fha: FHA Loan Limits Restored - 11/19/11 11:44 PM
Today I received an email from the National Association of Realtors Realtor Action Committee stating that Congress restored the loan limits for FHA.  Realtors have been working hard to help preserve this right and finally our hard work has paid off.  This is a big step towards our real estate market recovery. Below is the full letter I received.
"Last night Congress restored the loan limits for the Federal Housing Administration (FHA) for two years.
As you know, in late September the FHA, Fannie Mae; and Freddie Mac loan limits were reduced in 42 states pricing potential home buyers out of … (5 comments)

fha: Temporary Change to FHA Property Flipping Rules - 02/04/10 04:56 AM
Guest Blogger - Lena Reid, BB&T Bank AVP, Mortgage Loan Officer
FHA Property Flipping Rules -(Temporary Policy Change)
HUD is taking action to expedite the sales of foreclosed properties to new homebuyers. 
FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. Effective with Purchase Contracts dated on and after February 1, 2010, the 90 day Property Flipping Rule will not apply.
This policy is temporary ONLY and has very strict conditions (SEE BELOW) to assure against predatory practices.   (Change is effective for a 1 year period unless otherwise extended or withdrawn … (1 comments)

fha: Venice Florida Currently has no FHA Approved Condo Projects - 02/03/10 03:36 AM
Guest Blogger - Lena Reid, BB&T Bank AVP, Mortgage Loan Officer

FHA CURRENTLY HAS NO APPROVED CONDO PROJECTS - ALL PREVIOUS APPROVALS HAVE BEEN ELIMINATED!
Due to recent announcements in the industry concerning condominiums, no previously approved FHA projects will be accepted for any loans!
This change is effective with new applications on and after February 1, 2010.
Discontinuance of FHA-Approved Condominium Projects
It was announced by Fannie Mae and VA recently and by Freddie Mac today that the practice of accepting FHA-Approved condominiums on loans sent for purchase or guarantee is discontinued.
As a consequence of … (0 comments)