fha: Consumer help for ARM or Adjustable Rate Mortgage Holders
- 07/09/08 04:48 PM
When we first start working with a client, We tell you that our company is different from others in the mortgage industry. We will always keep you up-to-date on the major changes in the market that could affect your financial goals or the goals of those close to you. This is one of those times. In a recent New York Times article, the subprime lending collapse was faulted for "industry-wide problems" that affect more than just those borrowers with poor credit or subprime Adjustable Rate Mortgages (ARMs). Now, because of credit tightening, even borrowers with good credit and A-paper ARMs are expected … (0 comments)
fha: How to figure out your "Indexed Rate" on your ARM Loan
- 07/09/08 04:45 PM
When we first start working with a client, We tell you that our company is different from others in the mortgage industry. We will always keep you up-to-date on the major changes in the market that could affect your financial goals or the goals of those close to you. This is one of those times. In a recent New York Times article, the subprime lending collapse was faulted for "industry-wide problems" that affect more than just those borrowers with poor credit or subprime Adjustable Rate Mortgages (ARMs). Now, because of credit tightening, even borrowers with good credit and A-paper ARMs are expected … (0 comments)
fha: Homebuyers can now use FHA loans for Bank-Owned and REO propeties
- 07/01/08 05:09 PM
HUD has recently made changes allowing homeowners to qualify for FHA loans when buying homes that have been foreclosed, returned to lender (deed in lieu of foreclosure), AKA REO properties. REO stands for Real Estate Owned, which are essentially Bank Owned Repos. Outdated regulations from HUD to prohibit property flipping and false price appreciation made it difficult for banks to sell recently foreclosed properties due to a HUD rule which prohibited the use of a FHA loan to purchase a home that had not been owned by the seller for atleast 90 days. This has now been lifted until June 2009. … (0 comments)
fha: HUD changes allow home buyers to use FHA loans to Buy REO's/Bank Owned Homes
- 07/01/08 05:07 PM
HUD has recently made changes allowing homeowners to qualify for FHA loans when buying homes that have been foreclosed, returned to lender (deed in lieu of foreclosure), AKA REO properties. REO stands for Real Estate Owned, which are essentially Bank Owned Repos. Outdated regulations from HUD to prohibit property flipping and false price appreciation made it difficult for banks to sell recently foreclosed properties due to a HUD rule which prohibited the use of a FHA loan to purchase a home that had not been owned by the seller for atleast 90 days. This has now been lifted until June 2009. … (0 comments)
fha: Fannie Mae's turnabout on Declining markets. Will it really help?
- 05/18/08 05:03 PM
Fannie Mae announced that they will no longer require an extra 5% down payment for purchases in "Declining Markets" beginning June 1. The real question is will this change help. The answer is Yes for some borrowers, and not at all for others. There are 2 factors above and beyond Fannie Mae's basic guidance that will continue to hinder homebuyers looking to put less money down. Mortgage Insurers have increased minimum Fico requirements for all loans, especially those over 90% loan to value. Please note that FHA loans do not have Fico minimums at this point. The other factor effecting the … (0 comments)
fha: FHA Jumbo or FHA Stimulus Size - what should we call it?
- 05/18/08 04:33 PM
There is some confusion out in the media about the new FHA loan limits and just what to call these new loans. We have several investors that call these Stimulus Size FHA loans, and some call them FHA Jumbo loans. We just call them great loans. These loans can qualify borrowers in high cost areas for much higher loan amounts for safe, secure FHA loans with just 3% down payment or 3% equity for refinance. The available loan amounts in areas such as Los Angeles & Orange County, & San Francisco (and much of the Bay Area) now allow loans up to $729,750 with … (0 comments)
fha: Comparing FHA Jumbo loans to Fannie Mae Jumbo Loans
- 04/16/08 04:03 PM
The new Stimulus Package loan limits are here, and we have had a couple weeks to see how the banks would digest the new loan limits (up to $729,750 in certain markets). For instance, the new loan limit in Los Angeles, CA is $729,750, while the limit for San Diego, CA is $697,500. The Seattle area in Washington, including King, Pierce & Snohomish Counties are now capped at $567,500. So what is the difference between the larger FHA loans and Fannie Mae's new Jumbo offerings. Well for starters, FHA only requires 3% down payment vs Fannie Mae's 5% minimum. There is another advantage … (0 comments)
fha: New Jumbos: Fannie or FHA?
- 04/16/08 04:00 PM
The new Stimulus Package loan limits are here, and we have had a couple weeks to see how the banks would digest the new loan limits (up to $729,750 in certain markets). For instance, the new loan limit in Los Angeles, CA is $729,750, while the limit for San Diego, CA is $697,500. The Seattle area in Washington, including King, Pierce & Snohomish Counties are now capped at $567,500. So what is the difference between the larger FHA loans and Fannie Mae's new Jumbo offerings. Well for starters, FHA only requires 3% down payment vs Fannie Mae's 5% minimum. There is another advantage … (0 comments)
fha: News about FHA loans in High Cost Areas - updates & changes
- 04/10/08 03:47 AM
HUD has announced new rules requiring 2 appraisals on FHA loans that fall under the new stimulus package loan limits (those loans over $362K). While this may seem prohitibitive at first glance, and it will add to the time & expense of an FHA loan, it is a relatively easy hurdle to work with. First of all, it is important to remember that FHA loans are more affordable alternatives to their Fannie & Freddie counterparts. FHA loans also still allow downpayments of just 3%, whereas Fannie & Freddie require 3% minimum now, and for loan amounts over $417K, 5% is required. In … (0 comments)
fha: FHA Lending updates
- 04/10/08 03:46 AM
HUD has announced new rules requiring 2 appraisals on FHA loans that fall under the new stimulus package loan limits (those loans over $362K). While this may seem prohitibitive at first glance, and it will add to the time & expense of an FHA loan, it is a relatively easy hurdle to work with. First of all, it is important to remember that FHA loans are more affordable alternatives to their Fannie & Freddie counterparts. FHA loans also still allow downpayments of just 3%, whereas Fannie & Freddie require 3% minimum now, and for loan amounts over $417K, 5% is required. In … (0 comments)
fha: FHA scores again for home buyers
- 04/02/08 05:39 PM
FHA Loans guaranteed by HUD are fast becoming the loan of choice again for first time homebuyers and also those buyers who do not want to put 5, 10 or 20% down payment on their new home (there is good reason to keep your assets in other areas, that will be another post, or call me to find out why). The FHA loan requires just 3% down payment. Sellers can contribute to down payment and closing costs as well, it just requires the use of one of our Down Payment Assistance programs to administer the transfer of funds. (HUD requirement). So … (0 comments)
HUD has finalized the new 2008 loan limits for FHA Government backed loans. The new limits increase the max loans for FHA from just over $368K up to $729,750. Although the highest amounts are for high cost metropolitan areas such as Los Angeles, New York, & San Francisco, Every county in America benefits from an increase in the FHA loan limit from $200K to a new minimum limit of $271,050. This helps to increase the number of US households that can qualify to purchase and refinance their homes. You can find the new … (0 comments)
fha: FHA Moves to the forefront in lending again
- 03/12/08 06:11 PM
FHA moves to the forefront in lending again The past couple weeks have seen significant news for Mortgage holders, lenders, and banks. Loan amount increases are officiall for FHA, FNMA, & Freddie Mac loans. This will help hundreds of thousands of US homeowners get lower rates for the purchase, refinance, or construction of their home. The benefits aren't just for people in Los Angeles ( now $729,750), Seattle, (now $569,500), San Diego (now $697,500) and other high cost areas though. Prior to the new limits, the minimum FHA loan amount in much of America was $200,160, which has now been increased … (0 comments)
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When we first start working with a client, We tell you that our company is different from others in the mortgage industry. We will always keep you up-to-date on the major changes in the market that could affect your financial goals or the goals of those close to you. 
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