fha: Sell More Homes with Government Loans--Why FHA is a great Alternative in today's Market: Upcoming Clock-Hour Class (3 Hrs.) for Puget Sound Realtors - 10/01/08 09:26 AM
Why are FHA Loans back in business after so many years of being on the back burner?
Bottom Line:  It's one of the most flexible mortgage loan programs still standing amongst the smoke of the Mortgage/Banking/Financial Meltdown.
Besides 3 hours of state approved continuing education, from this Clock-Hour Class you will glean the following nuggets:
 Life after Down Payment Assistance:  Is it 3% or 3.5% minimum down payment? Is there down payment assistance still available?  
22 Ways that Buyers can get their funds to close on a FHA loan  
Seller contributions to closing costs:  3% or 6% maximum?  
(2 comments)

fha: Glad to Help a Realtor and Buyer in Distress - 09/19/08 03:37 AM
A few weeks ago, I came across an Active Rain post from a very nice Realtor named Debra Brooks from Huntsville, TX who was very upset with the lender on a purchase transaction. Yes, it was another one of those infamous 11th hour loans blowing up again as I mentioned in one of my previous posts titled "5 Reasons Why Loans go Awry at the 11th Hour."
What had happened to the deal? Well, the buyer, who was currently living in Houston, was purchasing a manufactured home on a 20 acre property in Huntsville about 90 miles north of Houston. It … (0 comments)

fha: Reprieve on Down Payment Assistance? HUD Reportedly Supports Compromise Bill - 09/10/08 06:40 AM
Let's not be too quick to schedule the funeral for Down Payment Assistance (DPA) programs such as Nehemiah yet.
HR 6694, the last-ditch effort to resurrect DPA programs before the October 1st deadline after which these programs will no longer be allowed by FHA, appears to have the support of HUD according to Rep. Barney Frank, D-Mass.
This piece of legislation is a compromise between HUD's aversion for down payment assistance and its love for risk based pricing on upfront mortgage insurance. If passed by the House, which appears likely, and the Senate, which might be achievable, then changes could occur … (0 comments)

fha: Moratorium on New FHA Risk-Based Pricing--Going back to pre-July 14th, well, almost - 08/27/08 10:40 AM
FHA has sent a notice to the Federal Register regarding the moratorium on risk-based pricing on upfront mortgage insurance. You may view it here.
Although we already knew about this moratorium when the Housing and Economic Recovery Act (HR 3221) was signed into law on July 30, 2008, FHA is finally publishing its additional requirements to carry out the act.
The moratorium on the risk-based premium structure that just went into effect on July 14, 2008 will begin on October 1, 2008. In plain English, the new pricing structure for upfront mortgage insurance that we just started last month will end … (0 comments)

fha: The Low-Down on No-Down Loan Programs - 08/24/08 08:43 PM
With so many changes in the mortgage industry (sometimes on a weekly basis), it may seem difficult to stay on top of the latest guidelines.
To give you an update on the current "No-Down" options, here is a list of the main options available:
House America Program, My Community Program, or Flexible Program FHA Loan with an approved down payment assistance program or approved secondary financing VA Loan Rural Housing Program 1.  House America, My Community, or Flexible Programs. These programs require two mortgages--an 80% first mortgage and a 20% community second lien. The community second lien may be sponsored by … (0 comments)

 


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