fha: Will FHA Trouble Effect Sonoma County?
- 10/12/09 04:42 AM
Sonoma County Home Loans For Today's Rates go to www.sonomacountyhomeloans.com. Will FHA Trouble Effect Lending in Somona County? In 2008 in Somona County when mortgage lending came to a screeching halt, FHA was the only insurer on the market who kept taking applications and did not reel in guidelines excessively. While Fannie Mae and Freddie Mac did abrupt about faces on their lending, FHA kept originating loans, having already made its lending procedure less onerous years before. FHA did raise its minimum down payment to 3.5% from 3% and it's up front mortgage insurance premium to bolster the insurance funds … (1 comments)
fha: FHA Anti-Flipping Rules Growing in Sonoma County
- 09/02/09 04:37 AM
The FHA anti-flipping rules are growing in popularity by lending investors and being adopted for both VA lenders and many conventional mortgages as more lenders are looking to protect themselves from financing property "flips". Here in Sonoma County where opportunistic investors are putting recently purchased homes on the market it is important to understand how many of these properties will be un-financable in traditional financing terms. The FHA rules are defined by HUD issued Mortgagee Letter 2006-1(http://www.nlihc.org/doc/MortgageeLetter2006-14.pdf). The anti-flipping rule established by HUD defines a flip as a property that is purchased by a speculator, and sold within 0-6 months, at a price … (1 comments)
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