fha loans: What do you mean, you need a letter from my Lender?
- 03/12/12 12:02 AM
Pre-Qualification AND Pre-Approval - in other words buyers have contacted a lender to see what they can afford. In my estimatation, there are too many buyers that are out 'shopping' with no means to 'purchase'. Getting a loan is totally different than it was a few years ago, where if you had a heart beat and fogged a mirror, you were considered a great buyer!
The real estate industry & it's sister mortgage industry have changed & it is even more important that you speak to a loan officer about what you can afford.
Just makes sense doesn't it?
My thanks to Tish … (0 comments)
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fha loans: FHA Increases on the horizon for Buyers!
- 03/06/12 08:50 AM
Homebuyers will be paying higher fees on mortgages backed by the FHA after the agency announced last week that it is hiking fees in an effort to bolster its reserves and encourage the return of private capital to the housing market. Since when is increasing fees a 'bolster' to the economy? Personally I feel this is not the time to penalize buyers for trying to buy a home despite the FHA's loses! Here is what is going to happen: Starting April 1, 2012 the FHA will increase its annual mortgage insurance premium for loans under $625,500, from 1.15 percent of the … (4 comments)
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fha loans: FHA Loans plummet in the Chicago Area
- 12/18/11 12:33 AM
FHA loans plummet in the Chicago Area is a recent article I saw that intrigued me. According to my statistics FHA loans are running a little behind conventional financing in the Northwest Suburban area but 36% overall is quite a dip. FHA a mortgage crutch? I think that phrase is somewhat jaded as we should be able to give buyers any and every type of financing to get them in a home in this market. I think this article doesn't recognize the major contributor is the MIP charges for FHA have increased immensely and possibly make conventional financing a better deal for buyers … (2 comments)
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fha loans: FHA Refi's - Be sure your loan officer knows this before you refinance!
- 10/19/11 04:54 AM
Interesting point brought up by Think Big Work Small with FHA refi penalties. Be sure you know this or your loan officer knows this so the seller can save considerable $$$ on their refi with these current great interest rates.
I was not aware of this, what about you?
… (10 comments)
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fha loans: 203K FHA LOAN - How can I use it for a foreclosure?
- 12/31/10 01:13 AM
In this special 203K FHA Loan, what types of improvements can I make?
Repair/replace roofs, gutters and downspouts. Repair/replace HVAC systems. Repair/replace plumbing and electrical systems. Repair/replace flooring. Minor remodeling such as Kitchens and Baths Painting, both exterior and interior Weatherization Purchase and Installation of Appliances Lead-based Paint Abatement Repair/replace decks, patios, porches Basement remodeling Basement waterproofing Window and door replacement Septic System and or Well Repair All these things can all be included in the 203K FHA Rehab Loan. All repairs and work must be done by a certified contractor on HUD's approved list. They are all places that you … (6 comments)
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fha loans: FHA Home Loans - FHA Monthly Mortgage Insurance to increase - OUCH
- 06/13/10 09:16 AM
FHA loans could possibly increase their mortgage insurance premiums (MIP) soon & this would effect the recovery and home sales enormously! Every dollar charged to the consumer effects purchasing power & the size of the home a buyer can afford.
This is a wonderful explanation from a loan officer in New Jersey, Jeff Belonger who is one of the top FHA experts.
The cost of FHA loans could increase before the end of the year is over with. Right now, depending on your LTV (loan to value), the FHA monthly mortgage insurance is either .50% or .55% of … (3 comments)
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fha loans: Hoffman Estates IL Townhomes - What type of financing are buyers using?
- 06/01/10 02:31 AM
There has been much confusion lately it seems on the advantages and exclusive use of FHA financing and I wanted to check & see what is going on in our area. As all real estate is local, let's see what is going on just in Hoffman Estates IL townhomes. (I mean condos, duplexes, manor homes, coach homes, etc. in this reference).What I found was actually quite eye opening as what the media spin would like us to believe and what is actually closing are two different things. Two good financing posts recently are very conflicting. John Mulkey, did a post on the … (4 comments)
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fha loans: Schaumburg Homes - What I found out about financing
- 05/24/10 09:06 AM
What happens when 'something you think' and 'something that is' don't agree? Today I wanted to check what type of financing recent buyers have been using because I've got a listing that will only accept conventional financing. I checked all Schaumburg homes that closed over the last 4 months of 2010 and here's what I found:Not what I thought - Not what I've been told!I was surprised because a good chunk is 'cash'. Remember the adage 'who's got cash'? I guess more people that I thought!The other point 'I've been told' has been that all buyers are using FHA financing recently … (4 comments)
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fha loans: Do you want a Chauffeur or a Buyers Agent?
- 04/23/10 06:17 AM
Why would you show a non-approved condo to an FHA buyer? Recently this has happened so much to me that I thought I would write a post about it. The poor unsuspecting buyer thinks they are in capable hands when in fact they are with an agent that doesn't have a clue.
I thought that in Real Estate 101 someone once told me (they were selling caves at that time) that you can't sell all condos to every buyer. Either they can go FHA or they can't. Can't mix and match, it's got to be a 'yes' or a 'no' for … (12 comments)
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fha loans: The Good, The Bad, & The Ugly - Mortgage Interest Rates & the Tax Credit - News you need to know!!
- 02/07/10 02:47 AM
Buyers: Here's some good advice or ideas on why possibly 'now' is the best time to buy a home. Obviously, you should be ready both mentally & financially but there are some benefits that you might not know about on why now is 'the right time to pull the trigger'!
We've got interest rates that we don't know what they are going to do the end of March 2010. They're the lowest they've ever been right now.
AND .... We've got that first time or repeat buyer tax credit that can help you with your future mortgage payments, some future remodeling … (5 comments)
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fha loans: Schaumburg Homes - First Time Home Buyers have FHA Loan Changes
- 01/22/10 05:43 AM
FHA announced changes - how will it effect me as a buyer? OK, what I'll do is try and explain the 'new rules' for an FHA mortgage ~
The upfront mortgage insurance premium (UFMIP) will increase to 2.25 percent up from 1.75 percent. Contrary to reports, FHA will continue to allow the financing of the UFMIP. Buyers will now be charged more for mortgage insurance in case of default. It will now cost $4500 on a $200,000 home. ($4500 vs. $3500 = $1000 difference) In actuality, it will not make much of a difference in your monthly payment. In certain circumstances, … (4 comments)
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fha loans: First Time Buyers - Price is not all that Matters for Sellers
- 01/21/10 01:11 AM
This is a great post that explains the purchase offer and the 'how, why and what' of negotiating. Price is not the only issue despite what you might have been told. It's a 'package' and you should make your 'presentation' to the seller as strong as possible!
Credit for this post goes to a successful agent from Atlanta, Sally English. Enjoy her explanation and perspective.
Negotiating the Purchase Offer: Price is not all that Matters for Sellers
Receiving an offer to purchase your home is thrilling. After months of planning, preparing, and marketing, you have finally connected with the … (2 comments)
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fha loans: Mortgage Guideline Changes - A Summary Of Changes Over The Last Few Years That Consumers Need To Know
- 12/11/09 05:58 AM
So here's a wonderful post for my readers about Mortgage Guideline Changes that have happened recently. The days of 'easy money' are done folks, even for those with great credit. I like this post because it tells you 'What's different now'.
You will find it interesting if you are a new buyer or have been around the closing table a few times! It is from an agent in Dallas, Texas, John Jones. I couldn't have said it better myself!
Since the beginning of the financial crisis, several significant changes have occured with mortgage guidelines. A summary of these mortgage … (2 comments)
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fha loans: FHA Appraisals
- 10/21/09 07:16 AM
FHA Appraisal Requirements Effective for all case numbers assigned on or after January 1, 2010, the validity period for all appraisals on existing and proposed and under construction properties will be 120 days. This change aligns FHA’s requirements pertaining to the validity of an appraisal with current industry practices. This is a change from the current validity periods of six months for an appraisal of an existing property that is complete, and 12 months for proposed and under construction properties.
How will this effect you as a buyer? Not much, except in occurances where the property you purchase has an existing FHA … (3 comments)
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fha loans: Is it FHA Approved? Not all subdivisions accept this financing
- 10/10/09 10:34 AM
To obtain a FHA mortgage on a condominium, the project must be FHA approved. Prior to these changes, there were two ways a condominium could be FHA approved: (1) full project approval, and (2) “spot” approval. Full project approval means that FHA has already done the approval on the entire project (subdivision). Spot approvals were performed on non-FHA approved projects on a loan by loan basis, and were a way to make FHA loans available to home buyers in well run condo projects even if they haven’t gone through the full approval process.
No More Spot Approvals (Effective November 2, 2009) … (2 comments)
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fha loans: What does the Annual Percentage Rate mean to me? APR?
- 09/17/09 11:36 AM
Confused about APR? What is APR? Can I catch it and can penicillin cure it? Just kidding! This is a great explanation of the Annual Percentage Rate and what it means to you as a buyer. Bill Ludewig is a successful loan officer in Escondido, CA and also expands his explanation on what to watch out for when comparing loans from different companies.
Be sure you are comparing apples to the apples! Using the APR can help you do that. Hope you enjoy the information!
WHAT IS MORTGAGE APR, Can You Explain It? APR Demystified and APR Predators Exposed
First, lets demystify … (0 comments)
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fha loans: Schaumburg Homes for Sale - Need a 203K rehab loan?
- 04/29/09 08:11 AM
What a difference a ‘K’ makes? This is about the ‘Renovation Loan’ called the FHA 203K and how it can be needed to purchase a home in need of 'a little help’.
The 203K Loan is:
Perfect for REO’s and foreclosures. Used to purchase and close on a home in ‘as is’ condition. Usually getting a better sales price. No repairs required prior to closing; no appraisal issues. The house must be sound and is used for minor repairs and cosmetic changes that you would like to do to the property and don’t have the ready cash to do it. There … (0 comments)
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Pre-Qualification AND Pre-Approval - in other words buyers have contacted a lender to see what they can afford. In my estimatation, there are too many buyers that are out 'shopping' with no means to 'purchase'. Getting a loan is totally different than it was a few years ago, where if you had a heart beat and fogged a mirror, you were considered a great buyer!
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