fha loans: What is FHA Concentration and How Does it Affect Condo Sales? - 11/11/09 06:25 AM
"They just keep on changing these rules, don't they?" It was an honest question from a frustrated agent.
Here is what I do know: FHA Concentration can shoot you in the foot. HUD Mortgagee Letter 2009-46B in Section 1 Subsection V Paragraph 10 parts a, b and c tells us about FHA Concentration and how to see it coming from miles away. Keep in mind you can still get financing in developments which have reached the maximum concentration levels specified by HUD for FHA insured loans but not with FHA.
The easies rule to remember is thirty percent (30%). If the … (1 comments)

fha loans: Tips Countdown: #26 Non-Occupant Co-Borrower - 12/02/08 11:40 AM
Mortgage Tip #26 (Counting down to #1)
It happens. Neither the borrower nor their spouse nor both combined earn enough income to qualify for the loan they need to purchase their first, or next, home. We see this most often on first time home-buyers where one or both of the spouses do not qualify for any of a handful of reasons.
Since there are different rules for different situations and since lenders augment or modify the guidelines from Fannie or Freddie and often go over-kill on FHA I will not publish a list but rather ask you to develop a relationship … (1 comments)

fha loans: Agent Tips Countdown: #28 FHA Downpayment Assistance - 12/01/08 02:36 AM
Mortgage Tip #28 (Counting down to #1)
Most Active Rain agents and readers know that FHA eliminated seller funded down payment assistance in 2008. There are mixed views about this but the result is the same: less sales. What many do not know (and some do not want to accept) is the reason FHA wanted to end seller funded DPA: they were gunning for 100% loans and were shot down. In the mean time they won their campaign to have seller funded DPA eliminated. Caught in the cross-fire was a small array of potential home-buyers who are not permanent renters thanks … (5 comments)

fha loans: Congressional Word of the Day: "Illiquidity" (Or: Here Citizens, Your Bill For Wall Street's Bail) - 09/19/08 07:39 AM
If you are a sick individual, as I must be, you have all 3 C-SPAN cable channels going all day, Bloomberg on Satellite and your web browser pointed toward the WSJ. Just typing that makes me want to go wash my hands.
Today's action word is illiquidity. It is not, by any means a new word, just that the market has increased the use of the word over the last several months until today. Today it is in the mouths of even congressmen who have poor control of the English language. One "gentleman" from Massachusetts is bringing me a slight chuckle … (5 comments)

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