fha mortgage: FHA Changes 9/14/15 - are you still approved? - 09/23/15 11:13 PM
FHA made some substantial changes to the underwriting guidelines that went into effect with FHA Case Numbers assigned after 9/14/15.  If you are a buyer that is "pre-qualified or pre-approved", now is the time to confirm with your Mortgage Loan Originator that you are still pre-qualified or pre-approved if you have not yet made your purchase.
The biggest change that will impact these pre-qualification for most first time home buyers is the position regarding student loans.  Now, regardless of deferment, the payment must be included in the debt to income ratio (DTI).  If no payment is listed on the credit report, an estimated payment … (3 comments)

fha mortgage: My New Announcement - May 2015 - 05/11/15 03:54 AM
I am pleased to announce that I have joined CrossCountry Mortgage this month. 
Whether you  or your clients are looking to purchase their first home, buy a luxury hone or are looking to invest in real estate as a part of their portfolio, I can help with all of these transactions.   We offer a broad portfolio of mortgage products that allow us to match the client's need.  Some of the specialty products we offer include:
*Bank Statement for self employed borrowers
*Construction to perm for clients interested in building a new home
*No-doc investment loans
In addition we offer all of the traditional mortgage products such as:
*Conventional … (5 comments)

fha mortgage: Severe Storms and Buying a Home - 08/26/12 12:21 PM
Severe storms and buying a home may seem like an unusual title for a blog, but the number and severity of a storm are going to impact many home purchases in the pipeline.  
Did you know that if threatening storms are predicted insurance companies will suspend issuing any new policies until after the storm has passed?
Home purchase transactions where the appraisal has already been completed, but not yet closed, must be re-inpsected by the appraiser.  This is to confirm that the home is in the same condition as the date of the appraisal prior to the storm. 
This policy … (4 comments)

fha mortgage: FHA Collections Policy Changes Delayed - 04/11/12 12:01 PM
This spring there will be many changes affecting the FHA mortgage program.  As of April 9, 2012, the Upfront MIP will increase to 1.75% for loans with a 3.5% down payment; and 1.2% for loans with a 5% down payment.  The maximum loan amount is still determined by county statistics.  You can check for the limit for your county by going to the HUD website County Loan Amounts.
Good news for home buyers that have not made their purchase if they have a collection on their credit report.  There was to be a significant change in policy regarding outstanding collections … (2 comments)

fha mortgage: Changes as of October 1, 2011 - 09/30/11 01:57 AM
October 1, 2011 will mark the start of more new changes in the mortgage industry.  In my opinion the two biggest changes are the new maximum loan amounts for FHA financing and the implementation of a monthly funding fee on the USDA loans.
Let's discuss each on individually.  The FHA maximum loan amounts are established based on the median
Here is the information that was posted on the HUD website.
These new limits represent about a $25,000 reduction from the previous limits.
For more information check out www.hud.gov.
The second major change will be with the USDA loan.  The financed … (3 comments)

fha mortgage: USDA Loan Program Changes October 1, 2011 - 09/01/11 06:46 AM
The USDA loan program changes will be effective on October 1, 2011.  What changes, you ask?  Well, USDA is changing the "mortgage insurance" piece of the financing.  As of now, there is a funding fee that is financed into the loan amount and there is no monthly mortgage premium.
As of October 1, this will change to mirror the FHA mortgage insurance premium structure where part of it is financed and the second part is a monthly charge.  There has been talk for a long time about making this change, now that it is here, the following table demonstrates the … (0 comments)

fha mortgage: Applying for a mortgage with a bankruptcy or foreclosure - 08/30/11 08:11 AM
The last few years have been difficult and many have had to face very difficult financial decisions.  Once you realize that money is going out faster than it is coming in, you know you are in trouble.   Many individuals have been left with a decision of either filing a bankruptcy or letting their home go into foreclosure.  These are life changing events and not for the better, at least initially.

Just because there was difficulty in the past, it doesn't mean these individuals will never be able to purchase again.  It just means that they will have to take time … (4 comments)

fha mortgage: FHA loan limits to change - 08/28/11 12:30 PM
Yes, FHA loan limits are scheduled to change on October 1, 2011.  The maximum FHA loan limits are calculated using the median home price by county.  The current maximum loan amounts are scheduled to expire on September 30, 2011.  Many counties throughout the country will experience a reduction in the loan amounts.
For example, Cobb County Georgia the following graphic was taken from the HUD website and show the current and new maximum loan amount for single family, duplex, tri-plex and quad structures.
The $25,400 reduction will most likely impact the move up buyers hoping to take advantage … (0 comments)

fha mortgage: 640 Credit Score for FHA, Maybe, Maybe Not - 07/20/11 11:06 AM
For the longest time, the investors seemed to keep moving up the minimum credit score for an FHA mortgage.  We started at a 580, then 600, then 620 and most lenders now have a minimum requirement of 640.  For the quite some time, it looked like we were headed to a minimum middle credit score of 660.  But that seems to be on the back burner now.  It should be noted, that a borrower with at least a 661 middle credit score will receive the best interest rate as they are not subject to the risk-based pricing.

There are … (4 comments)

fha mortgage: Bankruptcy and buying a home - 04/20/11 02:05 PM
Bankruptcy has certainly been the last choice for many Americans.  The question has been asked of me twice in the last week, so I thought perhaps it would be a good topic for my next blog.
For an individual, there are two types of bankruptcy, Chapter 7 and Chapter 13.  In a Chapter 7, all of your debt is wiped out when the bankruptcy is discharged.  In a Chapter 13, you will be making payment to the bankruptcy court for the trustee to repay your creditors. 
In order to qualify for an FHA mortgage, you must wait 2 years from the … (4 comments)