fha: Mortgage Rate Update & New FHA Lending Policies - 02/22/10 02:58 AM
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fha: Mortgage Rate Update - The Advantages of FHA Loans - 02/11/10 02:37 AM
Karl PeidlPleasant Valley Home Mortgage Corp.305 Harper Drive, Suite 3 Moorestown, NJ 08057
856-252-1224
kpeidl@pvhmconline.com
www.karlpeidl.com
© Copyright 2010. All About News, Inc.
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fha: Upcoming Changes to FHA Policy Highlight the Importance of Acting Now - 01/27/10 04:40 AM
Karl PeidlPleasant Valley Home Mortgage Corp.305 Harper Drive, Suite 3 Moorestown, NJ 08057© Copyright 2010. All About News, Inc
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fha: New HUD Policy Created to Allow Quicker Foreclosure Re-sales! - 01/20/10 07:48 AM
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fha: 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:
Appraisers
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)

fha: 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)

fha: 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)

fha: 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)

fha: 3 News Stories Every Homeowner Should Know - 12/06/08 10:12 AM
 
During tough financial times, news is king. A simple announcement from the media can instantly send the financial and mortgage markets racing in either direction. As the financial markets continue to adjust to the credit crisis, current and potential homeowners will have to adjust and react immediately as well. With this in mind, lets explore the top three news stories that affect both current and potential homeowners looking to make the most of today's buyers' market.
Headline #1: Mortgage Rates Plummet Thanks to the FedIn late November, an announcement that the Federal Reserve and US Treasury would purchase up to $600 … (2 comments)

fha: Conforming Loan Limits Stay the Same - 11/11/08 06:13 AM
The Federal Housing Finance Agency (FHFA) announced that conforming loan limits for 2009 will remain at the 2008 level, except in certain high-cost areas. The good news, however, is that mortgage interest rates have remained favorable as well. Combine this with lower home prices and an increase in inventory in many neighborhoods, and today's real estate market presents a variety of great long-term opportunities. Entire neighborhoods that you may not have been able to afford in 2005 could now be open to you!  
 
Below is an excerpt from the press release, in case you would like to review it. Please … (2 comments)

fha: FHA New Down Payment and LTV Requirements - 09/10/08 06:11 AM
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fha: FHA Announces New Mortgage Insurance Premiums - 08/28/08 10:29 AM
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fha: Is this Fannie Mae or Freddie Mac? - 08/20/08 01:57 AM
I spent Monday evening at the apartment of a First Time Home Buyer going through her initial RESPA disclosures.  My client is young and nervous.  She read the paperwork more thoroughly than I have ever seen in my 5 years of originating mortgages.  She obviously understands the magnitude of the transaction.  As she carefully read each page that she was about to sign, she asked many of the same questions I have heard time and time again. 
Quite a bit of my business involves working with First Time Home Buyers.  They are typically not the largest deals, and usually involve more … (0 comments)

fha: FHA Changes... - 08/13/08 11:47 AM
To use Seller Funded Down Payment Assistant (DPA, Nehemiah), final underwriting must be completed by September 30, 2008. This type of DPA will not be available after September 30. Two out of every three FHA loans are currently using Seller Funded DPA so it is important to act now!
 
FHA minimum cash investment requirements are increasing to 3.5%, from 3%.  
 
MIP will increase after October 1, 2008. HR 3221 increased the cap on MIP from 2.25% to 3%. Per FHA policy, FHA has filed the amount they want the cap to be with the Office of Management and Budget (reported … (1 comments)

fha: FHA Policy Changes - 08/11/08 04:54 AM
Welcome to another Monday.  As is the case these days in the mortgage business, I just received an update regarding policy changes.  Being a correspondent lender, we regularly get updated from the various investors/banks we work with to keep up abreast of their latest changes. 
The latest update I just received states effective August 13th, non-traditional credit is no longer allowed for FHA loans.  All borrowers on FHA transactions must have a traditional credit history. 
Also effective the 13th, seller funded down payment assistance programs (i.e. Nehemiah) are no longer accepted.
One of the results of the "mortgage meltdown", as the media … (9 comments)

 

Karl Peidl

Accredited Loan Consultant

Moorestown, NJ

More about me…

Address: 305 Harper Drive, Suite 3, Burlington County, New Jersey, Moorestown, NJ, 08057

Office: 8562(521) 200-1224

Mobile: (609) 254-6687

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