federal housing administration: New HUD Policy Created to Allow Quicker Foreclosure Re-sales! - 01/20/10 07:48 AM
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federal housing administration: FHA Appraisal and Lender Eligibility Update - 09/22/09 07:27 AM
FHA Appraisal and Lender Eligibility UpdateExplained by Jeff Mifsud, this update contains the pertinent changes to Appraiser and Lender Eligibility guides as outlined in Mortgage Letters 2009-28, 29, 30 and 31.
Here are the 8 things you need to know about these changes:
Changes are effective as of January 1st, 2010. Mortgage brokers and commission based lender staff are now PROHIBITED from selecting the FHA appraiser. Lenders are not required to use Appraisal Management Companies, but may do so. When a borrower switches to another lender, FHA prohibits the 2nd lender from ordering additional appraisals to obtain a higher value, … (4 comments)

federal housing administration: Imminent FHA Guideline Changes - 03/18/09 06:51 AM
According to a letter that went out to lenders this week, The Federal Housing Administration (FHA) plans to make it tougher for borrowers to secure a cash-out refinance mortgage.
Until now, the FHA has approved cash-out refinances for homeowners who have at least 5% equity in their properties and a record of on-time payments for at least one year.
However, beginning April 1, this type of refinancing will be restricted to borrowers with at least 15% equity in their homes.
This is a "temporary change" said current FHA Commissioner Brian D. Montgomery, while the FHA determines whether "permanent measures" should be … (0 comments)

federal housing administration: FHA Changes Cash-out Refi Guidelines - 03/17/09 05:52 AM
This update from FHA Letter 2009-08 establishes temporary cash-out refi guidelines.
Here are the 9 things you need to know about these changes:
1. This is a temporary change, and effective as of April 1st, 2009 (No, it's not a joke).
2. When adding a simultaneous 2nd lien, there will be a max CLTV of 85%.
3. Existing 2nd liens can be re-subordinated with no max CLTV.
4. When existing 2nd liens are modified to accommodate the new 1st, there is no max CLTV.
5. Must have 12 months seasoning as primary residence to get max cash-out … (0 comments)

federal housing administration: FHA Loans Facilitate Home Ownership & Mortgage Rate Update - 03/13/09 03:52 AM

The Federal Housing Administration (FHA) program first began in 1934 in an effort to encourage home ownership despite the difficult economic times of the era. The program enables consumers who may not qualify for a standard loan to obtain the financing they need to purchase a home without income limitations.FHA loans differ from typical loans in that they are insured by the Federal Housing Administration, which is a part of the Department of Housing and Urban Development (HUD). Because this insurance reduces the lender's risk on the loan, lenders have greater flexibility with regard to approving loans. For … (4 comments)


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