fha: HUD Unveils a Loan Modification Scam Reporting Site - 03/09/10 09:02 AM
HUD has a new website, Preventloanscams.org, to build a data base of shady loan modification practices and reported scams. The database will allow non-profit agencies trying to help homeowners to identify problems across regional lines. In the past HUD could not share such data with non-profits.
The database was planned and created by HUD in partnership with the Loan Modification Scam Prevention Network and the Lawyers’ Committee for Civil Rights Under Law.
Homeowners who believe they have been victimized can fill out a complaint online.
 
Dave Rosenmarkle
Broker/Owner
Highland Realty
Arlington, VA  22208
703-538-2566
davidrose@mris.com
www.HighlandAgents.com

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fha: Qualifying for FHA Loan Will Get Tougher - 03/04/10 09:31 PM
In an effort to shore up its disappearing reserves, the Federal Housing Administration has issued new loan standards which will go into effect this summer. FHA is an important source of loans for first time homebuyers and those who have struggled to get credit scores into range to be able to qualify for a home loan. The tighter standards will affect the number of people who receive loans starting this summer.
Specifically, applicants will be expected to have
• Higher credit scores. FHA has not required a minimum score to date, but will require a minimum of 580 under the new … (2 comments)

fha: CRITICAL UPDATE- HUD Rules Might Eliminate ALL Seller Financing - 02/13/10 09:23 PM
There is news spreading around the last couple days of new HUD rules that could eliminate ALL seller financing unless the seller lives in the home or is a licensed loan originator.
You can check out the proposed rules at http://www.regulations.gov/search/Regs/home.html#documentDetail?R=0900006480a6b033
Now, as with all laws, this one is supposed to be clear and narrowly focused. However, as is typical, there are multiple interpretations of the new rules. Some people are screaming and running for the hills, while others believe that they will be unaffected.
The deadline for comment on the new rules is February 16, 2010, so there is still … (2 comments)

fha: FHA to Lift Mortgage Insurance Fees - 01/20/10 09:42 PM
The Federal Housing Administration will announce more-stringent lending requirements and higher borrower fees on Wednesday to cushion against rising defaults and stave off the need for a taxpayer bailout of the agency.
The FHA, which has taken on a major role in the housing market during the economic downturn, doesn't lend money to home buyers, but insures lenders against default on loans that meet FHA criteria. In exchange for that backing, borrowers who take out FHA-backed loans must pay an upfront insurance premium, currently set at 1.75% of the total loan amount. The premium can be rolled into the loan.
The … (3 comments)

fha: FHA Flip Waiver Requirements - 01/17/10 04:55 AM
 
All
After many, many interpretations about what may or may not be required, here are the specific requirements. Thanks Vince Liguori
 

 


 


 
 
 
Now please go sell something!
Dave Rosenmarkle
Broker/Owner
ighland Realty
Arlington, VA 22207
Office (703)538-2566
davidrose@mris.com
www.Highland Agents.com
It's a great day to be of service to others!

 
 
 
 
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fha: FHA has lifted the 90-day seasoning requirement! - 01/16/10 03:12 AM
The news is spreading fast...  As reported out from FHA on January 15, 2010 -
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help bring stability to home values and accelerate sale of vacant properties WASHINGTON -
In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties.
The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary … (84 comments)

fha: Anti-Leasing Covenant Found to Violate FHA - 04/26/07 10:12 AM
An Indiana court has considered whether a homeowner’s association enforcement of an anti-leasing covenant violated the federal Fair Housing Act (“Act’). In 1996, Algie and Edna McGlothin (“Owners”) purchased a residence in a housing complex known as Villas West II of Willowridge (“Villas”). The Villas were originally managed by the Jim Bagley Construction Company (“Construction Company”), but the Construction Company turned over management of the development to the homeowner’s association (“Association”) in May 2000. When the Owners purchased their unit, the purchase agreement contained a covenant which prohibited leasing within the Villas “for the protection of owners with regard to financially … (3 comments)

fha: Craig's List dodges a huge bullet from FHA law suit - 12/21/06 02:08 AM
An Illinois federal court has considered whether a website which allowed users to post information about housing on the website could be liable as a publisher for postings which allegedly contained content that violated prohibitions contained in the federal Fair Housing Act (“FHA”). Craigslist, Inc. (“Website”) operates a website which allows users to post information about jobs, items for sale, personals, and housing opportunities, among other things. The Website allows postings from both users who are either seeking or offering housing for sale or lease. The users communicate with each other if they are interested in the products or services being … (18 comments)