guidelines: Buy Again After Part 2 of 6 Short Sale, Foreclosure, BK FHA Financing - 12/06/13 04:48 AM

We all know lending guidelines change constantly so it’s always best to consult a loan professional about current guidelines.
Following are the basic guidelines and wait times to purchase a home after Short Sale, Foreclosure or Bankruptcy using FHA financing:
Short Sale of a delinquent mortgage (1 late payment or more) or an FHA insured mortgage:
- Must be treated as foreclosure and a minimum three years must have elapsed since the date of pre-foreclosure/short sale completion. If FHA insured loan, CAIVRS will reflect claim paid.
Short Sale of a Non Delinquent Mortgage (waiver of the 3 year waiting period):

guidelines: FHA Releases New Restrictions on Reverse Mortgages in the SF Bay Area - 11/07/13 03:27 AM
The FHA released Mortgagee Letter 2013-27 in September, which changes the guidelines to their Home Equity Conversion Mortgage (HECM) program, more commonly known as reverse mortgages.
According to the FHA, “its HECM portfolio had experienced major changes in demographics and borrower preferences in recent years. Borrowers had originally tended to select adjustable rate mortgages associated with lines of credit which they could draw down over time. Then borrowers shifted to fixed rate mortgages with all available equity drawn out at closing. Falling home prices and use of the program by younger borrowers with higher debt levels also contributed to risk.”
Here are … (0 comments)

guidelines: Standalone Seconds Are Back in Oakland, CA - 09/27/13 04:53 AM
Can you believe it??  Standalone seconds are back on the market!  Standalone seconds were widely popular and offered several advantages over other types of financing.  When the housing bubble burst, lenders stopped offering these second mortgages.  Well they are back, and available to qualified buyers and homeowners!
Standalone seconds are a valuable tool and depending on your personal financial situation, one that may greatly benefit you. Here’s what you need to know before you apply for a home equity line of credit (HELOC).
Important Second Mortgage Facts:
A second mortgage takes a backseat to your first mortgage. The process is similar to a first … (0 comments)

guidelines: HUD Counseling for the Back to Work - Extenuating Circumstances Program - 09/16/13 06:38 AM
ALAMEDA CA - Back to Work - Extenuating Circumstances Program, the new FHA program that allows for shortened waiting periods is a great opportunity for people looking to get back into the housing market after short sale, bankruptcy or foreclosure.  The first thing a home buyer needs to do to get qualified for this program is take a counseling class.
The counseling must address the cause of the economic event and the actions taken to overcome the economic event and reduce the likelihood of reoccurrence. The housing education may be provided by HUD-approved housing counseling agencies, state housing finance agencies, approved … (0 comments)

guidelines: Do You Really Want to Close Your Mortgage Home Loan on Time in California or ANYWHERE? - 04/12/12 03:52 AM
San Francisco Ca, As you have heard, basically…EVERYWHERE IN THE MEDIA, lenders require A LOT of documentation to close a loan when purchasing or refinancing a home in this day and age. Loans are definitely fully documented and without question YOUR BEST DEFENSE IS A GREAT OFFENSE!
That being said here is what you must have prepared with your lender and agent when prepared to write offers:
·         A Cover Letter – Tell your story and make sure your lender know your story.  Don’t forget to include any skeletons dangling in your closet, collections, alimony, child support or unpaid IRS … (0 comments)

guidelines: Home Affordable Refinance Program HARP 2.0 Update San Francisco California Bay Area - 04/12/12 03:47 AM

San Francisco Bay Area Home Affordable Refinance Guidelines include:
- Removing the 125 percent loan-to-value.
- Waiving risk-based fees on borrowers who take shorter term mortgages and reducing those fees for others.
- Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the GSEs
- Eliminating certain representations and warranties required of lenders to obtain the GSE guarantee. This will protect lenders from many of the buy-back requirements they face under current guidelines
- Extending availability of the program through the end of 2013
For more information on getting … (0 comments)

guidelines: FHA Mortgage Insurance is on the Rise in the San Francisco Bay Area AGAIN! - 03/02/12 04:25 AM

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On April 1st the Federal Housing Administration is increasing both upfront and annual premiums for its insured single family loans. The annual increase will be .10 % to make the annual mortgage insurance premiums 1.25% mandated by the Temporary Payroll Tax Cut Continuation Act of 2011.
But that’s not all! FHA is exercising its authority to raise other fees for the specific purpose of strengthening FHA’s Mutual Mortgage Insurance Fund (MMI).
The upfront premium, which went down in 2010 is going right back up to 1.75%. A .75% increase from the current 1% premium. This change will … (0 comments)

guidelines: Allowable VS Non-Allowable Closing Costs a Veteran May Pay When Purchasing or Refinancing Using VA Financing in The SF Bay Area - 02/10/12 10:46 AM
I receive a lot of questions regarding what fees a Veteran is allowed and not allowed to pay in a real estate transaction in Alameda. Here is a summary of allowable and unallowable costs from one of the lenders I frequently work with.
A Veteran may pay any of the following reasonable closing costs and fees:
1% origination fee for purchase and cash-out loans, the origination fee is calculated using the total loan amount, including the financed funding fee For IRRRLs, the origination fee is calculated using the payoff minus any cash payments by the veteran, if applicable … (0 comments)