fha: Selling Your Home? Should You be Leery of Accepting an Offer from Buyers Approved for FHA Financing? - 11/29/18 11:06 AM
 
 
Selling Your Home?
Should You be Leery of Accepting an Offer from
Buyers Approved for FHA Financing?
 
It's not unheard of to hear my Borrowers (and their Agents) say that Sellers are expressing a leeriness about accepting offers from FHA  Buyers ... 
 
Typically these Sellers' uneasiness is based on rumors and stories they've heard about the difficulty of passing an FHA Appraisal.  They think they'll be required to make their home "right for FHA Financing".    The prevailing thought is typically that FHA ... or the Lender ... will require that they complete a long list of repairs prior to Closing.  That they as a … (45 comments)

fha: Knowing the ABC's of FHA Loans - 08/09/16 06:55 AM
 
Knowing the ABC's of FHA Loans
 
     
     Did you know that the FHA has been around since it was established as part of the National Housing Act of 1934?  Yet, there is a mystique that still surrounds the FHA (and FHA loans), even after its many decades of existence.  
     
     The letters FHA are an acronym for Federal Housing Administration, a department of HUD, (another acronym that stands for U.S. Department of Housing and Urban Development).
     Perhaps the biggest misconception I hear from my potential Borrowers regarding the Federal Housing Administration is that the FHA itself originates loans.  It does not.  
      FHA is chartered to insure the Mortgage Lenders that … (13 comments)

fha: Mark Your Calendars: Changes Ahead for Mortgage Financing, 1/26 - 01/14/15 04:09 AM
Mark Your Calendars:
Changes Ahead for Mortgage Financing, 1/26 
 
     Both FHA and Fannie Mae (Conventional Loans) have recently announced upcoming changes that will kick-in on January 26, 2015 ...  
     FHA has announced a 50 Basis Point reduction in Monthly Mortgage Insurance costs to Borrowers, resulting in most cases, a half-percent cut on MI charges.  
     An example of cost reduction realized:  
     A $200,000 Loan reaps an $83.33 per month savings.  That reduced Mortgage Insurance payment savings gives a Borrower MORE buying power,perhaps as much as $17,000 in price and/or loan approval.  
     It also means the Borrower realizes a reduction in their Debt-to-Income (DTI) Ratio … (16 comments)

fha: FHA Announces New Blueprint for Home Buying Success: "Homeowners Armed with Knowledge" - 05/14/14 05:45 AM
 
FHA Announces New Blueprint for Home Buying Success: "Homeowners Armed with Knowledge"      
     It probably comes to you as no surprise ... 
     Hopeful home buyers are struggling to save the funds and down payments needed to purchase homes. Many are also finding that securing their mortgage financing can be a bit of a challenge.  
     FHA (Federal Housing Administration) loans have long been a source of financing for home buyers, especially those that have been "down payment challenged" and First-Timers. But as of late, the costs that accompany FHA financing have increased.  Increased to … (31 comments)

fha: Preparing to Buy a Chicagoland Home: Seller-Paid Closing Costs - 01/22/14 10:08 PM
Preparing to Buy a Chicagoland Home:
Seller-Paid Closing Costs  
     Looking out my office window right now, you'd never know that Spring ... and Spring's busier Chicagoland housing market isn't that far off.  Yet, it's true ...
     Chicagoland First-time Home Buyers (those typically purchasing homes from the low $100K's to the low-$200K's) and anyone else hoping to buy during this upcoming Spring's warmer-weather market, should be making their plans NOW, while winter snow is still on the ground and temperatures are frigid. 
     So, if you're a hopeful Chicagoland First-Time Home Buyer (or anyone seeking Mortgage financing) what … (12 comments)

fha: Balancing Risk with Affordable Financing: Lower Loan Limits & Higher Costs of Borrowing - 01/07/14 03:19 AM
 
 Balancing Risk with Affordable Financing: Lower Loan Limits & Higher Costs of Borrowing        An interesting phenomenon is taking place within the financing world these days ...  
     What "used" to be ... doesn't "remain that way" long!
     This has always been the case in quickly-changing JUMBO financing.  JUMBO loans are defined as those loans above $417,000 on Single-Family Residences (except in those areas considered as more high cost*  (*See me for more info).  
     JUMBO loans are typically financed through:   Private lenders  Banks  Equity firms, security companies, etc.      
     There is NO government agency backing for JUMBO loans, … (28 comments)

fha: Good News for Many Hopeful 2014 Home Buyers: FHA's "Back to Work - Extenuating Circumstances" Program - 01/02/14 06:26 AM
 
Good News for Many Hopeful 2014 Home Buyers: 
FHA's "Back to Work - Extenuating Circumstances" Program            Many U.S. Homeowners became the unfortunate participants in the recent real estate housing crisis.  A large number of them dream of becoming Homeowners once again.  These hopeful potential Buyers are termed "Boomerang Buyers".    If you read much about real estate or the economy over the past few years, you saw the term everywhere.    
     Now I read that Trulia's Chief Economist, Jed Kolko, predicted in a recent news article that the year of 2014 will be "the year … (31 comments)

fha: Will Mortgage Financing Have a New Look Soon? Changes with Fannie Mae, Freddie Mac, and FHA - 09/05/13 06:46 AM
 
Will Mortgage Financing Have a New Look Soon?
Changes with Fannie Mae, Freddie Mac, and FHA

     Five years from now, will financing of Residential housing have a whole new look?  Many are predicting so ...
     Currently, approximately 90% of new loans closed are backed or guaranteed by the giants Fannie Mae and Freddie Mac.  And that percentage is currently growing.  Based on recent reports, Loan Originations submitted to FHA were down 49% during the month of June, 2013.
     Of course, these numbers (and recent chameleon-like changes) may directly correlate with FHA's recent increases in Monthly-Paid Mortgage Insurance … (12 comments)

fha: What are Appraisers Looking For in Current Chicagoland FHA Assignments? - 04/08/13 03:57 AM
 
What are Appraisers Looking For in Current Chicagoland FHA Assignments?    
     FHA loans have been gaining a lot of attention as of late.  As of  April 1st, FHA annual mortgage insurance premiums rose  on the majority of FHA loans by 0.1%, or 10 basis points. 

     Still, even with the rise in cost, FHA is a viable option for many potential Buyers to consider for mortgage financing.  With that said, as with all financing options, the final choice (and wisdom) of mortgage program lies in the individual applicant's personal financials and credit ... and is something … (3 comments)

fha: The Changing Status of "Non-Traditional Credit References" - 03/14/13 03:48 AM
 
The Changing Status of  "Non-Traditional Credit References"  

     When talking with potential clients seeking mortgage financing, one of the very first things I do is provide the address to my website.  I've loaded my mortgage website with helpful info and tools to benefit all those that visit there.

      One of the bits of info that I use and stress the importance of, is my "Mortgage Checklist".  This list includes the info and documentation that is typically needed for mortgage application and processing.   Having this list available ahead of time helps applicants tremendously and makes their mortgage … (33 comments)

fha: The large number and array of calls and questions I received and answered in just one weekend prove beyond a shadow of a doubt ... - 10/15/12 07:19 AM
 
The large number and array of calls and questions I received and answered in just one weekend prove it beyond a shadow of a doubt ...
 
 
 
    
     The market is changing!  I'm hearing a huge assortment of questions regarding mortgages once again ...
 
     This weekend's calls and contacts brought me a full array of  questions regarding mortgage financing.  Their questions showed me they're paying attention and doing their homework in advance to  contacting  me.   It also shows that  THEY ARE GETTING  GOOD, SOUND GUIDANCE  FROM THE AGENTS and PROFESSIONALS THEY ARE CHOOSING … (50 comments)

fha: How do YOU spell Relief? CONDO relief, that is ... - 09/25/12 11:48 PM
 
How do YOU spell Relief? CONDO relief, that is ...              I'm probably dating myself just a bit when I say I remember the commercial included below well enough to deliberately go hunting for it on  YouTube.  (And I'm sure current Dallas/Tony Romo fans say, Roger Staubach who?)    
 
 
           Back in the early 80's when this ad was running, RELIEF was spelled R-O-L-A-I-D-S ... but as of September 13th, 2012? I think it should be spelled ... F-H-A ... Condominium Projects Revisions!
     Yes ...finally... FHA has revised its rules on … (11 comments)

fha: New Changes to Mortgage Rules & Regulations Don't Have to be This Summer's "Beanball" and Knock Buyers Out of Their Home Buying Game - 04/18/12 05:33 AM
New Changes to Mortgage Rules and Regulations Don't Have to be This Summer's "Beanball" and Knock Buyers Out of Their Home Buying Game                The ever evolving mortgage business requires an expertise and personal commitment by its professionals to provide excellence in service and quality, not to mention results.  And part of that commitment includes education and the imparting of knowledge to the public, their clients, and referral partners to industry guidelines and changes to those guidelines.       A recent announcement from HUD, on the processing of those loans intended to be insured with an FHA … (8 comments)

fha: Announcing the "Comeback Kid" ... PMI! (Private Mortgage Insurance) - 01/02/12 04:24 AM
Announcing the "Comeback Kid" ... PMI! (Private Mortgage Insurance)               In the good news department, it appears that the private mortgage insurance companies may be loosening up their guidelines and appear to be regaining a lost share of business that FHA has been enjoying.         Coupled with the higher monthly mortgage insurance costs associated with FHA loans now, and the "availability" of privately issued mortgage insurance, more Conventional loan scenarios are taking hold.         Of those options at 5% down, single premium (paid upfront at closing) is emerging from the pack. With the single premium … (20 comments)

fha: FHA Appraisal Changes Coming January 2nd, 2012 - 12/20/11 09:52 AM
FHA Appraisal Changes Coming January 2nd, 2012                 Following Fannie and Freddie's lead taken this last Fall, (September 2011), as of January 2, 2012, FHA (Federal Housing Administration) will be asking Appraisers to rate Condition of Property and Comparables from a pre-determined range of existing conditions.       These existing conditions will be rated from 1 to 6, (1 being new construction - to 6, being in need of total rehab and unacceptable condition).         The same will be true for ratings of Quality of Construction, and other identified factors.  Utilization of these ratings will bring uniformity … (14 comments)

fha: A True or False Quiz. Dispelling the Rumors Surrounding Mortgages ... - 05/17/11 11:24 AM
    
     During great parts of my day I find myself  "dispensing"  information.  I literally visualize myself much like a pharmacist or doctor ... dispensing little pills of information, performing surgery to heal credit, suture finances, resuscitate mortgage processings, and deliver successful closings.  
     I love sharing and dispensing that mortgage information to my clients and referral partners.  No doubt about it.  But as we all know, it isn't always easy to get patients to "take" their medicine.  It's much the same with potential homebuyers many times.  They KNOW they have a need for the information being made available.  They UNDERSTAND that they should be … (29 comments)

fha: Will it be FHA or Conventional Financing? Weighing Financing Options after the April 18th, 2011 Changes - 04/21/11 11:50 AM

Will it be FHA or Conventional Financing?
    Weighing Financing Options after the April 18th, 2011 Changes                   Considering the speed in which changes are occurring in the mortgage industry currently, I'm getting hard-pressed to find a new headline that will catch a new home buyer's eye or interest.         Another change?         Ho-Hum ... zzzzzzzzzzzzzzzzz                   But THIS change that took place as of April 18th, 2011?  HUD   increasing  FHA Monthly Mortgage Insurance  by another 1/4%?  It's a change that's going to shake-up the home buying plans and dreams of many new home buyers moving forward.    … (16 comments)

fha: STOP THE PRESSES! "NO DOWNS" & "LOW DOWNS" FOUND ALIVE! - 05/28/09 01:12 PM



 
 



(1 comments)

fha: Addressing First-Time Home Buyer's Worries ... Down Payments, Credit, FHA, & More - 03/30/09 08:39 AM
I recently had an associate that forwarded an article to me regarding the findings of a survey conducted with prospective first-time home buyers.  Being a mortgage banker, he knew the results of such a survey would naturally be of interest to me. 
The information contained within this article surprised me just a little bit, I have to admit.  Maybe it's because I am employed within the real estate industry and sensitive to every move and gesture of it, but it seems to me that news, information, and opinions regarding our industry are everywhere and delivered non-stop.  At times, it feels almost relentless. 
Still, the findings of this … (2 comments)

fha: Getting the Facts Out - Reverse Mortgages - 03/10/09 03:49 AM
There is only one word I can use to describe the reactions I sometimes receive regarding the topic of Reverse Mortgages.  It is resistance. 
I would also say that at times, people don't even know or completely understand why they are resisting.  All sorts of internal alarms seem to be set-off regarding this topic and I meet a roadblock.  Perhaps because of the age group utilizing these mortgages, special precautionary defenses get called into play emotionally.  Everyone has heard a horror story of a predatory vulture stalking an unsuspecting senior.  And unfortunately, too many times it has been true.
But we must guard against … (1 comments)

 
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) Rainmaker large

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience

New Lenox, IL

More about me…

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656

Address: Gene Mundt, Mortgage Originator c/o American Portfolio Mortgage Corp., 318 Alana Drive, New Lenox, IL, 60451

Mobile: (708) 921-6331

Office: (815) 524-2280

Email Me



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