fha: FHA Streamline Submission Checklist - 02/02/08 03:22 AM
With rates dropping, and expected to continue to drop, we're going to see more demand for FHA Streamlines (non-credit qualifying rate/term refinances of borrowers who currently have an FHA loan).   
Below is some general information on them, and a Submission Checklist
 
Appraisal not required if loan amount does not exceed original loan amount DU Findings are not required Employment information is required on the 1003 Income and Assets are not required on the 1003 Max 1x30 on the Mortgage last 12 months Must be 0x30 at closing Max $250 cash out VOM required at Submission Not allowed in Colorado, Minnesota, Nevada, … (7 comments)

fha: FHA Streamline Submission Checklist - 02/02/08 03:19 AM
With rates dropping, and expected to continue to drop, we're going to see more demand for FHA Streamlines (non-credit qualifying rate/term refinances of borrowers who currently have an FHA loan).   
Below is some general information on them, and a Submission Checklist
Appraisal not required if loan amount does not exceed original loan amount DU Findings are not required Employment information is required on the 1003 Income and Assets are not required on the 1003 Max 1x30 on the Mortgage last 12 months Must be 0x30 at closing Max $250 cash out VOM required at Submission Not allowed in Colorado, Minnesota, Nevada, … (3 comments)

fha: NEW FHA LOAN LIMITS UP TO $730,000!!!! - 01/26/08 02:12 AM
As part of the economic stimulus package being negotiated by House Democratsand the Treasury Department, Fannie and Freddie loan limits will increasedfor one year up to $730,000. The increase will be adjusted for local marketsat 125% of local median home price. The move will significantly improveliquidity and pricing in the jumbo market. The agreement also includesraising the FHA loan limits to the same amount. We are trying to confirmwhether the other provisions of FHA reform will be included (such aslowering downpayment requirements). But at a minimum, the loan limits willbe increased.This represents an agreement in principle and must still go through … (8 comments)

fha: AWESOME FHA NEWS!!! NEW HIGHER LIMITS!!! - 01/26/08 02:09 AM
As part of the economic stimulus package being negotiated by House Democratsand the Treasury Department, Fannie and Freddie loan limits will increasedfor one year up to $730,000. The increase will be adjusted for local marketsat 125% of local median home price. The move will significantly improveliquidity and pricing in the jumbo market. The agreement also includesraising the FHA loan limits to the same amount. We are trying to confirmwhether the other provisions of FHA reform will be included (such aslowering downpayment requirements). But at a minimum, the loan limits willbe increased.This represents an agreement in principle and must still go through … (0 comments)

fha: FHA Streamline – Submission Tips - 12/19/07 06:56 AM
FHA Streamline - Submission Tips
 
·       Do Not disclose FICO score - do not write FICO score on rate lock form -
·       Do not run automated findings - manual underwrite only -
·       If the new base loan amount does not exceed the total loan amount from the previous loan, an appraisal is not required
·       Credit report - Mortgage rating only w/NO FICO Scores - need most recent 12 months unless loan is less than 12 months old
·       Copy of the current NOTE - not the MORTGAGE, not the HUD-1 - need the NOTE
·       Payoff letter should be submitted with file or … (5 comments)

fha: Refinance Facts and The Presidents "New Plan"... - 12/08/07 11:54 AM
I trust you will find this article useful regarding the Federal Plan to help some subprime borrowers announced yesterday by President Bush.  This will help you answer the questions that will come your way.  It's a great opportunity to attract some Refi business in December and January.
A few Refi facts that borrowers may not know:
FHA cash out refi to 95%
Rate & Term Refi's with Flex 100 or My Community/Home Possible to 100% LTV
Expanded Approval Rate & Term Refi's to high LTV's
Our Lender Paid MI can be a great option for some.
Who Qualifies for Help,And What Qualifies as Subprime?
The mortgage plan … (3 comments)

fha: Refi Facts and The "New Plan"... - 12/07/07 05:02 AM
I trust you will find this article useful regarding the Federal Plan to help some subprime borrowers announced yesterday by President Bush.  This will help you answer the questions that will come your way.  It's a great opportunity to attract some Refi business in December and January.
A few Refi facts that borrowers may not know:
FHA cash out refi to 95%
Rate & Term Refi's with Flex 100 or My Community/Home Possible to 100% LTV
Expanded Approval Rate & Term Refi's to high LTV's
Our Lender Paid MI can be a great option for some.
Who Qualifies for Help,And What Qualifies as Subprime?
The mortgage plan … (5 comments)

fha: I MISS FHA - 12/01/07 03:21 PM
Another lender is getting even STRICTER....and with FHA!!!
Hey guys,
Sorry to bring this to you late on a Friday, but I just received an email that we are increasing our minimum fico on FHA loans to 600 for all borrowers.  I need all loans locked today that fall between the 580 and 599.  Please call me asap to get these deals locked.  PLEASE NOTE THAT THIS DOES NOT AFFECT STREAMLINES.  We do not require a credit score on streamlines.  Please call me with any questions and I am sorry for this.
Thanks!
Account Executive
SunTrust Mortgage
I remember when FHA was FHA!!!
Pretty soon it'll be … (2 comments)

fha: HUD IS DEFEATED BY GRANT AMERICA PROGRAM - 11/08/07 02:10 AM
On October 31st, in Federal District Court, Judge Freidman handed down a stunning upset ruling in the Penobscot Indian Nation v H.U.D. case Civil Action # 07-1282.  Judge Freidman's four page ruling prohibits HUD from enforcing the rule banning downpayment assistance programs that charge property seller's a fee.   The Penobscot Indian Nation conducts the Grant America Program which is, "Bridging the G.A.P. to homeownership"TM , for thousands of low to moderate income homebuyer's.  
G.A.P. is authorized to continue providing downpayment grants on FHA loans until the final determination of its lawsuit against HUD. 
Just as importantly, the Grant America program is … (0 comments)

fha: FHA UPDATE & INFORMATION - 10/22/07 02:28 AM
HUD issued a final rule amending the regulations regarding specific standards for a mortgagor's investment in property which is to be insured by FHA.
The rule defines a prohibited source of down payment assistance as a payment that consists in whole or in part, of funds provided by any of the following parties before, during or after close of the property sale:    the seller;   any other person or entity that benefits from the transaction;   any third party or entity that is reimbursed directly or indirectly by the seller.
In order for the homebuyer to use a gift that was derived from the seller, … (9 comments)

fha: FDIC Says Make Teaser Rates Permanent - 10/09/07 02:21 AM
Some institutions are starting to be more proactive in modifying loans, FDIC's chairman said at an investor conference last week, according to a transcript of her presentation. She called for servicers to make teaser start rates permanent for owner-occupied borrowers with current mortgages, adding that these hybrid loans were designed as short term programs that relied on appreciation. "Keep it at the starter rate," she said. "Convert it into a fixed rate. Make it permanent. And get on with it."
That would REALLY help a lot of home owners IF banks would do this.....but I haven't heard of a single one ACTUALLY … (5 comments)

fha: HUD Acts on B&C Refis - 10/03/07 04:08 AM
The Department of Housing and Urban Development gave lenders the go-ahead last week to start refinancing delinquent subprime borrowers into Federal Housing Administration loans. The emergency program is designed to give certain subprime borrowers with adjustable-rate mortgages a refinancing option to avoid foreclosure.
It is a key component of the Bush administration's efforts to mitigate the fallout from the subprime mortgage debacle.
Under the program, borrowers that were current on their monthly payments up to the time of the reset of their ARM can qualify for a new FHA-insured mortgage, according to the FHA mortgagee letter that spells out the requirements for the … (0 comments)

fha: FHA credit policy changes...Remember when FHA was NOT credit driven?!?! - 09/26/07 02:53 AM
Important FHA Credit Policy Changes...Effective October 1, 2007 HUD/FHA establishes the minimum standards for insuring an eligible mortgage application.  These standards are described in several handbooks published by HUD/FHA and are amended from time-to-time by Mortgagee Letters.  The handbooks provide direction to lenders and lenders are expected to exercise both sound judgment and due diligence in the underwriting of loans to be insured by FHA.  Lenders may choose to underwrite FHA applications based upon their risk standards and experience.  Therefore, it is not uncommon that certain flexibilities of the FHA program(s) are not permitted by some lenders.  At this time, National … (20 comments)

fha: The rules of the Presidents new FHASecure - 09/26/07 02:50 AM
See 2 quick bullet points about the program below. I have attached mortgagee letter #2007-11 from HUD on the specific guidelines about the "FHASecure" program. Please review the mortgagee letter for all details.
Under the "FHASecure" program, borrowers who are delinquent on their mortgages as a result of interest rate resets will now be able to refinance to an FHA mortgage. Before, only borrowers who were current on their existing loan were allowed to re-finance into an FHA-insured mortgage. The borrower must be delinquent on a non-FHA ARM after an interest rate reset to be eligible. (Pay Option ARMs are not … (1 comments)

fha: House approves bill helping mortgage borrowers - 09/19/07 03:32 AM
Passed by a vote of 348 to 72, the bill reforms the Federal Housing Administration and is the latest lifeline thrown to borrowers from Washington as the fallout in the mortgage market continues.
 About two million loans are expected to reset to higher rates in the next two years, with defaults expected to follow. Congress and the White House have floated various proposals to stem the damage.
The plan is to re-fi borrowers out of unsustainable loans into what will effectively be government subprime loans (and keep inflated home values going a little longer). The new limits will be 0-down; up to … (3 comments)

fha: Bush Moves to Aid Homeowners - 08/31/07 01:58 AM
Interesting article from the Wall Street Journal this morning that I HAD to share with you!
Should be a refi-boom coming if this goes as planned!
President Bush, looking for ways to respond to the subprime-mortgage crisis, will outline a series of policy changes and recommendations today to help borrowers avoid default, senior administration officials said.
Among the moves will be an administrative change to allow the Federal Housing Administration, which insures mortgages for low- and middle-income borrowers, to guarantee loans for delinquent borrowers. The change is intended to help borrowers who are at least 90 days behind in payments but still living … (9 comments)

fha: Plan NOW for future business-We do FHA. - 06/27/07 02:36 AM
While experts believe the impact of the housing downturn has been felt primarily in the subprime mortgage market, some warn that a prolonged period of weakness might affect other areas of the economy as well. Concerns about rising mortgage defaults in Bear Stearns' portfolio triggered a 185-point decline in the Dow Jones Industrial Average on June 22, as investors wondered whether other Wall Street firms also would be affected. Investors and analysts are paying close attention to adjustable-rate mortgages, as 75 percent of the $515 billion in ARMs with interest rates scheduled to reset in 2007 and the $680 billion slated … (1 comments)

 

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Mortgage Broker Huntley, IL

Huntley, IL

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