real estate loans: FHA Makes Major Changes - Could Have Huge Impact
- 01/20/10 03:04 AM
WOW! There are changes, and then there are changes. FHA Commissioner David Stevens announced today a bunch of policy changes designed to strengthen FHA’s Capital Reserves. Those changes range from raising down payment requirements, to raising upfront and monthly mortgage insurance premiums to lowering the seller concessions. These are changes that can make huge differences in a person’s ability to actually get an FHA loan in the future. FHA, like the banking sector, must also maintain capital ratios. Since they now insure about 30% of all new loans, FHA is nearing the limits of loans they can make based on their … (4 comments)
real estate loans: FHA Changes Maximum Loan To Value on Cash Out Refinances
- 03/16/09 12:56 PM
FHA is changing the rules on “cash out” refinances on April 1, and no, it isn’t an April Fools Joke!. Up until then, we have been able to make loans to borrowers that qualified for FHA loans up to 95% loan to value for a cash out. A cash out refinance is when you get more money than is owed on your first mortgage and the closing costs to take the loan. Anything over that amount is considered “cash out” and will be limited to 85% loan to value on any loans registered with FHA after March 31.
If you … (10 comments)
real estate loans: Am I dumber than the average 5th Grader? Why can't I see this as important?
- 09/30/08 03:28 AM
OK, I am a finance guy. I make loans for a living. I watch the markets. I read a huge amount of information about the mortgage melt down, about the market forces, about toxic mortgages, about the bail out, the saving of main street and so forth. But I just don't understand how this is that important: Both McCain and Obama have voiced their support for increasing the FDIC coverage of bank accounts from $100,000 to $250,000. And this is important how? If I had $250,000 cash available you could be damn certain I would have enough intelligence to put it … (26 comments)
real estate loans: It's Free, It's Fun, It's Your Credit Report?
- 08/26/08 10:07 AM
Jason is a fairly new friend of mine. We now have an almost bi-coastal relationship. I enjoy his blogs and have been trying to keep up with what he writes. This particular posting is about credit and credit reports. I may have been able to do it nearly as well, but he did all the hard work. So, credit where credit is due, thanks to Jason Sardi for this excellent explanation on credit. Thanks Jason.
To say your credit history & score is HUGE these days may be a borderline understatement. For purposes of my experience, I'll concentrate on how … (2 comments)
real estate loans: Seller Funded DPAs, FHA Down Payment Assistance nearly gone
- 08/26/08 05:30 AM
Yesterday I got this e-mail from Countrywide: Effective on Friday, August 29, 2008, Countrywide will no longer accept Seller-Funded Grant Programs on FHA transactions, sometimes described by HUD as Seller-Financed Downpayment Assistance Programs. The Housing and Economic Recovery Act of 2008, which was formally passed into law Wednesday, July 30, 2008, prohibits any portion of the required down payment to be provided by the seller or any other person or entity that financially benefits from the transaction or any third party or entity that is reimbursed, directly or indirectly, by the seller. Impact to Pipeline: · Loans with applications for Seller-Funded … (6 comments)
real estate loans: The Eugeneloanguy, more than a blog, an actual mortgage loan office in Eugene
- 08/22/08 12:00 PM
Hi everyone. Just so you don't think that I only operate in cyberspace, I thought it was time to do a little self awareness posting. To begin with, I work with Alpine Mortgage Planning, a northwest owned mortgage banker with headquarters in the hinterland of Lake Oswego, Oregon. For those out of state, it is one of the cities that make up the Portland Metro area. My office is is Darth Vader Number 1 as we have always called 1200 Executive Parkway. The building is so named because it sort of looks like Darth Vader's mask in Star Wars. It is an … (6 comments)
real estate loans: 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)
real estate loans: Have you received new business from your blog? Please let me know.
- 08/12/08 09:30 AM
Hi, I have a pretty simple question. I have been doing this for just over a month and have seen a huge increase in my SEO on Google, Yahoo and MSN and have even gotten a "potential" customer but have not seen much helping my business. So, I want to know from those of you out there that have, what have you done differently? How much business has it brought in for you? Why do you think it works? Am I being too quick to judge? Should I wait longer to get the influx of customers? I really enjoy what I … (23 comments)
real estate loans: Liars and Flim Flam artists
- 07/29/08 05:11 AM
Is it just me or does anyone else get ticked off when you see a DiTech ad on TV. They are advertising an interest rate certainly better than I am offering on a daily basis. So, how do they do it? Luckily, I have a DVR and am able to pause, rewind, and read the REALLY fine print at the end of the advertisement. I am sure that everyone is totally surprised that the rate they are quoting is not a "par" rate, but instead is one that has 2 (two) (dos) (II) discount points. Of course they cover this with … (21 comments)
real estate loans: Washington State Fines Mortgage Company
- 07/23/08 04:50 AM
According to an Associated Press article in the Oregonian, Washington has fined Paramount Equity Mortgage Inc., $50,000 and started proceedings to revoke the California company's license to do business in Washington. The link to the story is here: Breaking News Paramount is accused of charging and collecting unearned fees, charging consumers to buy down interest rates without actually reducing rates, failing to make required disclosures and making state and federally required disclosures in a deceptive manner. The company has not admited wrongdoing and plans to appeal the ruling. I cannot be certain of the facts in this case. I do know … (1 comments)
real estate loans: 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)
real estate loans: 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.
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real estate loans: Another lender bites the dust
- 07/07/08 10:15 AM
According to the Mortgage Lender Implode-O-Meter, another major lender bit the dust today. IndyMac Bank, a continuing source of Alt-A loans is no longer accepting loan submissions. Since their stock slipped below $1 per share, from $32.54, the industry has been watching closely what was going to happen. In an e-mail from my rep at IndyMac, they are supposed to honor all existing locked loans, but there is really never any telling what will happen. To read the story, go to: http://ml-implode.com/imploded/lender_IndyMacBancorp_2008-07-07.html Interesting information about our industry. May your days be more enlightened that IndyMac's employees.
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real estate loans: Down Payment Assistance Programs
- 06/27/08 07:20 AM
What are DPAs?How do they work?Who is eligible for a DPA?Why use a DPA?These are a few of the questions asked about the down payment assistance (DPA) programs that I get on a regular basis. What is a DPA? A down payment assistance program is one where a homebuyer can receive a gift amount between one percent and six percent of the final contract purchase price of a home. In addition, the seller of a home donates and equal amount to a non profit origination. There is also a processing fee for the transaction. A few months ago, there were a … (0 comments)
real estate loans: FOMOC June Meeting
- 06/27/08 05:43 AM
The Federal Reserve stopped lowering the discount rate at their June meeting and left the door open for raising the rate at their next meeting in August.The futures players are betting on a .25% increase at the next meeting. Kind of like Las Vegas, isn't it? However, the Fed did not use their policy statement following this meeting to prepare investors for a rate hike at the Aug. 5 meeting.Richard Fisher, the president of the Dallas Federal Reserve, was the only member voting against the non action. It was his preference that the target rate be increased now to combat inflation.Mortgage bonds were … (0 comments)
real estate loans: Mortgage Shopping
- 06/27/08 05:16 AM
HERE'S THE INSIDE SCOOP ON HOW TO DO IT RIGHT!First: make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?Here are FOUR SIMPLE QUESTIONS YOUR LENDER ABSOLUTELY MUST BE ABLE TO ANSWER CORRECTLY. IF THEY DO NOT KNOW THE ANSWERS...RUN...DON'T WALK... RUN...TO A LENDER THAT DOES!1) What are mortgage interest rates based on? (The only correct answer is Mortgage … (0 comments)
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WOW! There are changes, and then there are changes. FHA Commissioner David Stevens announced today a bunch of policy changes designed to strengthen FHA’s Capital Reserves. Those changes range from raising down payment requirements, to raising upfront and monthly mortgage insurance premiums to lowering the seller concessions. These are changes that can make huge differences in a person’s ability to actually get an FHA loan in the future.
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