fha: Lender list now up to 311 Lenders........ - 12/13/08 06:22 AM
12/12/08 Here's the updated list from Mortgage Implode (www.ml-implode).
Sad to think of all of the people that these lenders closings effects...... and what a ripple effect it has (title, appraisers, the paper guy, coffee guy, the restaurant next door, etc).
"Imploded" lenders: The "imploded" status is somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or a "firesale" acquisition. The Companies include all types (prime, subprime, or a mix of both; retail or wholesale; subsidiaries and entire companies). Note: Companies listed here may still be operating in … (0 comments)

fha: Reminder: FHA Down Payment Changes 01/01/09 - 12/07/08 02:28 AM
Don't forget-because it's just around the corner, that FHA down payment changes go into effect on January 1st.  The changes will be.....
Down payment minimum of 3.5%.  Currently it is 3% total but in most areas it is 2.25% down with .75% being able to come from closing costs.  Not anymore.....now it is 3.5% plus whatever closing costs are involved unless seller pays them subject to 6% seller contribution maximum). The loan amount included the upfront Mortgage Insurance (UFMIP) can not exceed 100% of purchase price or appraisal-whichever is less.  Acceptable gift funds may still be used (relative, employer, etc.....just not … (1 comments)

fha: 1/1/09 Twin Cities FHA loan Limit decrease ...... - 11/19/08 06:55 AM
Twin Cities Area!
Our FHA loan limits for a 1 unit home is currently $365,000 but effective 1/1/09, they will be dropping down to $318,550.
FHA is still a great program which is insuring most of the riskier, over 80% mortgage paper currently.
If you have a buyer looking in/around the $400k range, let them know about this.....
Not many people realize this but, the loan amounts are higher for multiple unit FHA homes (FHA insures 1-4 primary residence units)....see my table below!

This is a good program to utilize (and the MI should be tax deductible for you!)......

fha: Oh Oh now the Bond Programs in danger! - 10/16/08 03:08 AM
We know that the bond programs are the only source of down payment assistance in many areas.   None of the new bond programs have been able to begin because there are no buyers for these bonds.For most of the 2000's, Fannie Mae and Freddie Mac were the major or only buyers of mortgage revenue bonds.   That is no longer true.  They aren't buying and there are no other investors. This email is in regards to new bond programs.  The bond programs that currently have money will continue to have funds until everything is reserved.  So there is no worry with loans … (1 comments)

fha: FHA- Not the reason you are thinking but, the new BIG advantage for YOU - 09/26/08 03:15 AM
With about 70% of mortgages currently going through FHA, what will happen in a couple of years (or even now) for mortgage lenders when it's time to sell these homes?  Realtors-listen up, if you are doing your homework, this is an opportunity to make your listings stand out for you!
Here's a thought for Realtors and sellers (and for buyers to look for).......When you have an FHA loan, it is ASSUMABLE.  Countrywide, for example, charges a $525 processing fee and you have to qualify to assume this existing FHA loan (deed transfer charges as well but that's about it).  Here's some … (5 comments)

fha: Please help try to save the Down Payment Assistance Programs! - 07/28/08 02:30 AM
Going away OCTOBER 1st.......
I think it's going away this time-which will deal yet another blow to people who can't afford a down payment (especially minority lending).  If FHA comes out with a 100% loan, it may be fine but, in this environment I think bringing out this kind of product now may be too bad of press.What people don't understand is, the DAP's are used with FHA loans but are "full doc" loans just with no money down-they aren't the reason the market tanked-the economy/gas prices along with the reduced documentation programs that were made available is the main reason … (2 comments)

fha: Gift programs appear safe! - 03/07/08 06:55 AM
Below is a letter we received today from Scott Syphax , President & CEO Nehemiah Corporation of America regarding the court battle over the various gift programs that many of us utilize.  These programs assist our clients in getting into a home by providing a non-profit gift to the buyer that is funded to the non-profit by the seller.  Because this is a gift program, it doesn't fall under seller concessions requirements-so you could still have the seller pay closing costs as well as give a gift for the down payment!
Right now, I believe the utilization of the non-profit gift program coupled with an FHA loan … (2 comments)

fha: MORTGAGE WARNING! Pricing changes coming! Realtors this effects you as well! - 11/27/07 05:07 AM
This will indeed suck for everyone!  Be ready because it's coming, Fannie and Freddie are implementing this so, in order for the lenders to make these loans saleable, they will have to utilize these add ons.
FannieMae and FreddieMac have recently issued changes to loan level pricing adjustments that will take effect for loans purchased in early in 2008, however our Investors for new locks will need to implement these changes well in advance of the FNMA/FHLMC purchase dates.
These pricing changes are for Conforming Loan Programs with the following terms only:
Pricing adjustments will apply to loans with terms … (5 comments)

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