recent changes: FHA changes many guidelines as of 9/14/15 that can hurt or help buyers - 09/24/15 12:17 AM
Below are the FHA guideline changes effective for FHA case file numbers assigned on or after September 14, 2015.
 
Below are the topics and the new guideline language which replaces the prior rules often because the prior rules were not specific enough.
Assets:  This section applies to anything pertaining to documenting assets on an FHA loanGift funds – documenting transfer:Requires donor’s bank statement, showing withdrawal of funds.
Earnest Money:Document source of funds if amount exceeds 1% of sales price, or appears excessive based on borrower’s savings history.
Large Deposit Definition:For recently opened accounts and recent individual deposits of more than 1 percent of the Adjusted Value (lesser of purchase price minus inducements or the … (2 comments)

recent changes: Do you have a game plan to navigate recent FHA changes? - 09/16/15 02:54 AM
FHA is changing a lot of their guidelines so we will provide the game plan to navigate minor tweaks to big changes.
Below are answers to the some of the most common questions received about these FHA changes.Is a borrower eligible if they have a delinquent federal debt but have a clear CAIVRS?If a delinquent federal debt is reflected in a public record, credit report or equivalent, or CAIVRS or an equivalent system, the lender must verify the validity and delinquency status of the debt by contacting the creditor agency to whom the debt is owed. If the creditor agency confirms that the debt is valid and … (0 comments)

recent changes: FHA reduces the monthly MIP by over 1/3 effective 1/26/15! - 01/15/15 12:05 AM
FHA has just made financing the purchase or refinancing of a home cheaper by lowering the amount of monthly payment of mortgage insurance premium by over 1/3!  The latest announcement by HUD states that the monthly mortgage insurance premium on mortgage terms over 15 years will be reduced by .50. So in English, what does this mean to you as a potential 1st time buyer,repeat buyer, or homeowner looking to refinance?  Lower monthly payments!!!
Historically, FHA has been a program that has more relaxed credit guidelines but recently buyers had to pay a premium to get the loan.  Well this reduction will allow … (1 comments)

recent changes: 2015 FHA loan size limits per County or area in NC - 01/12/15 10:34 PM
The Federal Housing Administration or FHA, has announced the loan size limits for 2015 for all areas of each state in the U.S. Most areas stayed the same but there are some changes so make sure that you check these limits when considering an FHA loan. The limits for most counties in NC are the following loan size limits:
One-Family Homes = $271,050
Two -Family Homes = $347,000
Three-Family Homes = $419,425
Four-Family Homes = $521,250
Counties/Areas that have higher loan limits in North Carolina for 2015 are as follows:
Elizabeth City, NC        $625,500      $800,775       $967,950       $1,202,925
    Camden Co., Pasquotank … (0 comments)