fha: HUD Announces Changes in Anti-Flipping Rule
- 01/18/10 07:10 AM
HUD announced Friday that the rules on flipping homes will be changing Feb. 1. This could have a huge effect on the Eugene/Springfield, Lane County Oregon market. This is being done in an effort to stabilize home values and improve conditions in communities where foreclosure activity is high according to HUD Secretary Shaun Donovan. I see this as being a boon to our are in getting rid of more of the foreclosures that have been plaguing our market. Under current rules, foreclosures that were still owned by the banks that purchased them could be bought with an FHA loan but any … (4 comments)
fha: Lenders Reluctance to Use “Hope for Homeowners” Program Leads to Changes
- 01/19/09 04:17 PM
Roland Carillo, Manager of Van Dyke Mortgage in North Carolina wrote this blog that more or less agrees with what I said in October that caused a pretty heated exchange. In late November I also went into the changes Roland talks about here. All in all, the only loans I know of being made under the H4H program are those being made "in house." In other words, companies like Wells Fargo will only make a H4H loan to one they already own. Even with the changes, H4H is not showing much progress in helping people. I normally close out comments on … (8 comments)
fha: LoanZen.com-an interesting concept in loan comparison
- 12/15/08 04:17 AM
I have come across an interesting website that has the purpose of letting consumers post annomous information about potential loans they are being offered to ask if it is a good deal. Real Estate mortgage information on the site is furnished by other consumers, including first time home buyers, with answers from other consumers, and in some cases by loan consultants. The site is very basic and doesn't have a lot of the bells and whistles that could be used on this type of site. For instance, it would be nice to have a way to contact a poster or responder, … (17 comments)
fha: Town Hall meeting to discuss Real Estate Mortgages and changes to FHA, USDA, and Conventional Loans
- 12/05/08 04:52 PM
Yesterday, Alpine Mortgage Planning held our first Town Hall meeting to discuss changes in the lending environment for Eugene/Springfield Realtors®. The presentation covered conventional financing, including changes in loan to value, credit scores and income documentation; FHA financing, including changes in inspection and appraisal requirements, down payment and the 203k Streamline program; Down Payment Assistance programs and the Oregon Bond Program, including HAP, SHOP and PAL; Cultural Differences from Carmen Ayub specializing in the Hispanic community; USDA Rural Guaranteed program, a true 100% financing program and the new FHA HECM Reverse Mortgage purchase program. I get to thank Eleanor Thorne for … (4 comments)
fha: Modifications made to Hope for Homeowners (H4H), may assist in stopping more foreclosures
- 11/24/08 02:39 PM
The HOPE for Homeowners (H4H) loan modification program was changed last week by HUD. HOPEfully, these changes will invigorate the program with the jumpstart that it needs to make it more viable. Possibly it will become the way to help more distressed borrowers refinance into affordable, government-back mortgages that it was designed to do. Foreclosure avoidance is possible. At the risk of gathering the ire of Jeff, the Mortgage Man, again, I didn't think the program would work the way it was written and it hasn't. HUD is already making changes to the program because they had only received 111 application nationwide according to a recent blog by CNBC's Diana … (10 comments)
fha: Blogging, real estate loans, mortgage consultant, and me
- 08/24/08 05:25 AM
I have seen these type of posts before but I guess I need to add mine to the batch. I just hit two months with Active Rain and passed 33,000 points. So, what does that mean? So far, it has meant getting calls from California about USDA rural programs in Oregon (apparently there aren't a lot of rural areas in San Francisco). It has meant getting a call about the FHA Hope program from New Hampshire which I referred to someone in that area. It has meant getting a call about the Springfield Farmers' Market because I was the one that … (5 comments)
fha: Real Estate Loan Consultant asked to comment on Credit and Shopping Loans
- 08/18/08 09:09 AM
I was approached last week by a writer wanting some quotes for two articles she was writing for a Real Estate magazine. She asked me if there was one of the two I would like to comment on. For me, it seemed like a no brainer on which one to comment. They were: How to prepare to divulge information to a mortgage loan officer, and how what you hold back can hurt you. Is it a good idea to shop around to more than one loan officer when looking for a loan. Well, if I answered number 2 the way I wanted and not … (9 comments)
fha: Wonderful Panacea FHA Secure
- 07/30/08 05:17 AM
I have been reading everything I can find about the new housing bill and trying to find out what everything means. How are we going to help all of these people that are upside down in their homes because of falling real estate values? How do we get them into so much better program because of unscrupulous lenders? How do we help them make their payments when they can't now because the rate just went up when their ARM reset? The answer seems to be FHA Secure. The end all, cure all of the Real Estate world. Tie it in with … (7 comments)
fha: Oakridge/Westfir Summer Concert
- 07/22/08 08:12 AM
This weekend is the Oakridge/Westfir Summer Concert headlined by Amy Clawson, a favorite local C&W singer. Amy is well known in the area and has been a regular at many fund raising and special events in and around Lane County. The picture to the left is from her MySpace page where you can go to hear some of her recordings. Personally, Cowboy Up is one of my personal favorites. She will also be at the Douglas and Lane County fairs later this summer. You can see her complete schedule at http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=120478169. Shannon Reigns and Taylor's Crossing, Taryn Cross, Bob Manning … (3 comments)
fha: FHA Manual Underwriting
- 07/17/08 07:00 AM
I know that as a lender, I always want an accept/eligible (Fannie Mae) or an accept/accept (Freddie Mac) when I submit an FHA borrower for automated (AUS) decision, but that doesn't always happen. So, here are some things to remember about your clients that have to have a manual underwrite: Ratios above 31/43 will cause you problems. Look for a great compensating factor. AUS may give you a 50% approval. Be prepared to explain any gap in employment of more than one month. AUS, 6 months without explanation. Major derogatory credit requires a written explanation. Again, not so with AUS. Consumer Credit Counseling … (0 comments)
fha: Jumbo Loans
- 07/15/08 05:57 AM
I have received comments lately from Realtors about how they read that jumbo loans were hard to get. To this, I have to answer in the affirmative. Jumbo loans are more stringent in their underwriting than they were just about a year ago. The loan to value is lower than it was a year ago. The interest rate is higher than it was a year ago. The number of lenders offerring jumbo loans is lower than it was a year ago. With all of that, the good news is that there are still jumbo loans available. The cut off point for … (0 comments)
fha: FHA Secure
- 07/13/08 05:18 AM
Are you one of the people that took a sub-prime loan because it was easy? Are you now in trouble because the loan payments are progressing more rapidly than your ability to pay? Are you one who the FHA Secure loan was designed to help? If you are, contact me today. If you are worried about this happening in the near future, you should still call me today. If your payments were made on time prior to the adjustment being made, you may qualify for an FHA Secure loan even if you are delinquent today.
… (0 comments)
fha: FHA Training Class
- 07/08/08 09:04 AM
FHA has changed. Have you kept up with the changes. Estimates are that at least 70% of the sales in the coming year will be FHA financed. Do you know how to write the offer? Do you know how to advise your seller? Alpine Mortgage Planning has positioned itself to be a major player in the FHA housing boom. Do you want to come along? We will be conducting classes in FHA financing July 24 at 10 a.m. and 2:30 p.m. The class is one hour and training certificates will be awarded. They will be held in Alpine's Conference … (3 comments)
fha: Licensed Oregon Mortgage Brokers
- 07/08/08 05:11 AM
In January of 2007, there were more than 13,000 licensed mortgage loan originators in Oregon. As of the Independence Day holiday, that number was down to 6,985 with less than half of them living in Oregon. It appears that the wheat is being separated from the chaff. I have been working in the mortgage industry before there was a license requirement. I supported the licensing requirement for mortgage originators, expecting it to make our industry more responsive and responsible. In some ways it has, but nothing the way a downturn in the market has. If you have lost your loan officer, I would … (9 comments)
fha: FHA Facts - Mixed use commercial
- 07/02/08 08:57 AM
FHA Facts: Did you know? A 203(k) mortgage may be originated on a "mixed use" property provided: (1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; and (2) the commercial use will not affect the health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property. … (4 comments)
fha: FHA Mortgage Insurance changes
- 07/01/08 10:24 AM
Effective this month, FHA mortgage insurance becomes risk based. There are changes to both the upfront mortgage insurance premium (UFMIP) and the yearly (paid monthly) premium. That means that the higher the loan to value and the lower the credit the higher the premium is. At the same time, the lower the loan to value and the higher the credit score, the lower the premium. Best deal is a credit score of over 640 and a loan to value of 95% or less. The new UFMIP is lower than before at 1.25%. The yearly stays the same at .5%. It can … (0 comments)
fha: Oil, markets and pricing
- 07/01/08 05:38 AM
The big news in mortgage pricing is oil. Again today, oil topped $143 a barrel and this means that the price of almost everything goes up. When the prices go up, that means inflation. When you have inflation, that means that mortgage rates, that hate inflation, go up. What can be done about it? The best thing to help inflation would be to lower the price of oil. Oil is priced in dollars, so a weak dollar means higher priced oil. Oil has doubled in price since the Fed started lowering the discount rate and the dollar became weaker agains the … (0 comments)
fha: FHA 203k Streamline
- 06/30/08 05:59 AM
FHA offers a Streamline 203k program that allows a homebuyer/owner to finance up to $35,000 of home repairs in the purchase or refinance of a home. This is an excellent program because it doesn't have the same review requirements of a complete rehab loan. I would be surprised if you could make the necessary repairs to this home with $35,000. Would probably take a few hundred more. Following is the "Mortgagee Letter" from HUD. Call me for explanations. MORTGAGEE LETTER 2005-50 December 29, 2005 TO: ALL APPROVED MORTGAGEES ALL APPROVED APPRAISERS
SUBJECT: Enhancements to "Streamlined (k)" Limited Repair Program Mortgagee Letter 2005-19 (ML 05-19) announced the Streamlined (k) … (34 comments)
fha mortgage, real estate loan, FHA 203k streamline, eugene, springfield, lane county, oregon, mortgage, banker, events, reviews, green lending, mortgage broker, lender, loans, conventional, fannie mae, freddie mac, direct lender, experienced, professional, VA loans, veteran, home buyer, first time home buyer.
HUD announced Friday that the rules on flipping homes will be changing Feb. 1. This could have a huge effect on the Eugene/Springfield, Lane County Oregon market. This is being done in an effort to stabilize home values and improve conditions in communities where foreclosure activity is high according to HUD Secretary Shaun Donovan. I see this as being a boon to our are in getting rid of more of the foreclosures that have been plaguing our market. Under current rules, foreclosures that were still owned by the banks that purchased them could be bought with an FHA loan but any … (4 comments)
;)
;)
