fha: HUD To Again Increase Annual Mortgage Insurance On April 18, 2011 - 02/14/11 09:43 AM
HUD this afternoon released the attached Mortgagee Letter 11-10 notifying lenders that with case numbers assigned on and after April 18, 2011 the annual premium will increase 25 basis points. The one-time upfront fee will stay at 1%. With loans in excess of 95% LTV the annual premium will move from 90 basis points to 115 basis points.
Mortgagee Letter 11-10 February 14, 2011

fha: Why Not Buy A Duplex And Generate A Few Extra Bucks? - 02/12/11 01:43 AM
Over the past few weeks I have been combining my blogs, 203k guidelines, links and housing studies into one website. With the website rebuild (I used wordpress Thesis and built it myself!) and the pick up in business I have not had a lot of time to blog. I hate to post blogs from my other sites but I wanted to get people thinking about buying two-to-four unit properties in todays housing market. Enjoy the read and checkout my upgrade at: 203kkc.com
Last week I closed a 203k loan on a foreclosed duplex in Los Angeles. Sad to say it was the … (2 comments)

In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Federal Housing Administration (FHA) Commissioner David H. Stevens today extended FHA's temporary waiver of the agency's 'anti-flipping rule.'  The extension announced today is intended to accelerate the resale of foreclosed upon homes in neighborhoods struggling to overcome possible property abandonment and blight.
With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days.  Early last year, FHA temporarily waived this regulation through January 31, 2011.  FHA today posted a notice extending this waiver through … (4 comments)

fha: Is FHA Sales Concession Max 6%? - 01/02/11 07:56 AM
Over the weekend, I received a purchase contract with a sales concession of $3,900 or 9.75%. The purchase price is $40,000, with estimated repairs of $125,000. Sales concessions are calculated on the purchase price. In this case, 6% of $40,000 is a maximum of $2,400; the remainder of the funds would be considered an inducement to purchase, thereby reducing the amount of the mortgage dollar-for-dollar of the excess amount. Don't get confused and calculate a sales concession on a 203(k) off of the acquisition price (purchase price plus the repair escrow) instead of the purchase price.
The sad part of this … (3 comments)

Dustan Shepherd, Vice President of Renovation Lending (Guaranteed Rate NMLS 2611)

Dustan Shepherd

Vice President of Renovation Lending

Leawood, KS

More about me…

Guaranteed Rate NMLS 2611

Address: 4550 W.109th St, Suite 140, Leawood, KS, 66211

Mobile: 913-687-4550

Office: 913-225-9318

Email Me

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