90 Day Flip Rule – FHA & Conventional Loans - 06/29/09 04:55 PM
90 Day Flip Rule - FHA & Conventional Loans
In today's real estate market we see many purchases that are properties which were recently foreclosed on and now being sold by the bank. This has been a reality of a market that has at times and in certain areas seen more bank owned properties as conventional home sales. As a result of the decline in prices we have also seen an increase in properties being bought by investors, often on a cash basis, cleaned up and then put back on the market for resale, very quickly. For these particular cases, what … (6 comments)

Government’s Refinancing Program May Expand - 06/22/09 01:40 PM
Government's Refinancing Program May Expand
This past week, there was news that perhaps the government's Fannie Mae and Freddie Mac refinancing program may begin refinancing mortgages with loan-to-value ratios above 105 percent as the Obama administration seeks to boost participation in its anti-foreclosure programs.
"We're actively considering how to structure a program that makes sense over 105 percent," Federal Housing Finance Agency Director James Lockhart said. He said a ratio of 125 percent "is a number" that's on the table, though "not necessarily the number we're going to end up with."
This would be an expansion of President Barack Obama's Home … (1 comments)

Obama's Plan for a Consumer Financial Protection Agency - 06/16/09 08:06 PM
Obama's Plan for a Consumer Financial Protection Agency
This past week saw the release of information for a potential Consumer Financial Protection Agency proposed by President Obama. Nothing is set in stone yet and it is uncertain if this agency will come to pass. However, it cold lead to additional oversight and changes aimed at protecting consumers with financial instruments including mortgages. However, as with many government proposals and initiatives that we have seen with the end claimed results being helping consumers, we will reserve judgment until we see results. The plan perhaps looks good on paper in Washington, but what … (0 comments)

The Basics On Condo Financing: FHA Approval & Warrantable Condos - 06/10/09 07:43 PM
The Basics On Condo Financing:
FHA Approval & Warrantable Condos
Recently we have seen an increased demand for clients looking to purchase condos. The important thing to remember however that financing for condos is different than that of single family residence homes. In today's market, in order to finance or refinance a condo, the property needs to fall into one of two categories: it either needs to be FHA approved or a warrantable condo. We will go over basics of these two types of financing options for condos and how to determine if the condo you are looking at falls … (5 comments)

FHA Approves $8,000 Tax Credit at Closing – With a Caveat - 06/01/09 06:51 PM
FHA Approves $8,000 Tax Credit at Closing - With a Caveat
Following up on the initial announcement that we presented a few weeks ago, HUD has now finalized a plan to allow home buyers to use the $8,000 tax credit for first time buyers, at the closing of their home purchase.
This new plan will allow buyers who qualify for the current first time home buyer tax credit to utilize these funds at closing, as opposed to waiting for the refund, until after closing. Previously buyers had to close on their home and then file an amendment to their 2008 taxes … (3 comments)

 

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