fha: FHA to allow Tax Credit as Downpayment
- 05/12/09 09:31 AM
Just announced that FHA will permit the $8,000 tax credit, via a "bridge loan", to be used towards the down payment. This is done by an approved nonprofit or governmental agency who typically will give the loan on the condition of being provided certain documents at closing (Final HUD namely), and will require that the credit be filed for that day. The loan is recorded in 2nd position on title, typically interest free, and is released when it is repaid. Missouri started this before FHA made this announcement, and they require theirs to be repaid by June 2010. Washington, Colorado, Idaho, … (1 comments)
fha: FHA officially limits cash out to 85% LTV
- 03/14/09 02:01 PM
You might have been reading a lot of lenders limiting cash out on FHA loans to 85% LTV, or maybe have heard rumors about FHA limiting cash out to 85% LTV... well the end of March will be the last day you can order FHA case #'s and still be able to do cash out over 85% LTV. See snippet from mortgagee letter below:
"Effective for case number assignments on or after April 1, 2009, the loan-to-value (LTV) of any cash-out refinance to be insured by FHA may not exceed 85 percent of the appraiser's estimate of value. Given the continued … (0 comments)
fha: FHA raises loan limit until end of 2009
- 02/25/09 02:41 AM
Mortagee Letter 2009-07 (link to a .doc file) February 24, 2009MORTGAGEE LETTER 2009-07TO: ALL APPROVED MORTGAGEES SUBJECT: Loan Limit Increases for FHAThis Mortgagee Letter provides information on Federal Housing Administration (FHA) single family loan limits that have changed as a result of the American Recovery and Reinvestment Act of 2009 (ARRA) signed into law on February 17, 2009. These limits are effective for those loans for which credit is approved in calendar year (CY) 2009 and will remain in effect until December 31, 2009. FHA Single Family Programs Affected:The loan limits described in this Mortgagee Letter are effective for those mortgages … (0 comments)
fha: FHA Manual Underwriting: The Rule of 3
- 11/03/08 09:29 AM
If you can't get approved for an FHA loan through automated underwriting, then your loan might need to be manually underwritten to get approved. Having 3 compensating factors is a good rule of thumb when going for a manual underwriting approval. Compensating factors are when you are better off than whatever the minimum requirement is. Compensating factors aren't needed all of the time but if there is anything questionable or borderline about a person's situation, they are better to have than not to have. A list of compensating factors is:- More than the required down payment, in increments of 5% (95% … (0 comments)
Just announced that FHA will permit the $8,000 tax credit, via a "bridge loan", to be used towards the down payment.
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