fha loans: 620 FICO Score for FHA Home Buyers in Arizona - 12/03/10 12:19 PM
620 FICO Score for FHA Home Buyers in Arizona
While most lenders in Arizona have quit the business of lending to home buyers who have anything less than a 640 FICO score, The Canto Team aligned with Academy Mortgage have announced our commitment to helping homeowners with credit score of 620 or greater to obtain their home.
The Canto Team/ Academy Mortgage in Arizona will allow buyers with a 620 FICO Score to purchase a home. If you want to learn more.  Click to read more on 620 FICO score requirements
 
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fha loans: New FHA Upfront MIP on Oct. 4, 2010 - 09/30/10 07:01 PM
New FHA Upfront MIP on Oct. 4, 2010
FHA Homebuyers will see the new FHA Upfront MIP go down as of October 4, 2010.  
Over the past 2-3 months, Congress has taken action and passed H.R. 5981. This bill gives FHA the authority to adjust it's annual mortgage insurance premium yielding approximately $300 million per month to the FHA Mutual Mortgage Insurance Fund at a time when its reserves are perilously low. As a result, FHA has decided that effectively on October 4, 2010, the UFMIP (Upfront Mortgage Insurance Premium) and the Monthly Insurance Premium will change in order to meet the demands … (2 comments)

fha loans: USDA: Running Out Of Funds? UPDATE as of 06/01/10 - USDA NOW HAS FUNDS - 03/31/10 05:17 PM
USDA Running Out of Funds   As of 06/10/2010 - USDA now has funds available.  For more info go to : USDA Has Funds
It is well known that USDA is running out of money in May 2010.  However, one should consider the consequences to the depletion.  USDA has informed us that they are now leaning on $24 million dollars. When considering how much the program has gained in popularity, this amount will not go very far, if at all last until May. 
There is some cause for concern, however knowledge is king and it is not the problem rather the solution we … (5 comments)

fha loans: FHA Changes on April 5th, 2010: 3% Seller Contribution Maximum - 03/26/10 01:32 PM

FHA Changes on April 5th, 2010: 3% Seller Contribution Maximum
Updated 9/08/10
FHA has postponed the respective changes until further notice. 
It must be noted that they are seriously enforcing changes to the program, however it is now being reviewed for a timely implementation.
And if you think things could get any tougher for an FHA borrower!
In an effort to tighten up its latest embarassment, (FHA's balance sheet and dwindling capital reserves), the Federal Housing Authority is rolling out sweeping financial changes that can affect you or your customers. FHA borrowers will need to look better on paper and be better credit risks … (3 comments)

fha loans: Can it Be? Is FHA The New Sub-Prime? - 11/19/09 05:19 AM
Can it be?
Is it official?
Is FHA lending the new subprime?
We have all thought about it and have kept our fingers crossed that it isn't so. But to some in the industry  they believe FHA lending has replaced subprime lending, with its no or low down payment and minimum credit score requirements.
Let's explore some of this..  Last week we saw the FHA's capital ratio fall to just 0.53 percent, this was well below the Congressionally mandated two-percent minimum, thanks to its increased role in the home lending space and steadily rising defaults. But has this been to over leveraged buyers … (3 comments)

fha loans: Credit Cards are Causing Damage to Your Credit Score - 11/12/09 04:59 AM
Credit Cards are Causing Damage to Your Credit Score
A new survey from the Federal Reserve shows that, despite how consumers are being hurt in the current economy, banks continue to raise the interest rates and lower credit limits with most credit cards.  Not good for those who are already struggling,, since studies consistently show that the single source that causes more people problems with their credit reports are their credit cards.  Specifically, the person uses his Visa or MasterCard to get out of a financial crunch, but when that crunch does not abate, he finds himself unable to make the … (0 comments)