fha: Local Cornelius North Carolina Mortgage Broker - 10/19/07 11:47 AM
Local Cornelius North Carolina Mortgage Broker
Your source for all of your Mortgage Needs.
YES !!! We Write FHA Mortgage Loans
The New FHASECURE Initiative
First Time Homebuyer Programs Click Here
Home Equity Line of Credit (HELOC) Click Here
USDA Rural Development Program Click Here
USDA Single Close Construction Loan … (0 comments)
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fha: Panel of Experts- DRE, FRE - 10/19/07 11:21 AM
Yesterday I attended a California Association of Mortgage Brokers Panel of Experts meeting. On the panel were:
Sergio Barajas, Expanding Markets Manager, Freddie MacLouisa Broudy, Deputy Commisioner, Financial Services Division, Dept of CorporationsTed Grose, Director and CAMB advisorTim Le Bas, Deputy Commisioner, Dept of CorporationsGary Sibner, DRESandra Smith, HUDThey addressed what is … (2 comments)
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fha: Subprime FHA? Why FHA Must Be Modernized - 10/18/07 03:36 PM
I am normally a huge fan of the Competitive Enterprise Institute and everything they do to support the cause of freedom in the world. John Berlau, their director of the Center for Entrepreneurship has recently published a commentary which has made its way through the major papers and is available here … (10 comments)
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fha: Charlotte, NC Mortgage Broker - 10/18/07 11:28 AM
Local Charlotte North Carolina Mortgage Broker Your source for all of your Mortgage Needs. YES !!! We Write FHA Mortgage Loans
The New FHASECURE Initiative
First Time Homebuyer Programs Click Here Home Equity Line of Credit (HELOC) Click Here USDA Rural Development Program Click Here USDA Single Close Construction Loan Click … (0 comments)
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fha: FORECLOSURE FIXES - 10/18/07 08:27 AM
From InmanWiki
Posted on myphoenixmlsblog.com October 10, 2007
By Bob Stahl, MyPhoenixMLS.com
There are a number of "fixes" (some say bail-outs) for the foreclosure crisis - which is only going to get worse, as 2.5 million more homeowners face adjusting rates before the end of 2008.
According to Moody's Economy.com, as many … (3 comments)
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fha: Allied First Bank - 10/18/07 12:20 AM
WELCOME TO ALLIED FIRST BANK!
We are a new bank located in Oswego, Illinois at 3201 Orchard Road just north of Route 34 and Orchard Road. I wanted to introduce the bank to you just in case you haven't heard of us or had a chance to drive by.
We Offer:
Free Online Banking: Allied First Home Banking is available … (2 comments)
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fha: Did you know this about FHA - 10/17/07 12:07 PM
Did you know this about FHA?
1) Manual underwriting is okay!
2) Repairs can be made by the Buyer or the Seller!
3) The maximum loan amount in most Maryland counties is $362,790!
4) Most loans can have 6% Seller assistance and some loans can have up to 9% assistance from the Seller if all parties … (2 comments)
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fha: We'll Purchase a Christmas Tree for your New Home! - 10/17/07 02:16 AM
Act now and you can be in your new home for the holidays! Home prices are falling, rates are great, and there are still great loan programs out there with little or no money down. I am a loan officer and my realtor can help you find a new home and … (0 comments)
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fha: I'm Facing Foreclosure, What Can I Do? - 10/16/07 05:58 PM
It's no secret that 2 million adjustable-rate mortgages will be reset over the next two years, according to an estimate from the Department of Housing and Urban Development, and of them, about 500,000 are expected to go into default. So the question is what can be done?
In September President Bush announced … (5 comments)
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fha: FHA, GSEs seen as alternative to subprime - Inman News Update to Subprime Mop up. - 10/16/07 03:33 PM
10/16/2007 - Todays Inman News article "FHA, GSEs seen as alternative to subprime", provides an informative update to the discussion about the role of the FHA, Fannie and Freddie in the subprime aftermath.
The great FHA debate at the moment is about whether or not FHA should lower down-payment requirements and introduce … (0 comments)
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fha: Refinance Your Subprime Mortgage Tops AMG Blogs Report (Oct. 16, 07) - 10/16/07 03:32 PM
The mortgage market remains in flux. Refinancing a subprime loan into a regular conventional mortgage is the big topic here in the Phoenix, Arizona market. The Arizona Mortgage Guru addressed this issue with a practical six step guide on how to refinance a subprime mortgage. The refinance post received heavy traffic, so it's on … (0 comments)
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fha: FHA reforms? Commentary on a recent article. - 10/16/07 01:33 PM
An article in CNNMoney by Jeanne Sahadi written Here makes several points about the changes in the mortgage industry, with most of the changes being a back to basics approach for mortgage lending with fewer piggyback seconds and an increased emphasis on FHA Lending. The article also points out … (5 comments)
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fha: Direct Lender - DOWN PAYMENT ASSISTANCE FORMULA - 10/16/07 01:31 PM
Plus Seller Consessions+++
Look to Amerisave Mortgage Corp for all your HIGH Loan-to-Value transactions. We are a Full-Eagle Fully FHA compliant direct lender that will close your loans fast!
DOWN PAYMENT ASSITANCE FORMULA
OLD SALES PRICE OR SELLERS NET PRICE ___________
ADD ANY ADDITIONAL CLOSING COST ____________
ADD DOWN … (0 comments)
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fha: I've come over to the other side!!! - 10/16/07 01:10 PM
Greeting fellow newbies and not so newbies....
I don't know if you all have noticed or not....but the real estate and lending market has suffered a serious drought!!! Just kidding. Seriously though, business has fallen by the wayside. So, I have decided to transition over to originations. I have gone back to … (2 comments)
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fha: Treasury Secretary Paulson Weighs in on Mortgage Woes - 10/16/07 11:56 AM
In this recent article in CNN Money: CNNMoney Hank Paulson Article , Treasury Secretary Hank Paulson stated he has no intention in bailing out lenders or speculators who have fallen on tough times due to recent real estate declines. He stated only 50% of past due borrowers ever contact their … (4 comments)
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fha: FHA and The Three Little Pigs... - 10/15/07 10:55 PM
The economic lessons of the past few years are spoken of beautifully in a sweet little story from my youth that goes a little like this;If you build a house of straw or sticks...eventually you will be left out in the cold, without a home and the wolf will be chasing … (2 comments)
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fha: Any FHA glory or horror stories? - 10/15/07 03:01 PM
Hey everyone.
I am beginning some very in-depth research into the world of FHA financing and it all looks so good to me. Which makes me wonder --> what is the TRUTH? I would like to hear it from the horse's mouth so-to-speak what really is the general perception of FHA loans? … (7 comments)
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fha: Free Foreclosure Help From FHA - 10/15/07 01:17 PM
Today I got an email from someone in California asking for help with her foreclosure. She found me browsing Active Rain and ran across a post I had submitted regarding foreclosures. I must say I was kind of shocked because I thought it would have taken months to build up an "online reputation" through … (2 comments)
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fha: HUD Ruling on FHA Downpayment Assistance, good or bad move? - 10/14/07 08:35 PM
On October 1, 2007 HUD published a final regulation that establishes that a prohibited source of downpayment assistance is a payment that consists, in whole or in part, of funds provided by any of the following parties before, during, or after closing of the property sale: the seller, or any other … (5 comments)
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fha: How to Buy Your First Home - 10/13/07 01:59 PM
Buying a first home is an exciting step. But for too many people, a first home seems like an unreachable dream. That's why we offer options that make getting started as a homeowner a little easier.
Low Down Payments and Closing Costs are Possible
The biggest challenge for most people is saving the … (2 comments)
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fha: Rehab Loans - something to know in today's market! - 10/12/07 07:06 PM
Let's paint the picture:
Imagine driving down a long country road in the suburbs of Connecticut. Trees are just changing color and starting to fall on the lawns; sort of like the first snowfall, but more colorful! You are passing immaculate Victorian and Colonial houses on your left and right, and all of … (11 comments)
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fha: Is a FHA Loan Officer like a Doctor? - 10/12/07 02:47 PM
How does a loan officer compare to the life of a doctor that performs surgery? One thing for sure is that there is no comparison when it comes to the years of schooling that one has to go through to become a doctor. Matter of fact, you don't even need to … (19 comments)
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fha: A variety of loan programs for just about every kind of home buyer! - 10/12/07 01:20 PM
Countrywide® Home Loans has new products in the news! We've added even more innovative programs to help grow your real estate business - perfect for your salaried, self-employed or commissioned buyers. We have programs that require low or no documentation, low or no down payment, flexible loan guidelines and programs for … (1 comments)
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fha: Could Down Payment Assistance for FHA Loans Still Be Alive After October? - 10/12/07 10:44 AM
I received a comment on one of my previous posts about the endangered non-profit assistance programs and FHA loans that mentions a trend I'm seeing in many solicitations lately.
Here's the quote:
"Earned Income DPA's are still alive and functioning and in fact are specifically approved in the new HUD Ruling. Here is … (1 comments)
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fha: Cary NC Real Estate, "Family Friendly" and the Fair Housing Act - 10/12/07 08:13 AM
It is a common request, for "Family friendly" neighborhoods, or amenities.
Well, I can direct you to McDonalds for a Fun Meal 7 days a week.
And I can show you neighborhood amenities like playgrounds and pools and the local schools, so you can see the quality of the offerings, and proximity to … (8 comments)
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fha: Construction to perm? Why bother?! - 10/11/07 10:49 PM
There are a lot of loan programs out there in today's market that are meant for buyers who are looking to construct thier own homes. The majority of these loan programs are separated into 2 stages: 1) the construction, and 2) the permanent financing. If they are separated into this, the … (5 comments)
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fha: Manufactured Home Refinance With FHA Part I - 10/11/07 10:41 PM
More information about FHA financing is available at FHA Loan Advice.
Purchasers of manufactured homes often use short term financing from a bank (for example, a five year balloon note) or short term, high interest rate owner financing to cover the cost of setting up their new home. Since each of these … (2 comments)
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fha: No more Down Payment Assistance says the Feds - 10/11/07 09:17 PM
Within the last ten years, credit-challenged homebuyers have used a regulatory technicality that lets them get FHA mortgages without putting their own money down, while at the same time avoiding subprime loans. Around 7,000 buyers per month were using this technicality, now the feds are shutting it down.The new policy means … (8 comments)
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fha: Countrywide On The Ropes - 10/11/07 12:42 PM
Countrywide is reeling from an attack by the two headed monster, declining mortgage fundings due in part to stricter standards, and increasing foreclosures. According to an article today from Reuters, Countrywide has eliminated 4,935 jobs in September and plans to eliminate up to another 12,000 jobs by December.Countrywide challenges stem from … (4 comments)
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fha: New FHA Loan coming out! - 10/11/07 12:26 PM
A new loan product called the FHA Secure Loan is going to come the rescue of some homeowners who are unable to refinance at this time and to help stop foreclosure for many homeowners who are struggling with adjustable rate mortgages. President Bush announced plans today at the White House to … (6 comments)
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fha: FHA Social Security Number Verification Update - 10/11/07 01:44 AM
Just a quick note for agents/lenders. FHA has made a minor change in their Social Security Number verification process. Details are below this paragraph. At first glance this change doesn't seem significant at all, but note the sentences in bold. If you are in a hurry on a file there may … (0 comments)
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fha: Important HUD ruling on FHA Down Payment Assistance - 10/10/07 06:23 PM
Important HUD ruling on FHA Down Payment Assistance:· On October 1, 2007 HUD published a final regulation that establishes that a prohibited source of down payment assistance is a payment that consists, in whole or in part, of funds provided by any of the following parties before, during, or after closing … (5 comments)
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fha: Shopping Around for a Mortgage in Lafayette or West Lafayette Indiana? - 10/10/07 08:33 AM
HERE'S THE INSIDE SCOOP ON HOW TO DO IT RIGHT!
First: Make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues … (0 comments)
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fha: From the bureacratic perspective: Do not fold, spindle, mutilate, deface ..... - 10/09/07 04:37 PM
..... or otherwise manipulate these documents, doing so may subject you to penalties and prosecution under the full extent of the law.
A New Orleans lawyer sought an FHA loan for a client. He was told the loan would be granted if he could prove satisfactory title to a parcel of property being offered … (0 comments)
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fha: More FHA Down Payment Confusion! - 10/09/07 12:30 PM
I got a very interesting fax this morning from the Futures Down Payment Assistance group. They quoted a press release from Oct. 1st from Reps. Maxine Waters, Gary Miller and Al Green (I thought he was a singer) chastising HUD for getting rid of the program and saying Congress was going … (1 comments)
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fha: FDIC Says Make Teaser Rates Permanent - 10/09/07 09:21 AM
Some institutions are starting to be more proactive in modifying loans, FDIC's chairman said at an investor conference last week, according to a transcript of her presentation. She called for servicers to make teaser start rates permanent for owner-occupied borrowers with current mortgages, adding that these hybrid loans were designed as … (5 comments)
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fha: So long Ameridream.....I'll miss you! - 10/08/07 11:27 PM
HUD has recently ruled that DPAOs (Down Pay Assistance Organizations) such as Ameridream are no longer welcome in FHA deals. Now I have read the entire ruling (Read it right before bedtime if you are an insomniac, it'll put you right to sleep) and I clearly understand HUD's position. But could … (7 comments)
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fha: Did You Know That FHA Does Not Use FICO Scores? - 10/08/07 09:01 PM
Yep it's true.
FHA is NOT based on your FICO Score.
Before you decide to stop paying all your bills and then apply for an FHA loan, that's not what it meant.
FHA is still based on credit history just not the way the credit bureaus report it. Typically a low score is based … (0 comments)
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fha: FHA Secure - 10/08/07 04:54 PM
FHA Secure Plan this is NOT FHA 100% purchase money.
I have had some clients I've pre-approved to buy homes tell me during my usual follow-up call they were waiting for the FHA Secure plan to roll out in January before they begin shopping for a home.
I'm not sure where they got … (0 comments)
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fha: Who knows the FHA guidelines for condos? - 10/08/07 02:51 PM
I'm listing a property that is a condo. I know there are some stipulations that some condo communities are approved and some are not. I need to find out if my property is approved. Do you know what the guidelines are? … (5 comments)
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fha: Back to Mac and Cheese and Ramen Noodles... - 10/07/07 10:21 PM
When I started selling over a decade ago, I would tell all of my lucky first time Colorado Springs home buyers that they were about to realize the American Dream! Oh, it may mean that they'd have to eat a lot of mac and cheese and Ramen noodles for a while, … (11 comments)
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fha: FHA steps up to serve first-time homeowners, more - 10/07/07 07:18 PM
First-time buyers and those who have lower to middle income have an old way, now turned new, to find a mortgage. Many are turning to federally-backed Federal Housing Administration (FHA) loans. Mortgage applications increased from 41,530 in December 2006 to 73,444 in June of this year. When the FHA was established … (0 comments)
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fha: FHA - Conventional - APR vs Rate -- Understanding the difference....... - 10/06/07 12:04 AM
Aren't mortgages confusing enough? It doesn't matter if it's a FHA, conventional, VA, or subprime mortgage. Let's add some more confusion. Most of us know what the rate is in regards to mortgages. Rate : A charge or payment calculated in relation to a particular sum or quantity: interest rates. (from … (28 comments)
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fha: No credit scores- No Problem. - 10/05/07 08:36 AM
Do you have a customer that has payment history but no credit? We can use alternate credit, such as: Cell phone bill,insurance payments,home telephone bill,cable bill,satellite bill,water bill,electric bill, just to name a few. These are all acceptable lines of credit that normally do not report to the credit bureau. A … (3 comments)
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fha: A Mortgage Czar? - 10/04/07 02:36 PM
What news is this. Congress is requesting that Pres. Bush appoint a Mortgage Czar. Wow, we are out of our minds.
Let's look at what a czar is.
Dictionary.com Unabridged (v 1.1) - Cite This Source - Share This czar /zɑr, tsɑr/ Pronunciation Key - Show Spelled Pronunciation[zahr, tsahr] Pronunciation Key - … (3 comments)
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fha: Two Non-Profit Down Payment Assistance Providers are Suing HUD - 10/04/07 12:54 AM
Ameridream and Nehemiah (also known as GetDownPayment.com), two of the largest non-profit down payment assistance providers, help low to moderate income home buyers obtain the down payment needed to enable them to purchase their homes. They specialize in accepting charitable gifts from sellers then provide that money to buyers in the form of … (2 comments)
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fha: Affordable Single Family Home in Historic Bladensburg, MD - 10/03/07 07:52 PM
Life doesn't get any better than this -- a single family home with 3 bedrooms and 2 full baths. It has an unfinished basement that has tons of potential and lots of storage space. There's a big back yard for those back yard cook-outs or plenty of play area. Click on … (1 comments)
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fha: Warning: Why HUD May Stop Your Loan From Closing - 10/03/07 05:54 PM
Several years ago a problem cropped up all across the mortgage/real estate world and started causing a lot of problems for lenders whenever a mortgage defaulted. Every Tom, Dick and Harry that stayed up late at night wanted to become a real estate investor and "flip" houses. There is a very … (4 comments)
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fha: FHA Bans Seller-Financed Downpayment Assistance Programs - 10/03/07 03:45 PM
Effective November 7, 2007, the Federal Housing Administration is expected to ban home buyers' use of most seller-financed Downpayment Assistance programs. The Nehemiah program has been granted an exception through March 31, 2008.
DPAs are (were?) very popular in FHA mortgage circles as a way to help buyers finance … (6 comments)
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fha: Tippecanoe County - Apply Before You Buy! - 10/03/07 02:17 PM
Why should you have a mortgage approval before you have a home?
With our FREE Mortgage Pre-Approval program, we verify your income, credit and assets to determine the maximum loan amount you can qualify for. We will issue a mortgage approval letter, which is subject to an appraisal.
You can use this in … (0 comments)
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fha: FHA Offers Relief to Homeowners with FHA Secure (from www.barkerblog.com) - 10/03/07 02:03 PM
FHA Offers Relief to Homeowners with FHA Secure
President Bush recently announced that HUD's FHA will be able to help an estimated 250,000 homeowners avoid foreclosure by enhancing some of its refinancing guidelines effective immediately.The FHA secure initiative is a temporary program designed to provide refinancing options to borrowers of conventional … (0 comments)
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fha: Nonprofits sue to keep seller-funded assistance on FHA loans alive - 10/03/07 12:19 PM
HUD aims to tighten down-payment-assistance rules on Oct. 31 Tuesday, October 02, 2007
By Matt Carter Inman News
Two nonprofits that are among the largest facilitators of seller-funded down-payment assistance on FHA loans have filed suit to block a rule change that would bring an end to the practice.
The companies -- AmeriDream and … (1 comments)
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fha: HUD Acts on B&C Refis - 10/03/07 11:08 AM
The Department of Housing and Urban Development gave lenders the go-ahead last week to start refinancing delinquent subprime borrowers into Federal Housing Administration loans. The emergency program is designed to give certain subprime borrowers with adjustable-rate mortgages a refinancing option to avoid foreclosure.
It is a key component of the Bush administration's … (0 comments)
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fha: FHA Reform passes House and Senate Banking Committee - 10/02/07 09:58 PM
Information provided by NAR
… (0 comments)
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fha: Lawton Sold Properties By Area: (1 September -30 September 2007) - 10/02/07 06:02 PM
Click to speak with Paul DurryOur system will call both your phone and ours at the same time.This will open a new window. Please disable any Popup Blocking software.
Where Commitment Makes The Difference!
Paul L. Durry
Broker Associate
RE/MAX® PROFESSIONALS, REALTORS®
Company: (580) 353-7496
Office: (580) 248-4400/4525
Mobile: (580) 620-3247
Fax: (580) 353-4981
paul@pauldurry-realestate.com
pauldurry@remax.net
http://www.pauldurry-realestate.com/
http://www.pauldurry.remax-oklahoma.com/
http://pauldurry.point2agent.com/
New Construction
Military Relocation
Luxury … (0 comments)
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fha: DO YOU WANT TO BE ON TV? - 10/02/07 03:41 PM
DO YOU WANT TO BE ON TV AND OWN YOUR FIRST HOME?
HGTV is looking for fun, high-energy people in Denver who are buying their first home! Singles, Couples and families are ALL invited to apply.
You will focus on the trials and tribulations of looking for, bidding on, and buying your first … (0 comments)
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fha: FHASecure could help many of your clients - 10/02/07 03:38 PM
WHAT IS FHASecure?
FHASecure is a refinancing option that gives credit-worthy homeowners, who were making timely mortgage payments before their loans reset but are now in default, a second chance with a FHA insured loan product.
WHO IS ELIGIBLE
Eligible homeowners must meet the following requirements:
•1. Have a non-FHA insured ARM that … (1 comments)
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fha: Federal Housing Administration will prohibit borrowers from using seller-financed down payment assistance programs - 10/02/07 09:53 AM
The Federal Housing Administration will prohibit borrowers from using seller-financed down payment assistance programs that have helped hundreds of thousands of people buy homes but have come under the scrutiny of federal authorities. Such programs allow home sellers to give money to charities, which in turn assist buyers with their down … (0 comments)
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fha: FHA Training for Loan Officers - 10/02/07 09:50 AM
The credit crunch that we are going through right now has delivered a devastating blow to the loan pipelines of many in the mortgage industry. I cannot recommend highly enough that those who are licensed in areas of the country where there are loans under the FHA limit to be done … (1 comments)
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fha: GA Bad Credit Mortgages - Refinancing Using FHA During the Subprime Mortgage Meltdown - 10/02/07 02:38 AM
Every time you turn on the news, there is a new headline trumpeting the meltdown of the mortgage industry. Obtaining a conventional mortgage is becoming more difficult by the minute. Qualification guidelines are tighter than they have been in years.This meltdown is occurring at the same time a record number of … (0 comments)
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fha: HUD / Down Payment Assistance programs -- DPA & Nehemiah -- Alive for a while.... - 10/02/07 01:11 AM
Down Payment Assistance programs have been halted, but not dead as of yet. These programs have been known as DPA programs and are most used in conjunction with Nehemiah and AmeriDream®, Inc. There are other non-profit companies that have handled the DPA program, but these two are the largest. Personally I … (85 comments)
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fha: 5 Myths About FHA Loans - 10/01/07 11:56 PM
FHA loans are a great tool that allows many potential first time homebuyers with past credit problems to break into the housing market. Prices are low and seller concessions are high in the today’s real estate buyer’s market. However, many of the subprime mortgage 100% financing deals are gone. FHA is … (4 comments)
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fha: HUD Ends Most Down Payment Assistance Programs!! - 10/01/07 11:38 AM
Down Payment Assistance Programs. You know, where the seller makes a donation to a 'charity'.... and that charity turns around and 'gifts' those monies to the buyer to satisfy the 3% Down Payment requirement on FHA loans. Well, effective October 31st, 2007(see exception below) these programs will be GONE!!
Monday October 1, 2007 … (46 comments)
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fha: ALERT!: Homebuying Assistance Gift Programs to be Disallowed by FHA - 10/01/07 09:41 AM
This news broke over the weekend. I posted Saturday night about it, but I think something this big deserves a Monday morning read...
FHA Will Decide Today (Monday, Oct 1) if Homebuyer Assistance Programs Like Nehemiah Can Exist
Take a quick moment and read the story here.
... as another commenter said in the … (4 comments)
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fha: REALTORS® AND FHA – WORKING TOGETHER TO HELP PEOPLE TO FULFILL THE AMERICAN DREAM - 09/30/07 09:22 PM
REALTORS® and the Federal Housing Administration (FHA), which is part of the U.S.
Department of Housing and Urban Development (HUD), have been partners in creating
homeownership opportunities for more than 70 years. Since FHA was created in 1934, it
has helped more than 34 million families become homeowners, many by working with
their REALTORS® to … (0 comments)
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fha: Nehemiah, & Other Home Buyer Assistance Programs BANNED by FHA - 09/29/07 07:04 PM
Just another bit of sunshine.
I read a big, bold headline in today's Business section of the Sacramento Bee that, "Down payment plan faces ban"
Sac-based Nehemiah Corp's [borderline-shady-but-totally-legal] practices are slated to be disallowed by the FHA.
Read the whole story here
It looks like when the final ruling happens Monday, the program will … (7 comments)
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fha: FHA steps up to help borrowers refinance - 09/29/07 05:04 PM
The Federal Housing Administration (FHA) has announced that it will be allowing borrowers to refinance their higher risk loans into more sensible FHA loans beginning January 1, 2008. In addition to the recent Fed rate cut, this will help many borrowers with much riskier adjustable rate mortgages (ARM's) and teaser rates to … (4 comments)
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fha: First-Time buyers are urged to check out FHA loans - 09/28/07 05:49 PM
First-time buyers urged to check out FHA loans
WASHINGTON - Federal Housing Secretary Alphonso Jackson has an urgent request for potential first-time buyers, especially those with limited or imperfect credit histories: When you shop for a home this spring or summer, take a hard look at the new, consumer-friendly breed of FHA … (0 comments)
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fha: Current FHA Reform Legislation - 09/28/07 05:41 PM
Reform Legislation
The Expanding the American Homeownership Act, H.R. 1852, known as FHA Reform or FHA Modernization, was approved by the U.S. House Financial Services Committee on May 3, 2007. The bill now awaits a vote by the full House of Representatives. It will enable the FHA to reach more prospective … (1 comments)
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fha: FHA's primary mortgage program - 09/28/07 05:40 PM
FHA's primary mortgage program
Mortgage Insurance for One-to-Four Family Homes [Section 203(b)] is the centerpiece of FHA's single-family mortgage insurance programs and the most commonly used program. It has these advantages:
Availability: in all areas of the country, provided a market exists for the property and the home meets HUD's minimum property standards … (0 comments)
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fha: Dispelling common myths about participating with FHA loans - 09/28/07 05:38 PM
Dispelling common myths about participating with FHA
Myth: Takes more time processingTruth: Takes no more time than a conventional loan Adds no additional or special requirements Uses TOTAL Scorecard/AUS approval allowing you to complete a loan in the amount of time it takes to get the appraisal Myth: More paperworkTruth: Requires … (0 comments)
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fha: Why should buyers choose FHA loans in todays market - 09/28/07 05:37 PM
Why you should choose FHA
FHA insured mortgages offer many unique benefits and protections for lenders:More security: FHA insures the mortgage, lowering your risk More qualified borrowers due to: Lower down payments: FHA loans have a low 3% down payment and that money can be a gift (Lower down payments mean higher … (0 comments)
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fha: How to interview Loan Officers for Realtors! - 09/28/07 10:29 AM
How can a Realtor determine which Loan Officer is right for his/her book of business?
Is it the one that buys you lunch? Maybe. ;) The one that offers new sales tactics to build your book of clients? Plus. Offers to 'help' pay for future ad? Plus.
There are few 'smart questions' that every Realtor … (3 comments)
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fha: St. Louis Real Estate - Mortgage Insurance News - 09/27/07 05:11 PM
How quaint! Money down, good credit and some mortgage insurance and YOU could own a home.
FHA Mortgage Insurance May Change! by Chris Scheer, Branch Manager, Cornerstone Mortgage, O'Fallon, Missouri
HUD has announced a proposal to change the cost of both upfront and monthly mortgage insurance for purchases and refinances. This change is … (0 comments)
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fha: Which mortgage is best for First Time Home Buyer? - 09/27/07 03:46 PM
A first time home buyer has many options from which to choose.
In Wisconsin, you may be eligible for a WHEDA loan (Wisconsin Housing & Economic Development Authority). There are income limitations and purchase price limitations depending on the county.
Conventional financing offers No Money Down options.
Federal VA and State VA for veterans.
FHA is … (2 comments)
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fha: FHA Katrina Loan Expiration Date - 09/27/07 09:03 AM
I represent a seller on a property that went under contract on August 24. We were supposed to close last Friday. The buyers' agent asked us for an extention through today, Sepember 27 because she was told by the lender that they were a little behind.
My sellers are out of state, … (2 comments)
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fha: Are you thinking about purchasing your first home? - 09/26/07 03:53 PM
Start by shoring up your credit.
Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, … (0 comments)
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fha: It really is becoming a better time to buy a home. - 09/26/07 03:46 PM
It really is becoming a better time to buy a home. Over the past two days, actions by both houses of Congress to reform FHA programs, and the Federal Reserve to decrease interest rates, should make borrowing more affordable and money more available. With reduced housing prices and increased housing inventory, … (0 comments)
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fha: Yesterdays Loan Officer Meeting - 09/26/07 02:18 PM
Was conducted via email as I am trying to clear my desk for my upcoming scuba vacation.
But I wanted to share my notes and thoughts about a little twist in prospecting and marketing and solicit some thoughts from you out there on some ideas for "classes" for Realtors … (3 comments)
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fha: Fha is coming to the rescue - 09/26/07 11:36 AM
Fha Secure is a great program to help homeowners that thought they would benefit from a ARM loan and now have found their payment ballooning.
You can qualify for a refinance at a low fixed rate if you are currently behind in your mortgage payments due to the increased rate.
Fha is … (2 comments)
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fha: FHA credit policy changes...Remember when FHA was NOT credit driven?!?! - 09/26/07 09:53 AM
Important FHA Credit Policy Changes...Effective October 1, 2007 HUD/FHA establishes the minimum standards for insuring an eligible mortgage application. These standards are described in several handbooks published by HUD/FHA and are amended from time-to-time by Mortgagee Letters. The handbooks provide direction to lenders and lenders are expected to exercise both sound … (20 comments)
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fha: The rules of the Presidents new FHASecure - 09/26/07 09:50 AM
See 2 quick bullet points about the program below. I have attached mortgagee letter #2007-11 from HUD on the specific guidelines about the "FHASecure" program. Please review the mortgagee letter for all details.
Under the "FHASecure" program, borrowers who are delinquent on their mortgages as a result of interest rate resets … (1 comments)
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fha: Jim Cramer says on the Today Show this morning... - 09/26/07 07:01 AM
Jim Cramer was on the Today show this morning. The piece was basically blaming the Mortgage Industry for the Real Estate Market slow down.
I have to quote him because it was pretty outrageous..."If you buy a home now, you WILL LOSE MONEY".
He went on to add, "there is no money and no … (52 comments)
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fha: Is the new FHA expansion bill really a good deal? - 09/26/07 12:31 AM
Below is an email I received from Donna Robinson, TREA Director , who is a member of ActiveRain but does not post much. she has given me permission to quote her on her views and stance of the FHA expansion bill.
She makes some excellent points . She caught my attention on this matter. … (1 comments)
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fha: TAKE ACTION NOW!!! - 09/25/07 05:20 PM
The hot mortgage topic these days is the American Homeownership Act of 2007 Bill: H.R. 1852 and the anticipated changes that it is expected to bring to lending guidelines for FHA Mortgages. The entire Bill can be found at H.R. 1852 for those of you who would like to see all … (57 comments)
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fha: Another rant - 09/24/07 07:57 PM
this time Mr. Cotton from the wonderful community of Las Vegas has got me going http://activerain.com/blogsview/215250/Prepayment. In his short post about PPP he doesn't either understand the credit and mortgage world or just thought well this is easy to slam PPP, after all just about every article you read blast them … (2 comments)
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fha: Can A Hemet Realtor Help a Hemet Homeowner in Foreclosure? - 09/24/07 12:53 PM
Many times I hear Hemet homeowners ask if I can "Help save my home from foreclosure?" or as a Hemet REALTOR® can I "Stop the foreclosure?"I wish I could just answer "Yes" to every one of the times I am asked...but there are limitations and never any guarantees. There is only … (5 comments)
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fha: Senate Banking Committee passes bill: FHA Modernization Act of 2007 - 09/24/07 02:17 AM
On Wednesday September 19th - The Chairman of the Banking, Housing, and Urban Affairs Committee had announced that the Committee had passed the FHA Modernization Act of 2007. Legislation that seeks to help American families that have been hit hard by the current mortgage market crisis, including those that currently face … (0 comments)
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fha: First time home buyer mortgage alternatives. King and Pierce County, Washington - 09/23/07 11:36 PM
FHA Mortgage
FHA Mortgages are insured by the Department of Housing and Urban Development of the Federal Housing Administration (FHA). These home loans make it easier for low-to-moderate income people to own their own home.
Features:
• Fixed rate terms available
• Low down payment usually required
• More lenient qualifying ratios … (1 comments)
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fha: A reminder when working with investors - 09/22/07 09:38 PM
With everyone getting excited about FHA loans all over again, and a growing pool of foreclosures I think this is a timely reminder.
If a property is re-sold 90 days or fewer following the date of acquisition by the seller, the property is not eligible for a mortgage insured by FHA. FHA … (5 comments)
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fha: Understanding the FHA Changes - 09/21/07 03:59 PM
This helpful email was a forward from Mortgage Mastery.
Ok, this is going to be a long one, but please don't get glassy eyed :). This is important and will affect your closings (for the good)!
IMPORTANT FHA NEWS!
The Senate Banking Committee passed by a vote of 21-1 the FHA modernization legislation this … (1 comments)
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fha: HOUSE PASSES FHA REFORM BILL, NEW LIMIT MAY EXCEED $700,000 - 09/21/07 02:24 PM
This passed the House and the Senate. Great news for first time home buyers, and this should open up the market for the new FHA SECURE program to people with higher loan amounts.
House Passes FHA Reform Bill
The House has passed a Federal Housing Administration reform bill by a 348-72 vote that … (1 comments)
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fha: SENATE PANEL OKAYS FHA REFORM BILL ON INCREASING LIMIT TO $417,000 - 09/21/07 02:15 PM
More Good News
Senate Panel Okays FHA Reform
By a 20-1 vote, the Senate Banking Committee has approved a Federal Housing Administration reform bill that would lower the FHA downpayment requirement to 1.5% and raise the FHA loan limit to $417,000 in high-cost areas. Reforming the FHA is going to be a "big … (0 comments)
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fha: Fannie, Freddie Get More Subprime Flexibility - 09/21/07 07:28 AM
This sounds like good news coming our way.
The Office of Federal Housing Enterprise Oversight, which oversees Fannie Mae and Freddie Mac, on Wednesday agreed to allow both companies to buy more subprime loans - a decision that NAR applauds. Fannie Mae and Freddie Mac will have more flexibility to address … (1 comments)
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fha: Understanding FHASecure - 09/20/07 05:01 PM
A lot of people have been asking me if they are, in fact, eligible for a FHA Secure loan. The loan is designed to help people who have fallen behind on their mortgage payments as a result of a recent adjustment in the rate of their adjustable rate mortgage. Here are … (2 comments)
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fha: Down Payment Assistance Programs - Explained! - 09/20/07 01:59 PM
With FHA loans more prominent in today's lending markets there has been a greater focus on Down Payment Assistance Programs. I've spent some time researching these over the past week and thought I'd take a few minutes to explain the differences on the various programs.
Threre are two primary forms of … (16 comments)
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fha: Encouraging FHA reforms to help homeowners - 09/20/07 07:11 AM
The NATIONAL ASSOCIATION OF REALTORS® commended Senate Banking Chairman Christopher Dodd, D-Conn., Sen. Mel Martinez, R-Fla., and Sen. Richard Shelby, R-Ala., for their leadership in protecting the interests of America's current and future homeowners by passing FHA reform legislation today."The Senate passage of the Building American Homeownership Act of 2007 will … (0 comments)
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fha: A Great Week for Housing! - 09/20/07 02:00 AM
This has been an interesting week for the housing industry! I'm certain you have heard by now that the Feds lowered interest rates by 1/2%. But what I find even more interesting is the FHA reform that was passed by the U.S. House of Representatives on the same day. Many are … (2 comments)
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fha: ATTENTION ALL, LENDERS,BROKERS, AND REALTORS - 09/19/07 09:29 PM
MY COMPANY IS EXPANDING AND IS IN FULL FORCE TO OFFER FHA LOANS ON THE WHOLESALE MARKET TO ALL BROKERS, LENDERS AND REALTORS LOOKING TO FILL THE VOID THAT AN ABSENT SUBPRIME MARKET HAS LEFT IN YOUR PIPELNE. ALL FHA UNDERWRITING, PRICING AND PROCESSING IS DONE IN HOUSE. GURANTEED 24 HOUR … (10 comments)
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fha: FHA Secure - 09/19/07 03:00 PM
BUSH ADMINISTRATION TO HELP NEARLY ONE-QUARTER OF A MILLION HOMEOWNERS REFINANCE, KEEP THEIR HOMESFHA to implement new "FHASecure" refinancing product
WASHINGTON - President George W. Bush today announced that HUD's Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the … (1 comments)
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