foreclosed properties: Declining Markets Zip Codes
- 07/15/08 05:50 AM
AIG United Guaranty - has just told me that the "Homestyle Remodeler" rehab product through FNMA will no longer be insurable (LTV >80%) in areas designated as a "Declining Market". If you are not sure if a property is in a declining market, here is a link to UG's ZIP code finder: https://www.ugcorp.com/rates/DecliningMarketsZIPCodeSearch20080326.xls … (0 comments)
foreclosed properties: Real Estate Resources
- 07/15/08 04:49 AM
Here are some resources for staying current on the real estate market, financing, trends, laws and taxes. www.bankrate.com - News about the real estate market, tips, changes in the laws, local mortgage rates, as well as a variety of calculators such as amortization and payment, renting versus buying, credit score estimator, home equity versus lines of credit, and much more. www.interest.com - News and tips on getting the best loans, buying foreclosures, avoiding mortgage mistakes, as well as various calculators including mortgage rates, renting versus owning and more. www.realtytrac.com - News and tips related to buying foreclosures, as well as listings arranged by … (0 comments)
foreclosed properties: Risk-Based Premiums for FHA Mortgage Insurance
- 07/11/08 04:11 AM
Effective with new FHA case number assignments on or after July 14, 2008, FHA will implement risk-based premiums on one- to four-unit single family mortgages. The premium matrix is shown below, replacing the premium matrix in Mortgagee Letter 00-38, which identifies the current mortgage insurance premiums for FHA's single family programs.
Systems
Lenders are reminded of the importance of data integrity to ensure that the appropriate premium is charged and that the data submitted to TOTAL and FHA Connection is accurate. Also, system edits will prevent lenders from Streamline Refinancing FHASecure loans that were previously delinquent non-FHA ARM … (0 comments)
foreclosed properties: The Ultimate Question
- 10/06/07 02:14 AM
I am constantly asked "Is your business being affected by everything that is happening in the industry now?" It's not really the question that concerns me however it is the manner of which it is asked. Sometimes I hear theme music playing in the background of the individual that posed the question which coordinates with their facial expression as if to give me a condolence card and a box of Kleenex after they hear my long drawn out answer of hardship and tribulation which would most likely allow them to share there tales of woe. So in the spirit of that question I decided to … (1 comments)
foreclosed properties: Financing the UGLY Homes
- 10/04/07 01:58 PM
There is no secret to the amount of foreclosure property on the market that have been sitting around for months at a time because repairs are needed in order to pass an appraisal and even still the banks are selling them as-is. Now that there is an increase in foreclosures these properties are becoming more noticeable in everyone's community. At the same time mortgage programs have evolved back to the basics and many of these properties that can barely pass an appraisal are being purchased with cash. Even Hard Money has limited it's pool of investors. The owner-occupant who has the … (2 comments)
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