fha: Sometimes....no matter what...Homebuying Can Be Stressful
- 11/29/14 04:49 AM
We just closed a client this past week. The clients were people, albeit first time homebuyers.
They got pre-approved for a certain loan amount, and the loan officer told them what they needed to do prior to closing. Some of the comments were:
Don't rack up any more debt on the credit cards Don't open up any new debt And protect your downpayment And???? What happened? These very likeable, but new first time homebuyers lost their brains through the process.
They ran up their debt They opened a couple of department store cards that were too good to pass up And...oh … (6 comments)
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fha: FHA RESCUED THE DAY!!!!! AND THE CLIENT IS THRILLED!!!!
- 05/09/14 12:59 AM
We took a new application this past week from a client who was relocating back to our area. She worked for a national company who is moving her from place A to our backyard. The scenario??
Excellent credit! Superb Income, Great Assets.....a lender's dream.
We issue a pre-approval and she puts an offer in and gets a contract for the home of her dreams.
THEN THE UNEXPECTED HAPPENS.......
She calls yesterday to talk about her severance package as she was "downsized."
THEN FHA POPS UP
With FHA they will allow for a non-occupying co-borrower. That's someone who won't be occupying … (1 comments)
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fha: FHA'S BEST KEPT SECRET - BACK TO WORK
- 03/01/14 06:45 AM
This year we have already closed two FHA BACK TO WORK LOANS that other lenders couldn't do. The realtors LOVED US. Both files were with other mortgage companies for quite some time. One for 4 weeks and the other for 6 weeks before Cherry Creek Stepped in. This success helps our clients to achieve their dreams and puts commission in the realtor's pocket. You work so hard, why leave your commission to someone who doesn't know what they're doing?
Critical FHA Back To Work Facts:
1) You don't need to follow the usual rules to buy after a foreclosure, short sale … (3 comments)
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fha: Why FHA Is STILL RELEVANT
- 12/04/13 01:30 AM
There are many things that people should know about FHA loans. They're great for a variety of reasons, but I'm going to give you my list of favorite reasons for considering and FHA mortgage.
First time homebuyers can generally come in with less of a downpayment. Truthfully, conforming or conventional loans generally want 5% down. FHA loans only need 3.5% down. How cool is that? The entire downpayment for an FHA loan can be in the form of a gift. There are gift restrictions as to who can give you a gift, but generally, if you're related, you can help someone out … (1 comments)
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fha: Bad Credit Because Job Loss? Get in the Game Now with New FHA Program
- 08/30/13 12:02 AM
FHA has just announced their BACK TO WORK PROGRAM. If you lost your job and got bad credit as a result of the job loss, you could get back in the game with their new Back To Work Program. The program has a few requirements.
The credit dings need to be because of a documentable job loss. This is heaven sent for many people; You can avoid the typical waiting periods for bankruptcies, short sales and foreclosures if they occurred because of the job loss; You have to be back at work; You have to complete counseling at least 30 days … (1 comments)
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fha: 5 AWESOME REASONS TO CONSIDER AN FHA MORTGAGE
- 07/30/13 10:38 PM
There are many things that people should know about FHA loans. They're great for a variety of reasons, but I'm going to give you my list of favorite reasons for considering and FHA mortgage.
First time homebuyers can generally come in with less of a downpayment. Truthfully, conforming or conventional loans generally want 5% down. FHA loans only need 3.5% down. How cool is that? The entire downpayment for an FHA loan can be in the form of a gift. There are gift restrictions as to who can give you a gift, but generally, if you're related, you can help someone out … (24 comments)
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fha: The Big 5 Reasons Homebuyers Still Need FHA!!!!
- 04/10/13 07:23 AM
There are many things that people should know about FHA loans. They're great for a variety of reasons, but I'm going to give you my list of favorite reasons for considering and FHA mortgage.
First time homebuyers can generally come in with less of a downpayment. Truthfully, conforming or conventional loans generally want 5% down. FHA loans only need 3.5% down. How cool is that? The entire downpayment for an FHA loan can be in the form of a gift. There are gift restrictions as to who can give you a gift, but generally, if you're related, you can help someone out … (5 comments)
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fha: New FHA Mortgage Insurance Premiums....a bit higher now
- 04/02/13 03:18 AM
In my perpetual quest to add value to you, FHA is increasing the annual MIP, effective April 1rs, 2013. It's out there! It's happened! Not killer by any means, but it has happened.....so literally....buyer beware!!!!
Pay particular note. FHA is increasing the annual MIP by 5-10bps. Refer to the table below for an outline of the annual MIP changes for FHA Purchase, No Cash-out Refinance and Cash-out Refinance transactions. Changes are outlined in
… (3 comments)
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fha: Top 5 Reasons to Consider An FHA Mortgage
- 01/15/13 03:32 AM
There are many things that people should know about FHA loans. They're great for a variety of reasons, but I'm going to give you my list of favorite reasons for considering and FHA mortgage.
First time homebuyers can generally come in with less of a downpayment. Truthfully, conforming or conventional loans generally want 5% down. FHA loans only need 3.5% down. How cool is that? The entire downpayment for an FHA loan can be in the form of a gift. There are gift restrictions as to who can give you a gift, but generally, if you're related, you can help someone … (53 comments)
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fha: Your Loan Doesn't Seem Approvable, But You Still May Be Able to Buy!
- 11/28/12 12:42 AM
Co-Borrowers are borrowers that sign in order to help the main or primary borrower qualify for a loan.
The big hub bub in mortgage banking recently has revolved around Non - Occupant Co-Borrowers. Non-Occupant Co-Borrowers are borrowers who will help the borrower guarantee the loan's performance, but Non - Occupant won't live in the property. There are things that you need to know about Non-Occupant Co-Borrowers.
1) DOWN PAYMENTS
First with Fannie and Freddie lenders require 10 percent down payment with at least 5% being the borrowers own money. FHA doesn't really care about how much money comes from … (4 comments)
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fha: Top 5 Reasons Home Buyers need to Consider FHA
- 09/27/12 01:10 AM
There are many things that people should know about FHA loans. They're great for a variety of reasons, but I'm going to give you my list of favorite reasons for considering and FHA mortgage.
First time homebuyers can generally come in with less of a downpayment. Truthfully, conforming or conventional loans generally want 5% down. FHA loans only need 3.5% down. How cool is that? The entire downpayment for an FHA loan can be in the form of a gift. There are gift restrictions as to who can give you a gift, but generally, if you're related, you can help someone … (8 comments)
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fha: FINALLY - GREAT NEWS IF YOU WANT A FHA STREAMLINE REFINANCE!!!!
- 03/01/12 01:13 AM
At a Senate hearing yesterday on the state of housing market, Secretary Donovan indicated that FHA would be reducing premiums for FHA loans endorsed on or before May 31, 2009. The Secretary said:
Basically, this is the first positive move that they are doing for the consumer. Probably lowering premiums to the prior rates so that those who have had FHA mortgages can refinance and lower their payments.
THIS IS HUGE!!!
"In addition to taking steps to make these refinance loans more widely available, FHA is working on adjusting the premium structure for all Streamline … (3 comments)
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fha: It's Official...the Government Wants out of Housing
- 02/28/12 05:29 AM
In an effort to stimulate our economy and to get more housing starts, the Federal Housing Administration is following through with its pledge to increase the upfront AND annual mortgage insurance premiums....HOW THRILLING FOR US WHO WORK IN REAL ESTATE!!!!
Unveiled late Monday, the increases are designed to strengthen FHA's capital position and "have minimal impact on the market and borrowers," according to FHA acting commissioner Carol Galante. She noted that FHA streamline refinances are exempt from these premium hikes.
Starting April 1, FHA will hike its upfront premium by 75 basis points to 175 bp on all single-family loans, including … (12 comments)
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fha: 7 Things EVERY BUYERS Needs To Know About FHA LOANS!
- 08/26/11 11:09 AM
FHA mortgages are the best thing out there. Now representing over 40% of the market in this economy, this once dinasour of a program that was thought to be near extinction is now the buzz for most home buyers. What does FHA give you as a homebuyer?
The loan is assumable. If you want to, when you sell your home, you can get your mortgage to be assumed by future homebuyers. If rates climb to 9% and the rate your in is 4.5%, you can have your mortgage be assumed by a future homebuyer; Gifts are still allowed for downpayments. No … (19 comments)
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fha: HOW DO I LOVE THEE FHA??? Top 5 Reasons to Consider FHA!
- 05/23/11 04:25 AM
There are many things that people should know about FHA loans. They're great for a variety of reasons, but I'm going to give you my list of favorite reasons for considering and FHA mortgage.
First time homebuyers can generally come in with less of a downpayment. Truthfully, conforming or conventional loans generally want 5% down. FHA loans only need 3.5% down. How cool is that? The entire downpayment for an FHA loan can be in the form of a gift. There are gift restrictions as to who can give you a gift, but generally, if you're related, you can help someone … (47 comments)
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fha: FHA & Chapter 13's.....FROM THE CHURCH LADY
- 03/10/11 05:13 AM
Bankruptcies and homebuying.....
Now isn't that special? Hmmmmmm....I know the reason why many folks can't get mortgages when they declare bankruptcy. Hmmmmmm....maybe it's SATAN! I just love that skit.
So, here's the gig. Most lenders and most lending programs say that you can't buy for years if you have a bankruptcy. Just plain and simple....BANKRUPTCIES ARE BAD for your quest for homebuying.
CHAPTER 13s and FHA CAN BE YOUR SALVATION THOUGH! HOW CAN YOU BUY UNDER A CHAPTER 13? Well, you don't have to sell your soul to the devil. Here are the parameters for buying under a Chaper 13!
Right … (6 comments)
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fha: What's FHA's "Neighborhood Watch" & Why it's Important to You!
- 11/30/10 01:05 AM
I'm the Regional Vice-President of Cherry Creek Mortgage, so I really should know better. BUT I DIDN'T. My role, I always thought was to hire great loan originators, make sure that we invest in our clients, and fight through underwriting problems.
Recently, I had a branch manager who reported to me who ask why there's not more flexibility with some FHA "Streamline Refinance" issues. Mind you, an FHA Streamline refinance essentially allows a borrower to refinance their current FHA loan to a lower rate, provided that certain criteria were met. Pretty straightforward on the surface, FHA is much more complex than that … (5 comments)
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fha: FHA & Condominiums....Changes you Need to Know!
- 11/15/10 01:14 AM
As you may or may not be aware, one of the major changes announced last year by HUD/FHA in HUD Mortgagee Letter 2009-46B is that
all condominium projects that were initially approved prior to 10-1-2008 will expire as of 12-7-2010 and going forward all others approved after 10-1-2008 will expire upon the 2 year anniversary of their approval or last recertification. Thus many thousands of condominium projects will soon expire within the next month. You can order case numbers on any approved condo project prior to their expiration date and still close after the expiration date (provided all is met for the … (9 comments)
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fha: 640 is the New FHA Minimum!!!!!
- 10/25/10 05:49 AM
Well, it's pretty much official. Credit score minimums are going up across the board for FHA loans. FHA has a manual. But the manual which is known as the 4155 doesn't give a minimum credit score. The issue really arises from the fact that investors have been analyzing the performance of all sorts of FHA loans. For example, they analyze the peformances of FHA loans with only 3.5% down with a credit score below 600, and again at 600, at 610, at 620 and son on and so on. Then they analyze the performance of all FHA loans with 5% down … (6 comments)
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fha: New FHA Regs.....Lots of Fun.....All Begin on Monday, October 4th!
- 10/02/10 07:49 AM
FHA Reminder!!!! Effective with case numbers assigned on or after October 4, 2010 Upfront mortgage Insurance will change to 100 basis points. That's an improvement. Annual mortgage insurance with Loan Terms > 15 Years: <= 95% LTV = 85 bps >95% LTV = 90 bps Annual mortgage insurance with Loan Terms <= 15 Years: <= 90% LTV = No Annual MIP >90% LTV = 25 bps Lenders.... be prepared to disclose properly based on the date of the case assignment.
FHA Arm's with Fico < 640 - Fixed Allowed Investor Specific w/Wells Fargo, Arms Eliminated
Bank of America announced that … (6 comments)
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We just closed a client this past week. The clients were people, albeit first time homebuyers. 
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