alabama: Does Your Condo Project Need an FHA Recertification or a Full Project Approval? - 11/07/10 02:12 PM
On December 7, 2010, a majority of all condo projects will see their FHA Project Approvals expire.  Once that happens, the project will either need a recertification or a full project approval.  You must first determine the date that the project was initially granted its FHA approval.  This can be checked at:  https://entp.hud.gov/idapp/html/condlook.cfm. 
If project initially approved prior to January 1, 2000, then a full project approval is going to be required. If project initially approved on or after January 1, 2000, then the project may be eligible for the recertification process. If you are planning on purchasing a condo and you will be … (3 comments)

alabama: Atlanta, GA Market Update - Week Ahead - 11/07/10 01:32 PM
Last week was an especially busy one in market news.  We will see that continue to be absorbed this week.  The new economic news front will be on the quiet side with only four trading days.  The Bond Market will be closed on Thursday for Veteran's Day.   
There are no economic reports set for Monday or Tuesday.  Wednesday will have the Initial Jobless Claims and Balance of Trade reports.  The Consumer Sentiment report will be released on Friday. 
 
 
 
 
 
 
 
(0 comments)

alabama: USDA Announces 2011 Funding Availability - 11/07/10 03:05 AM
USDA has just announced that funding for the Single Family Housing Guaranteed Loan Program is now available for the 2011 fiscal year.
Purchase loans will be subject to a 3.50% upfront guarantee fee.
Refinance loans will be subject to a 1.00% upfront guarantee fee.
These upfront guarantees remain unchanged from September's revision from when the USDA program was restarted.
(0 comments)

alabama: Conventional Mortgage Insurance Begins to Make a Comeback - 11/02/10 02:11 PM
Over the last few months, some conventional Mortgage Insurance companies have loosened up on their underwriting guidelines.  This comes after nearly 3 years of pulling back and the tightening of those guidelines.
Starting November 1st, one MI company has expanded its 97% LTV program.  This new maximum LTV is currently limited to first time home buyers only.  Eligibility varies by zip code based on its status as a declining market.  Metro Atlanta is still limited to a 95% LTV at this time. 
For Second Homes, purchases and rate/term refinances are back up 90% LTV.  MI for Investment properties is still not available at this time. 
Each MI … (4 comments)

alabama: FHA New Construction Documentation Requirements - 11/02/10 12:42 PM
FHA New Construction Documentation Requirements
 
New Construction < 1 Year
If property is one year old, provide Certificate of Occupancy to determine if less than 1 year.
Option A - New construction (one year old or less), where the local jurisdiction issues building permits AND performs local inspections/issues Occupancy Certificates (see * below)
Option B - New Construction (one year old or less), where the local jurisdiction does not issue a building permit AND a Certificate of Occupancy
All of the following are required to satisfy the requirements for obtaining a high ratio loan >90%: An Early Start Letter … (0 comments)

alabama: 640 Is Becoming the New 620 for FHA Mortgages Starting Tomorrow!!!!! - 10/03/10 11:30 AM
Several changes to FHA loans will take effect tomorrow, October 4, 2010.  The Upfront Mortgage Insurance Premium will be reduced by about 55% on many loans.  All FHA loans will see the monthly mortgage insurance premiums rise by around 60%. 
More on this at: HUD Announces Changes to FHA Mortgage Insurance Premiums - Effective October 4, 2010
Starting tomorrow, for the very first time, HUD also has credit score minimums that will go into effect.  Prior to tomorrow, HUD has never had a credit score minimum.  Lenders, however, have their own minimum credit score requirements. 
More on this at: Before You Get Too … (0 comments)

alabama: HomePath Financing Mortgage Program Overview/Updates - 09/28/10 04:06 AM
HomePath® Financing Highlights
 
This special financing is available exclusively on Fannie Mae homes with the HomePath logo
Search for Fannie Mae REO's at http://reosearch.fanniemae.com/reosearch/.

Program Basics
HomePath Financing for Fannie Mae REO'sHomePath Financing - Buy a Home in Georgia With Only 3% DownGeorgia Investors Can Purchase With as Little as 10% DownBuy an Alabama Second / Vacation With as Little as 10% Down. Conventional Guideline FAQ - AssetsSelf-Employed???? Acceptable Use of Business Funds for Closing
Conventional Guideline FAQ - Credit
Do You Need a New Credit Report Before Closing??? - Fannie Mae Clarifies Its PositionFannie Mae Updates Policy for … (1 comments)

alabama: FHA 203K HUD Consultant Fee Schedule - 09/26/10 02:20 PM
The FHA 203K Consultant Renovation loan requires the use of a HUD Approved Consultant.  HUD has a preset schedule of fees that are to be charged to the borrower. 

For 2-4 unit properties, there will be an additional fee of $25/unit.  HUD does allow for mileage charges when the properties is located outside of the Consultant's area. 
Search For A HUD Approved Consultant
The FHA 203K Streamline Renovation loan does not require the use of a HUD Approved Consultant.
 

(7 comments)

alabama: Before You Get Too Excited, No HUD Has NOT Lowered FHA Credit Score Requirements - 09/23/10 02:54 AM

 
 
Before you get too excited, no HUD has NOT lowered the credit score requirements for FHA loans.  I have seen several posts written over the last few weeks about the new credit score requirements that go into effect on October 4, 2010.  This is true.  However, the facts are not clearly stated.While I may have missed it, I have yet to see one post that informs reader that, prior to this announcement, HUD has NEVER had a MINIMUM credit score requirement for FHA loans.  Yes, you heard that correctly.  Since HUD created the FHA program in the National … (6 comments)

alabama: Freddie Mac Adds First Look Initiative to It's HomeSteps REO Properties - 09/15/10 06:19 AM
The Freddie Mac First Look Initiative now gives home buyers 15 days of exclusive access to buy a HomeSteps property as their primary residence.  Freddie Mac announced today that it is expanding the Freddie Mac First Look Initiative on its HomeSteps listings.  The First Look Initiative goes into effect on September 17, 2010.  According to Chris Bowden, Vice President, HomeSteps,  "Expanding the Freddie Mac First Look Initiative emphasizes Freddie Mac's commitment to manage its REO inventory to help stabilize communities, foster affordable homeownership opportunities, and responsibly safeguard tax dollars." What is HomeSteps? HomeSteps is the national real estate sales unit of … (4 comments)

alabama: Did You Know That You Can Lose Your Home for Not Paying Your HOA Dues???? - 07/11/10 03:14 PM

Being late on your HOA due payments could cost you your home.  I read a very interesting article on this topic today.  Some home owners across the country are facing foreclosure, but not from action by their mortgage company.  Home Owners Associations (HOA's) are the latest to pursue the foreclosure option to attempt to get delinquent home owners to pay up.   Some home owners are viewing their HOA due payments as optional.  Quite the opposite is true though.  If you live in a community with a mandatory HOA, then your dues are just that, mandatory.  Your HOA payments can … (6 comments)

alabama: Update of USDA Funding - 04/07/10 02:46 PM
Today, the US Department of Agriculture (USDA) made an announcement regarding the availability of funding for the USDA Section 502 Guaranteed Rural Housing (GRH) program. 
USDA Rural Development has announced that funding for the USDA GRH Program will likely be exhausted by the end of April 2010. In order to provide assistance to your organization during this time, we have addressed the following key areas:
Loans Approved by USDA Rural Development
Once a loan is approved by USDA Rural Development and a Conditional Commitment for Single Family Housing Loan Guarantee (RD Form 1980-18) is issued, the loan will not be impacted by the … (1 comments)

alabama: 203K Streamline Renovation Loan - 11/30/08 01:28 PM
 
Sometimes a buyer loves a house, but they just can't stand that awful wallpaper or carpet.  Maybe they want to update some of the appliances, but they just don't think they can afford it.  With Prospect Mortgage's Streamline 203K Renovation loan, homebuyers can make these minor cosmetic changes with extra monies wrapped into their home loan!
 
 Repairs may range from $5,000 to $35,000.   Loans can go up to 110% of the after-improved appraised value! (Condos limited to 100%)  Requires less documentation than a full 203K Renovation Loan.  Repairs are based on a home inspection, appraiser's HUD required repairs or contractor bids.  No general contractor … (9 comments)

 
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Rodney Mason

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