Special offer

Cash is king - FHA concessions to 3% - No more USDA loans (for now)

By
Mortgage and Lending with LX Financial LLC
Cash is king.  I see many good investment opportunities that I cannot finance because more cash is required. If you have the cash and are looking for opportunities, let me know - maybe I can match you up. /// Reminder: FHA seller concessions are due to go to 3%. See below... /// Post tax credit volume remains to be good and industry reports seem to back it up :)... /// Make it a good week folks! - Paul

FHA seller concession from 6% to 3% soon?
In January, the Department of Housing and Urban Development (HUD) announced the first major changes to FHA financing for the year changing the maximum seller concessions from 6% to 3% early summer 2010.The effective date has not been announced yet, but summer is around the corner!
 
USDA is out of funds
The bill for increased allocation of funds is stalled in the U.S. Senate. Once the senate passes a bill, it will need to go to the reconciliation committee since the House bill differs from proposed senate bill. It is anticipated that it will be another 6 to 8 weeks until allocation is announced. Until then, no USDA loans...

Housing prices could rise by 12.4% by 2014
A survey of more than 100 analysts found a wide range of pricing predictions. One expects an increase of 37% over the next 4 years, while pessimists expect a decline of 18% during that time.
 
Did you know that...  maybe you can rent out your current home and use the rental income to qualify for an FHA loan for the purchase of a new loan? If your current home is FHA financed you must be affected by a relocation. More tips and details for this one (One tip added weekly).
 
Home builder expectations continue to improve after tax credit expiration
The National Association of Home Builders today released their monthly Housing Market Index. Derived from a monthly survey that NAHB has been conducting for more than 20 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months. Read more
 
Available
- Excellent service, everything done right - always :)
- Direct lender for FHA, Fannie, Freddy, VA, USDA, and other loans
- Jumbo loans to $10MM
- Same day approvals
- 30-day closes (45-days for FHA)
- Condo (Fannie/FHA) certifications
- Sub 620 Fico loans
- 50-70% LTV stated income loans (600-700 Fico needed)
- 95% LTV Fannie Mae condo loans (exception basis)
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property loans
- Reverse mortgages
- Commercial loans
 
Call me: 800-405-0676 (direct), or email. 

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"Success is not final, failure is not fatal:
it is the courage to continue that counts"

Winston Churchill (1874-1965)
Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

Paul, I have spoken with traditional lenders and it's been difficult for an independent contractor to get a loan. I'm excited to see that you are saying you can do stated income loans.

May 22, 2010 06:22 AM
Ted Tyndall
Davidson Realty Inc. - Saint Augustine, FL
I will help You find the Home YOU want to Buy

Paul, very interesting statistics. it will be interesting to watch over the coming months.

May 22, 2010 06:31 AM