hud: HUD Makes Changes to FHA Condo Project Expiration Dates - 12/11/10 05:41 AM
Beginning Wednesday, December 8, 2010, an estimated 45,000+ condo projects were set to have their FHA approvals expire.  As one can imagine, re-approving that many projects expiring at the same time would be a formidable task for lenders as well as HUD. 
Earlier this week, HUD changed the expiration dates of thousands of FHA approved condo projects.  This move will give both HUD and DELRAP approved lenders, like Prospect Mortgage, more time to get expired condo projects re-approved.  Instead of thousands of units expiring on December 8, 2010, the expiration dates are now spread out of the next 9 months taking us to September … (2 comments)

hud: FHA 90 Day Flip Financing Is Still Available - 12/11/10 03:13 AM
I have seen several inaccurate posts and comments lately regarding the ending of HUD's 90 Day Flip Waiver for FHA mortgages.  On January 15, 2009, HUD announced a waiver to its restriction of a borrower being able to obtain FHA financing on a property that had been acquired by the seller in the 90 days preceding the sales contract date. 
The waiver took effect on February 1, 2010.  The expiration date of the waiver was set as 12 months from its starting date.  That leaves the waiver to expire on January 31, 2011 unless HUD extends it further.
Over the past couple … (38 comments)

hud: 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)

hud: 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)

hud: 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)

hud: 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)

hud: 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)

hud: 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)

hud: HUD Announces Changes to FHA Mortgage Insurance Premiums - Effective October 4, 2010 - 09/05/10 12:48 PM

 
 
 
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)

hud: 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)

hud: 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)

hud: FHA Minimum Down Payment Increase, As it Applies to 203K - 12/30/08 04:13 AM
Beginning Jan 1st, 2009, the minimum down payment on all FHA purchase transactions will increase from 3% to 3.5%.  As the mortgagee letter states, "limit the total FHA-insured first mortgage to 100 percent of the appraised value, and require the inclusion of the upfront mortgage insurance premium (UFMIP) within that limit."  This does not mean that FHA is 100% financing, but rather the 96.5% LTV + the Upfront MIP (normally 1.75%) must be less than 100%.  Since 203K will go to 110% of the appraised value, the 100% limit does not apply.
Specialty products with higher LTVs: Section 203(k), Section 203(h) for … (3 comments)