fha: New FHA Rule Eliminates Post-Payment Interest Charges - 08/27/14 11:05 AM
New FHA Rule Eliminates Post-Payment Interest Charges
 
The Department of Housing and Urban Development and the Federal Housing Administration (FHA) have published a final rule that will eliminate post-payment interest charges when FHA mortgages are paid off.
SUMMARY: This rule revises FHA’s regulations that allow an FHA-approved mortgagee to charge the mortgagor interest through the end of the month in which the mortgage is being paid. The final rule allows mortgagees to charge interest only through the date the mortgage is paid, and prohibits the charging of interest beyond that date.
DATES: Effective Date: January 21, 2015.
Our thanks to mortgage consultant Paul … (10 comments)

fha: Wells Fargo reduces required credit scores for FHA loans - 02/07/14 07:14 AM
Wells Fargo reduces required credit scores for FHA loans
 
According to a release by National Mortgage News, Wells Fargo has reduced the credit score requirement for FHA mortgage applicants. The FICO minimum has gone from 640 to 600. This change should provide opportunities for many more families to qualify for FHA mortgage financing.
What is the minimum FICO score that is required for FHA financing by the lender you are recommending?
 
 
 Chrysanthemum, Brookside Gardens IMG_2588
Photograph by Roy Kelley
Roy and Dolores Kelley Photographs
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fha: Post Foreclosure and Short Sale Home Buyers Get A Break From FHA - 08/20/13 09:08 PM
Post Foreclosure and Short Sale Home Buyers Get A Break From FHA
 
Before last week, prospective home buyers that have gone through a foreclosure or short sale generally had to wait at least three years before they could get an FHA loan to purchase another home. FHA has reduced the minimum waiting period to one year for borrowers that meet certain requirements.
In order to qualify for new FHA financing, home buyers must demonstrate that the foreclosure or short sale was caused by unemployment or “economic event” that caused a substantial reduction in their household income.
Prospective home buyers … (16 comments)

fha: FAQ: Can FHA financing be used to purchase an investment property? - 09/05/12 07:00 AM
FAQ:  Can FHA financing be used to purchase an investment property?
 
Years ago, FHA mortgage financing was available for real estate investors and many have suggested that the option should be restored.  However, at the present time, FHA financing is restricted to owner occupants.
FHA interest rates would be very attractive for real estate investors.  A Maryland mortgage lender provided an FHA quote over the weekend at 3.5% with no points for 30 year fixed rate financing.
The same lender was offering conventional investor financing at 4.625% for 30 year financing with an 80% loan to value.  So, real estate … (15 comments)

fha: Disputed Debt Rule Delayed By FHA - 04/10/12 12:48 AM
Disputed Debt Rule Delayed By FHA
Previously, FHA announced a rule that would prevent mortgage borrowers with an outstanding collection debt of $1,000 or more from obtaining FHA financing.  The rule went into effect on the first of April.  Now, FHA has deferred the effective date of the rule until July 1, 2012.
The old guidelines will apply for case numbers assigned between April 1, 2012 and April 8, 2012.  Prospective home purchasers that have outstanding collection debt should be made aware of these changes by their real estate professional and their mortgage loan officer. 


Iceland Poppy, Kentlands Spring … (9 comments)

fha: FHA Takes Additional Steps To Bolster Capital Reserves - 02/29/12 06:42 PM
FHA Takes Additional Steps To Bolster Capital Reserves;
New premium structure will help protect FHA’s MMI fund:
HUD No.12-037
HUD Public Affairs
WASHINGTON – As part of ongoing efforts to encourage the return of private capital in the residential mortgage market and strengthen the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund, Acting FHA Commissioner Carol Galante today announced a new premium structure for FHA-insured single family mortgage loans.  FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent for loans under $625,500 and by 0.35 percent for loans above that amount.  Upfront premiums (UFMIP) will also increase by 0.75 percent. 
… (13 comments)

fha: FHA Mortgage Loan Limits Link - 12/11/11 10:37 PM
FHA Mortgage Loan Limits Link
This is where you can find the FHA mortgage loan limits for any area.  FHA is a favorite of many first time home purchasers and now higher end home buyers are discovering the advantages of FHA financing.  Consumers need to be reminded that the maximum loan amounts for FHA financing do vary from county to county.
FHA Mortgage Loan Limits Link 
We always advise prospective purchasers to obtain pre-approval for mortgage financing as one of the initial steps in the home buying process.  Your real estate professional will recommend a mortgage lender that will provide the … (14 comments)

fha: Special Financing for First Time Home Buyers in Montgomery County, Maryland 11/29/11 - 11/29/11 03:47 AM
Special Financing for First Time Home Buyers in Montgomery County, Maryland
The Montgomery County Housing Opportunities Commission (HOC) has extended the current low mortgage interest rates for first time home buyers until January 31, 2012.
Two 30 year fixed interest rate options, with zero points,  are available for the purchase of homes located in Montgomery County, Maryland.
Option One:  3.625% mortgage interest rate
Option Two:  4.0% mortgage interest rate with a 3% purchase assistance loan for those that need assistance with the cash requirements of a home purchase.  The assistance loan may be applied to the down payment or closing costs. … (14 comments)

fha: Congress Increases FHA Mortgage Loan Limits 11/18/11 - 11/18/11 01:56 AM
Congress Increases FHA Mortgage Loan Limits 11/18/11
Real estate professionals and their home buyer clients will be pleased when President Obama signs  the bill that Congress just passed to restore the FHA loan size to a maximum of $729,750.
The loan limit dropped to $625,500 on October 1, 2011 and that created a problem for many home buyers in higher cost areas like Washington, DC, New York and San Francisco.  FHA financing is very attractive to home buyers that have limited cash resources.  The minimum cash requirement for FHA financing is 3.5% of the purchase price.
Unfortunately, Congress did not … (7 comments)

fha: FHA Streamlined 203(k) - 09/09/11 10:43 AM
FHA Streamlined 203(k)
Limited Repair Program
FHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.
MORTGAGEE LETTER 2005-50
December 29, 2005
SUBJECT:     Enhancements to "Streamlined (k)" Limited Repair Program
Mortgagee Letter 2005-19 (ML 05-19) announced the Streamlined (k) Limited Repair Program to augment FHA's existing Section 203(k) rehabilitation program for less extensive repairs and improvement.  This … (7 comments)

fha: Tuesday Flowers From Longwood Gardens & The Best Financing - 06/20/11 10:28 PM
Tuesday Flowers From Longwood Gardens & The Best Financing
What is the best financing for a home purchase?  The answer is not the same for all buyers.  However, for first time home buyers, the decision is easier with the new lower interest rate available from the Montgomery County, MD Housing Opportunities Commission (HOC).  Effective June 17th, HOC reduced the interest rate to 4.25% with zero points for their special 30 year fixed rate FHA financing.  HOC also offers a closing cost assistance loan, at the same rate, to help with the cash requirements of a home purchase.
Who qualifies for HOC financing?  … (18 comments)

fha: Advice to Maryland seniors: Use your equity to avoid foreclosure - 04/23/10 08:42 AM
Advice to Maryland seniors: Use your equity to avoid foreclosure
Good information for seniors from loan officer Mary Andes. A reverse mortgage can be a lifeline to borrowers with lots of equity but limited income.
Every week I see seniors who are falling behind the eight ball for various heart breaking reasons. Many of these seniors should not be losing their homes or near losing their homes.  I met a 68 year old man a few weeks ago who lost his beloved wife to cancer. She had been suffering for over seven years and passed away in February. The man told … (7 comments)

fha: Reverse Purchase Program - 03/15/10 06:06 AM
A reverse mortgage can help provide a higher quality of living for seniors that have lots of equity but a limited income. No income or credit requirements and no mortgage payments during their lifetime.

With the Spring Open House Blitz coming up I wanted to re-remind everyone about our Reverse Purchase Program.... Seniors can purchase a primary residence and obtain a reverse mortgage in a simultaneous transaction...enabling the Senior to never have to make a mortgage payment!

The qualifications are the same as a Reverse Refinance.... the Borrowers have to be aged 62 or older, and the subject property … (0 comments)

fha: HUD Homes for sale in Washington County - 03/13/10 01:26 AM
HUD Homes for sale in Washington County
This is the current inventory of available HUD homes in the county. These properties are FHA foreclosures. Note that the priority of Owner Occupant means that the properties are not yet available to investors. When the priority shows All Bidders, the properties are available to owner occupant purchasers and investors.
All bidders need to be pre-approved if mortgage financing is to be used. FHA financing is usually the best for home buyers. Check with us if you need a referral to a mortgage lender.
WASHINGTON COUNTY, MARYLAND  

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fha: HUD Homes for sale in Montgomery County - 02/26/10 12:30 AM
HUD Homes for sale in Montgomery County
This is the current inventory of available HUD homes in the county. These properties are FHA foreclosures. Note that the priority of Owner Occupant means that the properties are not yet available to investors. When the priority shows All Bidders, the properties are available to owner occupant purchasers and investors.
All bidders need to be pre-approved if mortgage financing is to be used. FHA financing is usually the best for home buyers. Check with us if you need a referral to a mortgage lender.
MONTGOMERY COUNTY, MARYLAND


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fha: HUD Homes for sale in Prince George's County - 02/23/10 12:06 AM
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fha: HUD Homes for sale in Washington County - 02/23/10 12:02 AM
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fha: HUD Homes for sale in Frederick County - 02/22/10 11:58 PM
HUD Homes for sale in Frederick County
This is the current inventory of available HUD homes in the county. These properties are FHA foreclosures. Note that the priority of Owner Occupant means that the properties are not yet available to investors. When the priority shows All Bidders, the properties are available to owner occupant purchasers and investors.
All bidders need to be pre-approved if mortgage financing is to be used. FHA financing is usually the best for home buyers. Check with us if you need a referral to a mortgage lender.
FREDERICK COUNTY, MARYLAND

… (1 comments)

fha: HUD Homes for sale in Montgomery County - 02/22/10 11:55 PM
HUD Homes for sale in Montgomery County
This is the current inventory of available HUD homes in the county. These properties are FHA foreclosures. Note that the priority of Owner Occupant means that the properties are not yet available to investors. When the priority shows All Bidders, the properties are available to owner occupant purchasers and investors.
All bidders need to be pre-approved if mortgage financing is to be used. FHA financing is usually the best for home buyers. Check with us if you need a referral to a mortgage lender.
MONTGOMERY COUNTY, MARYLAND

… (1 comments)

fha: HUD Homes For Sale in Prince George's County - 02/11/10 11:42 PM
HUD Homes For Sale in Prince George's County
The following are the currently available HUD homes. These are FHA foreclosures.  The priority designation of All Bidders means that the properties are available to investors as well as owner occupant purchasers.
Use this link to see the inventory of HUD homes in Maryland:
http://hud1.towerauction.net/e18/gen_list/county_pages/MD.htm
Please contact us with your questions or showing requests. All buyers that plan to use mortgage financing will need to be pre-approved. You need to have a lender letter in hand when you submit an offer on a foreclosure. Ask us for a referral to a loan officer if you … (0 comments)

 


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