nehemiah program: FHA Loans & FHA Mortgages -- Legislation Update -- August of 2008
- 08/08/08 06:48 PM
As many of you are aware, the mortgage industry has been going through some major changes in the last 6 months. Well, get ready for some more changes. In my honest opinion, many of the changes are for the worst. Sorry, but it's reality and we need to pay attention more than ever. I am going to list the important changes next. I will list from the most important to least, but based on my opinion.
1. Seller funded downpayment assistance programs - Know as DPA's or Downpayment assistance programs. Seller's can't participate as of October 1st, 2008, unless the … (29 comments)
nehemiah program: FHA loans vs Conventional loans - Knowing the true numbers....
- 06/01/08 10:03 AM
FHA loans have been the choice of mortgages as of lately in many parts of the country for numerous reasons. What I do hate hearing is that they have taken the spot of the subprime loans. This is not true by any part of the imagination. This statement is from those that are inexperienced in both the mortgage industry and the real estate industry. The subprime loan for many years could go down to a 500 credit score, as long as you had more money down. But your rate was usually higher. The better your score, the less you needed … (8 comments)
nehemiah program: Creative FHA loans — No Money out of pocket
- 05/04/08 01:59 AM
FHA loans are becoming a vital part of todays financing when it comes to buying a new home or refinancing. You will still hear from some lenders or realtors that FHA financing is not the way to go. Here are some reasons why and the rumors mentioned : They are old school and dont know about the new appraisal changes that have taken place in the last 5 years. Truth : FHA appraisals are now done the same way as conventional appraisals. The lender is not FHA approved or understands how FHA mortgages work. Some loan officers advertise FHA loans as 100% … (9 comments)
nehemiah program: FHA mortgages -- Why are so many consumers having approval issues???
- 04/17/08 07:55 AM
Is your current lender giving you the run-around? Have you been told that you should have the approval or the commitment letter any day now? And it's been 7 to 12 days now. Was this the same lender that told you 30 days ago, that they could get your loan done and now they are asking for more information? All of the questions above should be a large concern on your part, if you have applied with another lender and some of these sound familiar. I have been doing mortgages for 15 1/2 years now and I never said that … (21 comments)
nehemiah program: Sellers & Listing Agents -- Are you hurting your potential buyers mortgage payment?
- 04/13/08 07:30 AM
You are a seller that lists with a real estate agent, and one of you decides that you will not accept FHA financing as a means of a potential buyer purchasing your home? Why is this? Have you been misinformed by the general public? By a real estate agent that doesn't know any better? By an agent who is remembering issues with FHA appraisals from the 1990's? What about the lender that the previous buyer was using who was helping them with a FHA mortgage. And the loan didn't close. Was is it because it was a FHA loan? Was … (14 comments)
May your loan be a FHA mortgage or a Conventional mortgage, I am finding many loan officers not prepping their clients with knowledge. I have been in the mortgage industry for over 15 1/2 years now and for some reason it seems like it has been sloppier on the loan officers side of things when speaking to the consumer. CONSUMER ..... please pay attention to some of my concerns, it might save you headaches and heartache in the future. # 1 concern...... When you are pre-qualified or approved by a lender, don't go out and buy anything new. The loan … (13 comments)
With yesterdays news that the new FHA loan limits were increased, and that Judge Lawrence K. Karlton upheld Nehemiah's motion against all down payment assistance programs to be banned, it's been a very good week in the mortgage industry. Here is part of the letter from Scott Syphax (President & CEO of Nehemiah) who states: Judge Lawrence K Karlton of the United States District Court for the Eastern District of California upheld Nehemiah's motion for summary judgment. The Court Clerk's Office is directed to enter judgment and close the case. To be clear, the U.S. Department of Housing … (28 comments)
The Down Payment Assistance programs are still up in the air, unknown at this time, whether or not that they will be extended beyond the March 28th deadline. This is for all DPA programs such as Nehemiah and AmeriDream. Judge Friedman of the United States District Court for the District of Columbia issued an injunction prohibiting HUD from implementing the downpayment assistance rule back on October 31,2007. He was suppose to have revisited this ruling on February 28th, 2008. But at this time, the injunction still remains in effect and the judge can come back at any time to … (13 comments)
nehemiah program: Top 10 reasons FHA is a great way to finance your home....
- 03/01/08 06:59 AM
FHA mortgages, why are they still not talked about as much as they should be? Many mortgage companies are not FHA approved.Many loan officers do not truly understand the difference between FHA mortgages and Conventional mortgages. Overall, what a great time to purchase a home or to refinance your mortgage. Mortgage rates right now are the lowest that they have been in over 2 years. So, with that said, let's check out why many times, FHA financing is better than conventional financing.....
Top 10 Reasons why FHA mortgages are better than Conventional mortgages
Nehemiah, AmeriDream, and any other down payment assistance program(s) could be ending by the end of March. March 28th to be exact. Does this mean time is running out? It certainly looks like it. If you are in the process with a lender now, you better be on top of them, that they have your loan approved. Better yet, make sure that they have your money registered with the Nehemiah program or the AmeriDream program. Is there any daylight showing in regards to what Judge Friedman ruled back in October 2007? Latest on HUD Rule -- Insert from the … (17 comments)
nehemiah program: Why the uproar about mortgage programs & higher loan limits ???
- 01/29/08 07:13 AM
Loan limits are going up, loan limits are going up. First off, between the House, the Senate, and the President, they are still trying to finalize the figures so the President will sign off on the new bill. They are now recomposing such numbers to possibly include in the President's economic stimulus package. Why do you ask? Because by raising loan amounts, it will also in many ways, add more money to the economy. For any of you who aren't economic majors, it is to prevent a recession that we could possibly be facing. What I hate about the term recession … (10 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
As many of you are aware, the mortgage industry has been going through some major changes in the last 6 months. Well, get ready for some more changes. In my honest opinion, many of the changes are for the worst. Sorry, but it's reality and we need to pay attention more than ever.
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