyers from getting approved for … (0 comments)
Washington has been busy lately. In one of the most rapidly approved bills in memory, the Housing and Economic Recovery Act was passed into law, and could have significant implications on the housing and mortgage industry. While there is a lot to share with you, I wanted to reach out to … (0 comments)
"Take risks. Take chances. Don't be afraid. You gotta go into life brave." Billy Joel (1949 – ) Singer, pianist and songwriter
Manufactured / Mobile home financing is better left to the experts. This type of property is just DIFFERENT and, like anything else, if you do it every day you get REAL good at it. I've done financing on 1965 single wides, 100% VA purchases, tons of loans for homes in 55+ parks on … (0 comments)
There is NEVER enough to say about the opportunities Down Payment Assistance provides families. On October 1, 2008 allowance for Down Payment Assistance comes to an end. H.R. 6694 was introduced to allow for down payment assistance to continue benefiting buyers and sellers alike. Proponents of removing Down Payment Assistance Programs … (0 comments)
Credit scores have always been important, no matter what a person was buying. They are more important now than ever; especially to someone considering a home purchase.
Risk-based financing is not the new buzz word in the mortgage industry; it is now the defining word when it comes to real estate loans.
You already own a home, so you're at least somewhat familiar with the mortgage process. You now want to refinance your mortgage and are considering an FHA-insured mortgage. You'll find out that refinancing through FHA is the same as applying for any other loan, plus you have many more protections and … (0 comments)
http://www.realestateshows.com/323484
Daily Real Estate News | August 19, 2008
A local friend of mine, a real estate attorney who has been a very successful full-time investor for 30+ years, shared this story with me one time. These are the actual letters; he kept copies for humor's sake...Hal-------------Years ago, a New Orleans lawyer sought an FHA loan for a client. He … (2 comments)