changes: You Can No Longer Ignore Deferred Student Loan Payments for FHA loans - 09/10/15 09:49 AM
HUD has come out and changed some of their rules for FHA loans. The biggest one being you now have to count deferred loan payments in the borrowers(buyers) debt to income ratio. Vs before you could ignore that payment if it was deferred for over 12mths. This is obviously not good news as it would now reduce some buyers ability to buy homes or buy as much home. This change along with a few others goes into affect for all FHA loans officially started on and after 9/14/2015. Specifically the FHA loan is officially started when a case number is ordered … (1 comments)

changes: The QM changes for Mortgages are not Evil. Here is why..... - 01/21/14 01:13 AM
Recently I have  heard a lot of concerns from Realtors, Buyers and Publications about the QM (Qualified Mortgages) changes to mortgages.  Not to mention I have read a lot of national articles on the changes, that seemed to be written to scare everyone that mortgages are now harder to get.  And many of them had errors and information that was not true.  So I wanted to set the record straight and explain the QM changes.  And at the end of this article you will see that the changes to mortgages are not Evil and are not making mortgages harder to … (15 comments)

changes: FHA Monthly Mortgage Insurance Rules are Changing 4/1/13 and 6/3/13 - 02/03/13 11:05 PM
HUD has just come out with two minor changes to the Monthly Mortgage Insurance on FHA loans.  And they go into effect April 1st, 2013 and June 3rd, 2013.  Here are the changes and an explanation of them.
Monthly Mortgage Insurance Amount
On all FHA loans with case numbers ordered on or after April 1st 2013, the monthly mortgage insurance will increase .10, for loan amounts under $625,000.  Keep in mind in the Houston Texas Area the max FHA loan amount is $272,550.  As an example, on a loan amount of $270,000 this would be a monthly payment  increase of about $23.  … (0 comments)

changes: The FHA Collection Rule has been DELAYED until July 1st. GREAT NEWS!!!! - 04/09/12 03:24 AM
HUD has postponed the rule change on collections until Case numbers order July 1st and after.  This is great news.  Here are the specific’s if you want to read HUD’s comments:
FHA delayed implementation of the collections policy as contained in ML 2012-03.  FHA indicated that they would solicit comments and clarify guidance as is appropriate.    Below is the segment of the message on ML 2012-03.
FHA Notice for Lenders: 
In order to allow Mortgagees additional time to adapt their procedures to implement portions of the new guidance found in Mortgagee Letter 2012-03 (ML 2012-03), FHA is delaying the … (0 comments)

changes: FHA Loans are Changing Soon, April 1st and April 9th - 03/17/12 09:48 AM
There are 3 major changes that are going to be going go into effect very soon for FHA loans.  FHA loans are known for being very helpful for homebuyers.  They offer lower than market rates, low down payment of 3.5% and allow the seller to pay more of the buyers closing costs than conventional loans.   Here are the 3 Major changes you need to know:
1.      Monthly Mortgage Insurance is increasing.  For all FHA loans on and after April 9th.   The mortgage insurance is increasing by .10 and here is a quick explanation of the change:
     30yr Mortgage(20 yr, … (3 comments)

changes: VA Appraisals now need Interior Photos and other changes on Value Assessments - 01/06/12 04:06 AM
The VA has recently made two major announcements in regards to Appraisals.  Here are the two changes:
1.     Interior Photos are now needed- This is not a major change since interior photos are needed on appraisals for FHA and Conventional.  The appraiser know must include photos of at least the: Kitchen, all bedrooms, main living area, examples of physical deterioration, examples of upgrades, restoration  and improvements. 
2.     Value Assessment- This one is a little bit more tricky.  In the past, the Lender’s Staff Appraisal Review(SAR) could give a value of 5% more or less than the VA appraisal value.  So … (3 comments)

changes: Reminder: FHA monthly Mortgage Insurance is Increasing Oct 4th. - 09/21/10 02:51 AM
Any loan that is started on or after Oct 4th, will have the new mortgage insurance changes.  These changes are:
Monthly Mortgage Insurance will go up from .55% to 85-90%.  Any LTV 95%+ will have .90% monthly mortgage insurance The Up Front Mortgage Insurance will go down from 2.25% to 1% In order to not have these changes affect someone's loan, the FHA case number must be ordered before Oct 4th.  Depending on the speed of your mortgage lender this could take a couple days to do.  While the up front mortgage insurance going down is good news.  The monthly mortgage … (0 comments)

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David Krichmar

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