fha appraiser: Fannie Mae: Tightening Its Belt- Higher Interest Rates/Costs For Most Borrowers
- 11/16/07 05:40 AM
According to a Novermber 6 2007, Fannie Mae Announcement 07-16: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2007/0716.pdf Fannie mae will be implementing new loan level price adjustments (LLPAs) to their loans come March 1 2008 (for loans purchased on or after03/01/08). The affects of these changes could mean higher rates and costs to borrow for your average home buyer! This will affect those: with FICO scores of less than 680Interest Only LoansLoan to Value Ratios over 70.1%Purchase & Refi Loans2 Unit Properties w/ LTV over 75.01%
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fha appraiser: FHASecure Helping a Quarter of One Million Homeowners Keep Their Homes....Interesting.
- 08/31/07 10:08 AM
According HUD's Federal Housing Administration (FHA) there will be help for an estimated 240,000 families avoid foreclosure by enhancing its refinancing program that will take place immediately. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default-to qualify for refinancing. According to HUD; To qualify for FHASecure, eligible homeowners must meet the following five criteria: A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset; Interest rates must have or will reset between June 2005 and December 2009; Three percent … (0 comments)
fha appraiser: Good News For FHA, Reform Bill Passes in House Financial Services Committee
- 05/07/07 06:10 AM
FHA Reform Bill Passes in House Financial Services Committee On May 3, 2007, the U.S. House Financial Services Committee ("HFSC") approved H.R. 1852, the Expanding American Homeownership Act of 2007. The bill was introduced by Rep. Maxine Waters (D-CA) and co-sponsored by HFSC Chairman Barney Frank (D-MA). Next, the bill will move to the House floor for consideration by the entire chamber. Following the bill's passage, NAMB President Harry Dinham said "Chairman Barney Frank and Congresswoman Maxine Waters showed great vision in introducing this bill, which contains so many provisions to improve access to affordable housing in America. This is a great day … (0 comments)
fha appraiser: Momentum Is Growing To Revitalize FHA Lending. For FHA Appraisals- Contact Bennett Appraisals
- 04/30/07 11:26 AM
The debate on the best way to modernize and revitalize the FHA (Federal Housing Administration) is up and running. There could be a significant increase in FHA lending if these changes do occur. Last month there was the introduction of two new bills in the House and one in the Senate designed to help the Agency effectively carry out its mission of increasing housing opportunities for America's working families. On March 29, 2007 Bill H. R 1852 was introduced to the House. It would boost FHA loan limits, permit zero down and lower down payment loans and permit FHA to underwrite loans to borrowers with … (0 comments)
fha appraiser: FHA Reverse Mortgages (HECM) are on the rise, what are the requirements? Call Bennett Appraisals for all FHA appraisal Services.
- 04/27/07 06:33 AM
There is a popular option for borrowers aged 62 and older; The (HECM) FHA insured reverse mortgage. This is an option for homeowners owners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. The loan, commonly known as HECM, is funded by a lending institution such as a mortgage lender, bank, credit union or savings and loan association. Interested parties can get help and counseling by a HUD-approved HECM counselor and they will help you see if you qualify. Homeowners who meet the eligibility … (3 comments)
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