real estate: FHA rescinds $1,000 credit dispute rule
- 06/18/12 02:05 AM
FHA rescinded on Friday after an initial implementation delay the rule making it difficult for anyone with credit disputes in excess of $1,000 to secure financing. The rule has been completely revoked according to mortgagee letter 2012-10 dated June 15, 2012. You can access the mortgagee letter here and a Housing Wire article on the change here. … (1 comments)
real estate: Today show segment on Pros and Cons of Reverse Mortgages
- 04/13/12 02:13 AM
Today Show crash course on Reverse Mortgages. Brief segment but some good information. Borrowers must be 62 or older to qualify and the loan must be secured by a primary residence. There is no limit to what funds can be used for including purchase of investment property and/or second homes.
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real estate: Reverse Purchase? I never heard of such a thing!
- 04/10/12 12:29 PM
Last week a Senior buyer I had pre-qualified for a new home purchase was out looking in a new home development. When he explained to the site agent at the 55+ FHA approved community that he was going to finance the new house with an FHA insured (HECM) Reverse for Purchase she replied "I never heard of such a thing." She went on to tell him that they didn't offer that program and that he would need to be qualified by her loan officer for a regular loan. A few minutes later at the buyers insistence, she called me and I … (6 comments)
FHA rescinded on Friday after an initial implementation delay the rule making it difficult for anyone with credit disputes in excess of $1,000 to secure financing. The rule has been completely revoked according to mortgagee letter 2012-10 dated June 15, 2012. 
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