fha mortgages: Got a pre-approval? You might want to double check it.
- 04/07/11 05:29 AM
Yesterday the LO/Broker compensation program went into affect. How does this have any impact on the Realtor? While the guidelines have not changed (at least not this week,yet) the cash to close may have. At many of the lenders certain "adjustments" have increased, got a low FICO, pay 100bps, loan size 75k-100k, 50bps. Some numbers have double from a few days ago as they pass the additional burden of this new program on to the consumer. What this may do is force borrowers to take an even higher rate to offset the extra costs or bring more to closing. This is primarily going to … (2 comments)
fha mortgages: FHA 203(k) rehabilitation loans
- 03/23/11 04:49 AM
As the real estate market dropped so did many of the programs lenders offered, one of these was the FHA 203(k) rehabilitation loan. I am glad to say that they are now back. Hopefully this is a sign that the market is improving as it could offer a great option for many of the foreclosures that are in slightly less than liveable condition. Banks are not likely to invest in a foreclosed property they own to meet FHA requirements for a sale and a buyer should not invest in a property they do not own. This leaves the seller looking for … (0 comments)
fha mortgages: FHA Mortgage Insurance increase reminder - April 18, 2011
- 03/15/11 06:14 AM
Once again FHA is making changes to their insurance program. The increase is due to take affect on all case numbers pulled on or after April 18, 2011. As we approach this deadline you want to make sure any new FHA borrowers with a purchase contract or refinance application have their case number assigned right away to avoid this 25 basis point increase ($25/mo. per 100k borrowed). It could even cause you to lose an approval if ratios are tight. If you are interested in finding out more about the FHA mortgage insurance changes or the new procedures for pulling case … (0 comments)
Yesterday the LO/Broker compensation program went into affect. How does this have any impact on the Realtor? While the guidelines have not changed (at least not this week,yet) the cash to close may have. At many of the lenders certain "adjustments" have increased, got a low FICO, pay 100bps, loan size 75k-100k, 50bps. Some numbers have double from a few days ago as they pass the additional burden of this new program on to the consumer. What this may do is force borrowers to take an even higher rate to offset the extra costs or bring more to closing. This is primarily going to … (2 comments)
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