fha: FHA Mortgage Insurance Premiums set to Rise - 01/25/13 02:17 AM
As if there isn't enough things going up one more is coming. FHA's Insurance Fund; the fund that is used to payout when FHA loans get foreclosed is estimated to be negative $13.48 billion. This is what is estimated to carry 30 years worth of reserves.
HUD announced changes to FHA to begin sometime in 2013. A few other changes in addition to the monthly premiums and initial FHA insurance premium raising are:
Raising DTI for borrowers with low credit scores. FHA will require borrowers with credit scores below 620 to have a maximum DTI (debt to income ratio) of … (8 comments)

fha: 10/1/11 FHA Loan Limits Set To Revert to 2008 Limits - 08/31/11 05:17 PM
Potentially affecting 669 counties in the United States is a decrease in the FHA loan limit ceiling for borrowers.  Currently in the Twin Cities Metro the limit is $365,000 but the previous limit was $318,550.  This is a $46,000 difference!   The temporary higher mortgage limits that went into effect for FHA loans under the Housing and Economic Recovery Act (HERA) are expiring 10/01/2011 and will be reduced to the FHA Mortgage limits in effect prior to the temporary increase as values had increased throughout the country.  Borrowers will either have to purchase less expensive homes or come up with larger down payments to reduce the … (1 comments)

fha: Tax Credit Extension To Have No Affect on Government Budget - 06/23/10 07:44 AM
As you may be aware the Senate voted 60-37 last Wednesday to extend the First Time Home Buyer Tax Credit until September 30, 2010 ONLY for buyers who had signed contracts by April 30, 2010.  Due to the fact that many buyers have offers on short sales the time to hear back from the bank and close was not enough.  This way they could take advantage of the tax credits provided they get the bank approval and close by September 30th. Without it, buyers must close the deal by the end of June to get the $8,000 first-time credit or the $6,500 credit for people … (1 comments)

fha: FHA 203K Re-hab Loan Repair Guide; Qualifying and Non-Qualifying Repairs - 05/22/10 05:18 PM
Here is a quick guide I received from my loan officer regarding what you can and can not repair when using the FHA 203K rehab loan.  Remember this is just a guide and not an everything list.  Also remember the contractor doing the work needs to be approved by FHA 203K.
 Borrower(s) Shopping Guide to Qualified Repairs Allowed with 3.5% Down
Minimum Down 3.5% of Total Project Cost (Funds can be own or gifted) 
Examples of repairs that would qualify for the program:
Repair/ Replacement of roof, gutters, downspouts with permit
Heating/air conditioning- possible permit
Upgrade/Repair plumbing, and electrical systems with … (1 comments)

fha: Most Common FHA Repairs - 11/02/09 01:26 PM
Here are the 13 most common FHA repairs seen.  This list is not an exact cheat sheet but it can solve many issues that could arise.  Refer to your local appraiser for more details.
 

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fha: FHA Appraisal Pitfall Checklist: A helpful Tool!! - 06/09/09 04:15 PM
Here is a great list that can help with evaluating homes for FHA financing buyers:
FHA Appraiser ChecklistWhen viewing a property, an appraiser is required to note those repairs necessary to make the property compliant with FHA's minimum property requirements. The appraiser determines whether repairs, alterations or inspections are necessary. Some conditions automatically require repair. Above everything else, make sure the water and the electricity are turned on!Some require further inspection by an expert, and some conditions are considered only to be cosmetic. Repairs that are automatically required involve the protection of the HEALTH and SAFETY of the occupants and the … (11 comments)