fha mortgage: 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)

fha mortgage: 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)

fha mortgage: 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)

fha mortgage: FHA is the Key to our Economic Recovery!! - 10/20/09 01:40 AM
The trend is your friend, or so I'm told.  Mortgage rates going up?  Watch the trend.  Rates going down????  Watch the trend.  I got into the business in 1994, but got serious with it in 1996.  Needless to say, FHA was it!  There were conforming loans, jumbo loans as well as V.A. loans.  Sub-prime loans were really nothing but an idea.  Nooooooooo, lending was FHA in the mid 90's
Come turn of the century (I love saying "turn of the century") conventional loans ruled and sub-prime loans all but ruled what used to be an FHA market.  Lite-doc, Alt-A and no … (8 comments)

fha mortgage: Appraisal Insurance???? With HVCC we need it PART I - 08/08/09 03:59 AM
HVCC Sucks...this program has cost me a lot of money.  But more importantly HVCC has blow a lot of deals due to inept appraisers.  Through the random appraiser ordering selection process, bad appraisers are being selected and good appraisers are being neglected. 
For Example:  the HVCC selection gods sent an appraiser from Illinois to appraise a home in Milwaukee.  For those of you who are geographically challenged, that's in Wisconsin!  The appraiser appraises a 4 bedroom home as a two bedroom home.  This particular appraiser was blacklisted by our company, but found new life under HVCC law and has now a booming … (11 comments)

fha mortgage: Energy Efficient Mortgages??? Green has finally arrived! - 07/09/09 03:34 AM
Finally, mortgage lending seems to be getting caught up with the rest of the world when it comes to green.  I had started a draft on green mortgage lending in Active Rain and then saw and participated in the post by Ritu Desai   Calculate your Carbon Footprint and decided that it was time for the information to be shared with the rest of the world.
ENERGY EFFICIENT MORTGAGES or EEM's are Here!!!!
Here's the facts that you need to know:
1)  Can be used for purchase or refinance to incorporate the costs of the improvements into the mortgage;
2)  Dollar amount can't exceed … (3 comments)

fha mortgage: FHA can help first time homebuyers who think that they'd never get in a home. - 01/17/09 01:22 PM
FHA has had some major changes this past year.  The most negative one is that the downpayment has changed from 3 to 3.5%.  But really that's the extent of negative changes.  The rest of FHA and it's changes have been lateral or better.
FHA is the best thing out there.  Really, as a program, FHA has single handedly saved real estate lending.  You really can't go wrong with FHA. 
First Time Home Buyers can still:
1)  Get a gift for the entire downpayment;
2)  Allow people who won't live in the house co-sign with the borrower who will live in the … (10 comments)

fha mortgage: 2008 Comeback of the Year......FHA LENDING! - 01/02/09 01:59 AM
It was hit. It was hit hard. It was was old, knocked down and Mick was ready to throw the towel in so as to protect Rocky, er HUD. HUD wobbled back to its corner and yelled..."Cut Me Mick. It was such a great scene and the beginning of one of the largest comebacks in underdog history. Needless to say, FHA, being down an obsolete and on the ropes was three punches away from devastation. Death was imminent. But the cut had come. The subprime mortgage fiasco and sub prime mortgage mess and wall street and everything else made for a … (20 comments)

fha mortgage: Latest Freddie News Strengthens FHA's stranglehold on the market!!! - 11/14/08 01:10 AM
Freddie Mac is doing all it can to make sure that FHA is the lender for 2009. While FHA in 2008 has had an act similar to a top tier Rocky movie, Fannie and Freddie seem to be fading like Apollo Creed. Freddie is now getting rid of Accept Plus Findings. That's huge. It's basically elimating stated findings. Further, Freddie is allowing AUS or Automated Underwriting Findings with a DTI or Debt To Income of over 45%, but FREDDIE HAS STATED THAT IT WILL NOT BUY any loans with DTIs over 45%. Now there are a few modifications and exceptions, but … (9 comments)

fha mortgage: FHA Keeps Changing....the rule on keeping existing residences.... - 09/25/08 01:30 AM
Due to FHA's concern that some homebuyers in these transactions may attempt to provide misleading information regarding the rental income of the property being vacated to qualify for the new mortgage, FHA is instituting underwriting guidance designed to assure that the homebuyer can make payments on the full debt service of both mortgages. As a result, FHA issued a new mortgagee letter to discuss the major changes to this issue:
08-25 Converting Existing Homes to Rentals--Underwriting Instructions_0

The exclusion of rental income from property being vacated is being instituted on a temporary basis while FHA further analyzes this situation to determine … (4 comments)

 
Larry Bettag, Vice-President of National Production (Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759  Cherry Creek Mortgage NMLS #: 3001)

Larry Bettag

Vice-President of National Production

Saint Charles, IL

More about me…

Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001

Address: 40W310 LaFox Road, Saint Charles, IL, 60175

Office: (630) 524-9677

Mobile: (630) 417-7172

 1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.”
(John 14:1-4, New King James Version)

Larry Bettag

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