fha financing: 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 financing: What is FHA Mortgage Insurance and How Does it Work? - 09/29/16 07:44 AM
 
What is FHA Mortgage Insurance
and How Does it Work?
 
     Mortgage Insurance remains a hot topic for potential Borrowers, current Borrowers, and professionals alike.  And of great interest, no matter which type of mortgage program it's utilized in ... Conventional or FHA (Federal Housing Administration).
     While I've written in the past about Mortgage Insurance as it relates to Conventional financing, I now want to focus on its counterpart within FHA Loans ... which is mandatory, guaranteed, and government issued (not Privately backed by Corporations).  (See past posts, "Understanding Private Mortgage Insurance. PMI: The Pros and Cons" and "How to "Replace" Mortgage Insurance") 
     Since FHA Loans are government insured, it should come as no surprise … (17 comments)

fha financing: Presently Have a FHA Mortgage? A FHA Streamline Refinance Could Save You Money - 02/24/15 04:06 AM
Presently Have a FHA Mortgage?   A FHA Streamline Refinance Could Save You Money          Did you finance a property using an FHA-insured mortgage? (Federal Housing Administration).  
     
     It's possible that you can now Refinance  and save money on your monthly Mortgage payments through a FHA Streamline Refinance ...        How do you save?        Reduced FHA Mortgage Insurance Premiums:  FHA recently enacted a 50 Basis Point reduction in Monthly Mortgage Insurance costs to Borrowers, resulting in most cases, a half-percent cut on Mortgage Insurance charges. (For more info regarding these changes, click HERE ).           Interest Rates:  FHA interest … (10 comments)

fha financing: Fewer Condominium Associations FHA Eligible - 10/24/14 01:01 AM
Fewer Condominium Associations FHA Eligible   
         Recently, an agent that is a referral partner of mine
contacted me regarding a listing of his that was a Condominium.  He had received an offer on the listing and the offer called for FHA financing.        This agent posed a question to me.  It was, "Can this condo development still go FHA and FHA financing?"        After doing some research on the property, I gave him my answer.  It was bad news ... "No".  Unfortunately, the Association's FHA Approval had expired well over 2 years ago.
     My answer obviously frustrated this … (57 comments)

fha financing: 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 financing: FHA Criteria & Challenges for Will County & Chicagoland Condominiums - 07/26/13 04:10 AM
  FHA Criteria and Challenges  for Will County and Chicagoland Condominiums
     Many young First-Time Home Buyers are currently facing challenges as they enter the housing market.  No doubt about it, the recent economic downturn hit the young generation hard.  
     Young Buyers have Student Loans staring them in the face.  Others are struggling as they search for careers, employment, and decent wages.  Their credit and ability to save for a down payment can take a backseat as they focus on other elements of their life.
     Because of these things, many Will County and Chicagoland-area hopeful young Buyers are turning to  … (16 comments)

fha financing: 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 financing: Winds of Change are Blowing Again Regarding Mortgage Insurance - 07/05/12 05:05 AM
 
 
Winds of Change are Blowing Again Regarding Mortgage Insurance                               Winds of change are constantly blowing through the Real Estate Financing business ...               At least the latest, and new notice regarding the costs of mortgage insurance  is "at our backs" instead of a head-wind.         We all know that  FHA  has been forced to bump-up the cost of mortgage insurance recently.  As a result, we've seen a surge of 95%  Loan-to-Value  (5% Down Payment)  Conventional Financing  deals come our way.         Now we are hearing that … (18 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

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