fha: FHA changes effective October 4, 2010
- 09/02/10 01:33 PM
Effective for FHA loans for which the case number is assigned on or after October 4, 2010 the Upfront Mortgage Insurance will decrease from 2.25 to 1.00 (100 basis points) on all FHA insured loans except Home Equity Conversion (HECM - "reverse mortgage"). Chances are you have heard this or some version of it but until yesterday, September 1, 2010, it was not in writing in the official form from HUD. When are FHA case numbers assigned? Case numbers must be assigned prior to ordering third party services such as the appraisal. Appraisals are not ordered until there is a fully executed … (11 comments)
fha: Why sourcing gift funds is crucial
- 08/27/10 09:54 AM
Having the ability to use a down payment gift from a friend or family member is wonderful. In today's real estate and employment economy it is almost crucial in a small percentage of cases. During a time when many are selling below payoff and needing to bring the deficiency to the closing table they may be greatly decreasing their available cash to close. When this happens having a gift from an employer, family member or friend can mean the difference between getting that home and not getting the home. Many will argue if a buyer does not have the down payment … (4 comments)
fha: Five FHA facts agents and buyers need to know
- 07/14/10 04:11 AM
The home buyer sees an ad on the internet for guaranteed 5 day closings, no minimum score and stated income from a "lender". Oh the hilarity! Unfortunately it can also end with a home buyer, home seller, a couple of real estate agents and their brokers, and a few other people doing a lot of work for nothing. Many outrageous claims are made by lead generation companies who sell the information to dozens or more loan officers who will call, email, fax, or email. If it sounds too good to be true and every true mortgage professional is telling you there is something … (25 comments)
fha: Home loans and FHA home mortgages in Georgia
- 06/02/10 08:49 AM
For anyone who has been paying attention over the last five or so years you have witnessed one of the most volatile times in the economic history of not only the United States but the world. Many very well educated and experienced experts say the worst could be yet to come unless .... They all have different statements after the "unless" part but they all agree consumer confidence is very important to turning the corner on this nasty global economy. While I probably do not have the answers for the global economy I do have the answers for people looking for … (1 comments)
fha: [Video] In case you have not heard - Tax credits end April 30th
- 03/01/10 08:14 AM
If you live in Georgia or want to live in Georgia I can help you fully understand the steps to get from loan application to closing table. If you are a first time home buyer or a repeat home buyer who has lived in your primary residence for at least 3 of the last 5 years of ownership I can help you. (We can still do a loan for you but you may not qualify for the home buyer tax credit). Up to $8000 for first time home buyers who have not owned a principle residence in the last three (3) … (8 comments)
fha: Big news for banks holding unfinished construction in their inventory
- 01/12/10 05:33 AM
Driving around virtually any area of greater Atlanta you will see homes sitting vacant and uncompleted. Many of these are homes which were foreclosed upon by the construction financing bank prior to being completed. When the lender was approached last year by the typical buyer the only hope they could offer them on such a purchase was a very high down payment loan with repair escrows. Even the banks who owned the properties were reluctant to lend on them even to the most qualified of buyers. According to Kim Courtney, an FHA underwriter with AmericaHomeKey, Inc. and Marietta manager Jesse Kight, … (3 comments)
fha: FHA 203K Streamline Renovation/Purchase
- 11/19/09 07:42 AM
So you or your client have found a home in a great area in the client's price range. Only one problem: it's in bad shape. The HVAC system is 50 years old, the roof is 40 years old and the windows may as well not even be closed. Plus the kitchen has vinyl floors in 3 different patterns and the counters are all laminate with burns and holes and scars. Not to fear! Meet the FHA 203K Streamlined renovation loan. Eligible Improvements Virtually any kind of improvement is eligible provided it becomes a permanent part of the real property and adds … (31 comments)
fha: Increasing Home Sales with the FHA 203k Streamline
- 11/10/09 06:41 AM
"Oh I don't want to mess with all that trouble", the agent said to me during a phone conversation. She meant she did not want to mess with selling a home that needed a new roof, some plumbing repair, new carpet and new appliances which I could finance into the loan amount. I asked, "why not? What trouble?" It seems she had a few misunderstandings about how this powerful purchase loan works. The truth is it doesn't involve any extra work for her than a regular FHA loan. What it does it take an unsellable home and turn it into a … (3 comments)
fha: What Does FHA Say About Foreclosures in Credit History?
- 10/18/09 10:27 AM
Here are the facts about FHA and foreclosures on credit: If there is a foreclosure on the borrower's credit (any of the borrowers) it must be at least 36 months previous in most cases. There are a very limited number of instances which would allow a foreclosure to have been within less than 36 months (from application date) and the lender may continue to underwrite the application even though it may have not been approved by the Automated Underwriting System (AUS). Those events are pretty much limited to: Death or serious illness of a wage earner. Yes, that's it. HUD 4155.1 … (3 comments)
fha: Ramping Up The Market - FHA 203(k) Streamline
- 05/08/09 08:24 AM
Scenario: Buyers find a home they really like in a neighborhood they love and the price is perfect. It just needs a few things like maybe a new roof or new HVAC system and they're in! Since it is either a bank REO or a distress sale there is no way the seller is going to make the repairs. Even though the total work needed is less than $35,000 the buyers (a) cannot get a loan approval because of the needed repairs and (b) don't have the money to do the work anyway. Meet your friend, the buyer's friend, the seller's … (4 comments)
fha: Atlanta in April - What's Happening?
- 04/19/09 01:22 PM
Here are a couple of great reasons to visit Atlanta during April 2009. Be sure to allow plenty of time to contact a local real estate agent to view any of the thousands of available homes in Atlanta fine metropolitan suburbs including Marietta, Sandy Springs, John's Creek, Roswell, Woodstock, Acworth and Kennesaw to name just a few on the north side of town where Novation Mortgage is located. We are the home for Georgia FHA and all types of Georgia home loans. We are also the Georgia home for HUD $100 homes financing. The Atlanta Film Festival runs from April 16-25, … (2 comments)
fha: Last Chance For A Decent Mortgage? Fed Changes Will Impact Your Ability To Borrow
- 07/09/08 01:19 PM
Chairman Bernanke is about to change the face of mortgage lending and it could affect you. In fact, they have already tipped their hat to let economists know they will be raising interest rates in coming meetings. For several months before the fallout began I literally begged people to refinance into a fixed rate mortgage before the lending environment changed drastically. A few called me and we were able to help them. Since then literally thousands have called who could not qualify under new lending guidelines and are now stuck with adjustable rates they can no longer afford and they are … (1 comments)
fha: Pay For Closings - Lose Your License, Your Savings and Possibly Your Freedom
- 03/26/08 09:00 AM
Some of you have been reading my blabbering for years and may remember the death threats from a certain real estate agent in Corpus Christi for challenging him about the legality of a $50,000 rebate to the buyer on the purchase of a $200,000 home. Funny, I sent him my photo, a map to my home and office, told him to call me from the Corpus airport and I would pay for his ticket here then get him a limo from the Atlanta airport to my home or office depending on the time of day. Evidently he wasn't arrested by the … (8 comments)
fha: FHA Secure Loan - Coming Soon To A Lender Near You!
- 09/05/07 09:16 AM
Maybe you missed it but the FHA has introduced a new loan product called FHASecure Refinancing Program designed to bring "stability to the real estate market". Wow! Now that sounds like a plan I can sink my teeth into! And actually, as an FHA approved lender, I like the idea. But it will not save the world nor will it save the real estate industry. It will not hurt the industry, it just won't save it. Let us look under the hood at the new FHA Secure loan coming available in January of 2008. FHA was not "filling the gap" for minorities … (5 comments)
Effective for FHA loans for which the case number is assigned on or after October 4, 2010 the Upfront Mortgage Insurance will decrease from 2.25 to 1.00 (100 basis points) on all FHA insured loans except Home Equity Conversion (HECM - "reverse mortgage"). Chances are you have heard this or some version of it but until yesterday, September 1, 2010, it was not in writing in the official form from HUD.
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