fha loans: Puyallup Home Buyer advice - Employment
- 01/23/10 10:04 AM
Puyallup First Time Home Buyer Seminar - Part II Employment Now that we have covered the area of credit, we need to look at the remaining factors of a home loan Pre Approval for my Puyallup, Tacoma, and Pierce County homebuyers. Part II covers Employment requirements. I am sure that the majority of those reading this would find it to be just plain common sense that steady employment or income is a standard requirement for approval on any kind of mortgage loan. The only real issue is the definition of "steady." Typical programs (VA loans, FHA loans, USDA loans, and most … (0 comments)
fha loans: Who knew Active Rain would one day claim the FHA Commissioner as a member?
- 01/20/10 08:36 AM
As I was perusing the blogs on Active Rain the other day I saw a blog with a picture of David Stevens the current Commissioner of the FHA on the side. It did not click at first, I just thought someone had used his picture to promote their blog. Then today I saw the same photo, but actually took the time to read the blog because I had posted a blog earlier on the newly released policy changes requested by FHA. What a surprise when it actually sunk in that this was indeed the FHA commissioner blogging on Active Rain about … (5 comments)
fha loans: HUD announces policy changes for Puyallup FHA buyers
- 01/20/10 06:12 AM
It will soon cost more to buy a home in Puyallup, Tacoma, and Pierce County using FHA financing because of four new policy changes announced by HUD this morning. The changes include an increase of the Up Front Mortgage Insurance Premium (UFMIP), a minimum credit score to qualify for 3.5% down payment option, a decrease in allowable seller concessions, and increased enforcement of FHA lenders. HUD's first step is to raise the UFMIP from 1.75% to 2.25%. The UFMIP is typically added to the loan amount so anyone buying a Puyallup Home for $200,000 will have a loan balance almost $1,000 higher than under the previous guideline ($4,342 … (0 comments)
fha loans: Will FHA be the next big Bailout?
- 11/13/09 11:58 AM
The big news of the day in Real Estate surrounds the potential failure of FHA. I have seen a few blogs that are trying to put a positive spin on the situation, saying that FHA is fine, and these reports are being blown out of proportion. I remember hearing almost identical statements with regard to Fannie, & Freddie 14 months ago; or in other words, just before we had to bail them out with public money. I went to a link on a blog for a video created at Think Big Work Small where they made the case that FHA actually has … (1 comments)
fha loans: Another Tip for my Puyallup First Time Home Buyers
- 10/22/09 01:19 PM
I have gained a reputation for being the guy who always gets the "hard" loans, and most interesting situations, and I have always taken a great deal of pride in finding a way to get them closed. This post falls into the category of "there is no such thing as a normal deal." I was recently introduced to a young, newly engaged couple interested in buying their first home in Puyallup. I did the usual First Time Home Buyer meeting where I go over what they will need, and how the process works. Normally, this is pretty standard stuff since I am … (0 comments)
fha loans: First Time Home Buyer: How's your credit?
- 10/15/09 12:53 PM
One of the biggest mysteries for many First Time Home Buyers is how to gauge their credit. There are many different services that will give access to your credit profile, and score, but they charge an average of $15 per month for "monitoring," and just knowing your credit score is not an accurate way to know if you will be considered a strong borrower by a bank. Years ago, banks used an internal scoring system that allowed the loan officer to get a good read on a prospective borrower before pulling their credit. This was, and is important because having too many … (0 comments)
fha loans: First Time Home Buyers, FHA Loans, & the "Mortgage Widget"
- 10/14/09 01:03 PM
I was recently told I need to spice up my blog, put some pizazz in it with color pictures, etc. One of the things recommended was to put a "mortgage widget" on the side of the blog page. These are clever little pieces of "eye candy" that show the "average" interest rate for some of the loan options available nationwide. It got me thinking about several different issues. First, is there really any such thing as an "average" mortgage? While the vast majority of homes have mortgages, and many of them have several common characteristics, there really just is no such … (1 comments)
fha loans: Puyallup First Time Home Buyer Tax Credit Info
- 10/13/09 12:33 PM
The deadline for First Time Home Buyers to receive the $8,000 tax credit is approaching very quickly. I know Realtors have been doing everything they can to promote this, and increase the public awareness, but I am amazed by how many people I talk to that are nearly oblivious to it. The last time I really addressed this issue was when the Washington State Housing Finance Commission decided they were not participating in any kind of "bridge Loan" program to allow FHA buyers to access the Tax Credit proactively, and use it for a down payment. This was unfortunate as a lot of … (0 comments)
fha loans: Why Do They Call It An FHA STREAMLINE Refinance?
- 10/10/09 10:32 AM
Just what exactly is "Streamline" about an FHA to FHA Refinance? I get asked by a lot of people about the benefits of a Streamline Refinance versus a traditional refinance. After all, the title Streamline Refi seems to indicate that this process must be much more abbreviated than a regular full documentation refinance. First off, there is little if any difference in cost between an FHA Streamline Refi, and the refinancing of a Conventional Loan. An FHA Streamline Refinance will still require the services of an escrow company, and Clear Title must be verified so you will need to buy … (0 comments)
fha loans: FHA issues reminder regarding Flood Insurance for all FHA Loans
- 10/10/09 09:46 AM
How does FHA determine if a property is located in a Flood Zone? FHA released Mortgagee Letter 2009-37 this past week to clarify responsibility for designating property as being in a flood zone. In the Washington's North Pierce, and South King County areas of the Green River Valley, this is very timely given the recent news about the Howard Hanson Dam. FEMA does not currently consider much of this area to be a Special Flood Hazard Area (SFHA), but both the Federal, and County government have issued several flood warnings to local residents, as well as taking precautionary action themselves. … (0 comments)
fha loans: Do Condo Guideline Changes Present a Catch 22?
- 10/01/09 11:20 AM
Condominiums have always required more in the way of paperwork than a traditional single family residence, and much of the reasoning for the increased documentation is not well explained, or understood by many loan officers. On top of this, there have been a myriad of changes to overall lending guidelines in the past six months. Perhaps as a result, the recent updates regarding changes in the approval process for condominium projects seemed to fly under the radar for most. The biggest change is that FHA is no longer going to allow Lenders to give a "spot" approval for an … (0 comments)
fha loans: Washington State & the FTHB Tax Credit as Down Payment
- 06/25/09 06:43 AM
It has been quite some time since I put out any new blogs using this site. Thankfully, that is because I have been busier than ever with providing loans for both buyers and refinances. During this time (basically, the last couple of months) there has been an awful lot of talk, speculation, rumor, and misinformation about the First Time Home Buyer $8,000 tax credit. It began when a bill was introduced to the Senate creating a budget addendum that would be used to allow First Time Home Buyers (FTHB) to monetize their tax credit for use as the down payment on … (0 comments)
fha loans: Some Unpopular Things to be Thankful for!
- 11/24/08 10:27 AM
I wanted to share some things that we all generally grumble about in a way that reflects more appropriately to the spirit of the season. I typically send something like this out every year to the many people I've had the pleasure of working with. Perhaps more importantly, I send this out as a way to remind myself that I could be far less fortunate. I am thankful for... ... The High taxes I pay because it means that I am employed. ... The clothes that fit oh so very tight because it means that I have enough to eat. ... My shadow … (9 comments)
fha loans: Market Update 11-14-2008
- 11/14/08 06:06 AM
US Stocks are struggling to get back to even for the day, after initially giving up more than half of yesterday's gain. Mortgage Bonds are better than yesterday, but not enough to see any meaningful rate improvement.
Stocks took their cue from today's Retail Sales report that showed a 2.8% decline for October, the biggest drop in 28 years. This marks the 4th consecutive month of declining sales volume, which has not happened since 1974. While the decrease should not come as a shock to anyone, it was more than economists were expecting, and is representative of the largest month … (1 comments)
fha loans: Market Update 11-10-2008
- 11/10/08 10:12 AM
US Stocks began the day on the upside following the trend from overseas markets, but quickly fell into the red. Mortgage Bonds held early gains longer, but also turned negative before their early closing. Stocks took their cue from overseas markets early on as the Dow jumped out to a 200 point gain before succumbing to what have become ongoing worries over the global economic outlook. The mood was enthusiastic from China's announcement of a $586 Billion internal stimulus package of their own. Beijing is planning on spending roughly 15% of their country's GDP on infrastructure upgrades in an effort to stimulate … (2 comments)
fha loans: Market Update 11-03-2008
- 11/03/08 05:27 AM
US Stocks are trading in a fairly narrow range, given the recent history of wild swings, and the Dow is trying to find a way to post a positive in the face of a dismal reading from the ISM Index. Mortgage Bonds are up slightly as they continue to trade sideways. Stocks are taking the news of the nation's worst reported output in 26 years pretty well in stride as the Dow has spent the majority of the day in positive territory. The Institute of Supply Management (ISM) Index which tracks purchasing managers across most of the country's manufacturing sectors … (0 comments)
fha loans: Market Update 10-23-2008
- 10/23/08 08:59 AM
US Stocks are back to the "normal" volatility roller coaster, and the Dow has been up more than 200, down more than 200, and is now mounting a late day rally back to positive. Mortgage Bonds have traded to the negative today, but are still priced above the important 200 day average. Stocks went the first part of the day mostly positive, but the focus turned negative toward the afternoon with declining stocks outnumbering gainer's by 5 to 1. The negative view came into focus with this morning's release of the Labor Department's Jobless Claims which increased by more than expected. 478,000 people … (4 comments)
fha loans: Market Update 10-22-2008
- 10/22/08 09:48 AM
US Stocks are down today with the Dow of by as much as 5% as investors deal with poor earnings, and fears of global recession . Mortgage Bonds are holding on to slight gains as they push against technical pricing resistance. The Dow is back down to the 8,600 range as investors look to sell in a Market with few buyers. There are no economic reports to give the Market any direction today so investors must focus on corporate earning which have been as gloomy as predicted. Not all the news was bad, McDonald's ( a Dow component) reported an … (2 comments)
fha loans: Market Update 10-21-2008
- 10/21/08 08:51 AM
After a day of only positive numbers, US Stocks are back to the roller coaster we have come to expect with the Dow down by over 200 points, as well as being in positive territory throughout the day. Mortgage Bonds have not been nearly as volatile, and have traded within a plus or minus 10bp range most of the day. Stocks have faced heavy pressure through out the day as the focus has shifted from headline news to actual earnings reports, and corporate outlooks. The biggest loser in today's Market has been the Technology Sector. Both Sun Microsystems, and Texas … (0 comments)
fha loans: Market Update 10-20-2008
- 10/20/08 08:46 AM
US Stocks are on a strong rally, responding well to the prospect of another government stimulus package. Mortgage Bonds are also much better, as they push to finish above their 200 day average. Stocks continued their winning ways to start the week, as the Dow is enjoying the first day in a long time where its Stocks never ventured into negative territory. In testimony today, Chairman Bernanke endorsed a 2nd Stimulus, stating "a fiscal package by the Congress at this juncture seems appropriate." This seems as much an admission that Central Bank monetary policy alone is not enough to fix … (2 comments)
The views, and opinions expressed here represent the personal views, and opinions of Ron Brown. They are not necessarily the views of First Mortgage Company, and should not be construed as being so. They are for informative purposes only, and any persons reading them are encouraged to research there current relevance, and timeliness before taking any action.
Puyallup First Time Home Buyer Seminar - Part II Employment
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