fha: FHA Condo Project Eligibility - Atlanta 30309
- 12/03/10 01:14 PM
On December 8, 2010, an estimated 45,000+ condominium projects lose their FHA approved status. The Atlanta zip code of 30309 has 9 of them. There are 6 projects that will expire in 2011 and 15 are good until 2012. FHA Approved Condo Projects - Expiring 12/07/10 Ardmore -Sheryl Brookwood Park Condo City Park Townhomes Condominium Colony Park Citihomes Condominiums Metropolis North Parc Vue Condominiums Townegate Townehomes Condominiums Tuscany Condominiums Wingfield Condominiums FHA Approved Condo Projects - Expiring 12/08/10 or later 1010 Midtown Residential Condo (Expires 12/15/11) 1280 West Condominium (Expires 12/07/11) 905 Juniper Condo (Expires 04/19/12) Alden Townhouse Condominium (Expires 10/27/12) Ansley Terrace Condo … (3 comments)
fha: FHA Condo Project Eligibility - Atlanta 30308
- 11/30/10 01:41 PM
On December 8, 2010, an estimated 45,000+ condominium projects lose their FHA approved status. The Atlanta zip code of 30308 has 4 of them. There are 3 projects that will expire in 2011 and 9 are good until 2012. FHA Approved Condo Projects - Expiring 12/07/10 795 Myrtle Street Condominiums Siena at Renaissance Park The Reynolds The Tyree Condominiums FHA Approved Condo Projects - Expiring 12/08/10 or later 400 W Peachtree (Expires 12/07/11) Glendale Heights (Expires 07/26/12) Melrose Park Condominium (Expires 10/05/12) Palisades By the Park (Expires 11/09/12) Renaissance Lofts (Expires 06/17/12) Renaissance Park (Expires 08/02/12) Renaissance Park II Condominiums (Expires 08/02/12) … (0 comments)
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)
fha: 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)
fha: FHA Financing Mortgage Program Overview/Updates
- 09/28/10 05:07 AM
FHA Program Basics Separate the Fact From the Fiction - The Real Story on FHA Seller Concession Limitations FHA Minimum Down Payment Increases to 3.5% on Jan 1st
FHA Guideline FAQ - Appraisals (Also see Property Conditions) FHA Appraisal Transfer Changes Effective January 1, 2010 FHA Appraisal Validity Period Change Effective January 1, 2010
FHA Guideline FAQ - Assets/Bank Accounts/GiftsSelf-Employed???? Acceptable Use of Business Funds for Closing
FHA Guideline FAQ - Condominiums Getting a Gift for Closing Funds??? - Know the FHA Rules
10 Questions You and Your Buyers Must … (0 comments)
fha: 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.
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)
fha: Do You Know Who Is Responsible for Setting Mortgage Underwriting Guidelines???
- 09/19/10 03:28 PM
What is the Secondary Market you ask? In mortgages, the Secondary Market is where bonds and securities are backed by the value of mortgage loans, collateralized and then they are sold on Wall St. These security instruments are also known as Mortgage Backed Securities (MBS). Being packaged as an MBS is how mortgage loans are bought and sold after the borrowers have closed on their transaction. All mortgage loans are underwritten by the lender to predetermined underwriting guidelines. Therefore, each mortgage loan program has its own unique set of underwriting guidelines. This loan programs include: Conventional (Fannie Mae & Freddie … (3 comments)
On September 1, 2010, HUD announced that it will adjust its FHA Mortgage Insurance Premium effective October 4, 2010. These changes are outlined in Mortgagee Letter 2010-28
Effective for all case numbers ordered on or after October 4, 2010:
Up front MI will decrease from 2.25% down to 1%. Monthly MI will increase from .55% to .90% annually for LTV's > 95%. Monthly MI will increase from .50% to .85% for LTV's < = 95%. This change will increase the borrower's total monthly mortgage expense. The total loan amount, however, … (0 comments)
fha: What Information Do I Need for an Existing FHA Condo (DELRAP) Approval????
- 09/01/10 09:28 AM
What Information Do I Need for an Existing FHA Condo (DELRAP) Approval???? If you are interested in an existing condo and you will be using FHA financing, the project must be FHA approved. To find out if a condo has been FHA approved, you can visit the Condominium Page on the HUD website. There are a variety of ways to search to a project. Should you not see your community on the list, Prospect Mortgage is an approved DELRAP lender. HUD only grants DELRAP authority to direct lenders that it has deemed to have significant condo project approval experience. At … (3 comments)
fha: 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)
fha: Getting a Gift for Closing Funds??? - Know the FHA Rules
- 05/11/10 02:07 AM
As we are seeing more and more buyers getting gifts for closing funds, its crucial to make sure that everyone understands what documentation is required. Contrary to the belief of many, funds can't just simply appear in your bank account with no explannation required. Essentially, all deposits which do not show as a direct deposit from a borrower's employer, Social Security Administration, a pension fund, etc, must be verified. The general rule of thumb for a "large deposit" is anything over $300. FHA does allow a gift from a family member, domestic partner, or someone with a demonstration long-term relationship to the borrower. A gift letter containing … (2 comments)
fha: HUD to Accept Electronic Signature on Select Documents
- 04/10/10 02:58 AM
A recent hot topic in the mortgage industry in the last few weeks has been about the acceptance of electronic signatures. There has been much debate over the use of these. On April 8, 2010, HUD issued a mortgagee letter clarifying it's position on this topic. According to the announcement, "FHA will begin accepting electronic signatures on third party documents originated and signed outside the lender's control, such as real estate contracts." Electronic signatures will still not be allowed on any document that comes from the lender. This includes the loan application and all associated disclosures including the FHA/VA Amendatory Clause and the … (2 comments)
On December 8, 2010, an estimated 45,000+ condominium projects lose their FHA approved status. The Atlanta zip code of 30309 has 9 of them. There are 6 projects that will expire in 2011 and 15 are good until 2012.
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