fha: What does the FHA extended loan limits mean for Buyers?
- 10/25/11 07:43 AM
Believe it or not, there are some buyers still unclear as to what an FHA loan is, and how it can benefit them when purchasing a home. Read my attempt to be candid as to what it is, what is going on with it today, and how it can help. Well, let's see...say you are contemplating purchasing a new home, and you see alot of upgrades you want in your new home. Of course this will increase the price of the house by as much as the cost of the items. Agree? Now, lets say, your cost is $275k. At current … (0 comments)
fha: Are Loan Officers Friend or Foe?
- 01/26/10 08:14 AM
With the new HUD rule in effect as of January 1, 2010 - "To Simply and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs", I truly hope this is the final curtain to predatory lending and an end to shoddy lending tactics. When Buyers are blatantly lied to, and not educated on the loan products to which a loan officer either has no clue as to the pros and cons, but only is focused on closing the deal, we ALL as an industry suffer the consequences. Loan Officers, whether you are new in the mortgage industry or not, … (0 comments)
fha: Future of Real Estate In Charlotte, NC
- 01/25/10 02:05 AM
The reports are now stating there are talks about increases in interest rates from 50 basis points to about 100 basis points. That's a whole percent increase! In addition to that, FHA (which is, by the way, the most viable loan product for most 1st Time Buyers) has increased their upfront premiums for mortgage insurance from 1.75% to 2.25%. Keep in mind, this increase is not the maximum. The National Housing Act authorized upfront premiums of up to 3.00%, but a maximum of 2.75% for first-time homebuyers who complete HUD-approved pre-purchase conseling. This mean, there's room for more increases if necessary in the … (0 comments)
fha: What the new FHA rules mean to Buyers
- 01/22/10 06:35 AM
Well it seems like the market has finally made some lenders, including investors, to put their foot down. They are demanding higher credit scores from borrowers, and more money into the deal. Gone are the days of a 580 credit score and getting interest rates compatible to those with a 650 score...I've actually been a recipient of such. Because of the crash of the real estate market, and the legal issues surrounding banks, bonus', and bailouts, some lenders are now asking borrowers that qualify for the federally backed loans, also known as FHA, for a credit score of 620, in addition to … (2 comments)
Believe it or not, there are some buyers still unclear as to what an FHA loan is, and how it can benefit them when purchasing a home.
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