home loans: Condos & Financing - FHA approvals
- 12/10/12 10:44 AM
CONDO APPROVALS If you own or are looking to buy a Condo/Townhome with an association or management fee collected, you will want to be aware of a potential issue regarding financing. The majority of lenders will require that the condo association provide proof of financial stability and other reporting before you can obtain mortgage financing. FHA maintains a list of approved associations, but the list contains only about 25% of all condos! Many of the previously approved condos had their approvals revoked or expired in 2011 & they failed to re-apply, or could not qualify. Realtors & owners/buyers can look here … (2 comments)
Home Buyers & Real Estate Agents Take Notice! Buyers- you could save thousands of dollars at closing! Effective June 1st, 2011 the local Wall Township, NJ branch location of Freedom Mortgage Corporation is test marketing a new program targeted at home buyers. The offer consists of a 1 percent lender credit towards closing costs on all loan programs including: FHA, Conventional, USDA, VA & Fannie Mae Home Path loans. This is not limited to first time buyers! Anyone who becomes pre-approved on or after June 1st, 2011, and applies for financing … (4 comments)
home loans: Collection Accounts- Should you pay them?
- 03/29/11 03:48 AM
When a consumer does not pay a debt for a period of time it often turns into a collection account. You can have collections from debt owed to credit card issuers, medical professionals, libraries, schools, service providers, insurance companies, vendors, and more. Each type of creditor can have a different time frame in which an account might be sent to a collection agency. Often, these creditors can lend or sell the debt to a third party agency that is in business to make a profit from the collection of these unpaid obligations. Since these collection agencies get their income from payment of the outstanding … (0 comments)
The HomePath® Mortgage Program is a special financing program to allow purchasers expanded underwriting flexibilities for Fannie Mae Owned (REO) properties in which Fannie Mae has deemed eligible for the program. Properties must be designated as eligible for HomePath financing by Fannie Mae on the website: www.homepath.com Low down payment and flexible mortgage terms Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a secured loan from a nonprofit organization, state or local government, or employer No … (0 comments)
home loans: FHA fee hike: more news
- 02/23/11 02:45 AM
The FHA commissioner, David Stevens just released this letter in an attempt to 'explain' the recent adjustment to the FHA mortgage insurance annual premium- this is the part of the MIP that is paid monthly in a mortgage payment. February 18, 2011 On February 14, I announced a new premium structure for FHA single-family mortgages, increasing the annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30-year and 15-year loans. It is important for everyone in the industry to understand the reason for this action. After careful consideration and analysis, we determined it was … (0 comments)
home loans: Top 5 Reasons Why Agents need a Lender Relationship
- 01/03/11 04:01 AM
As a Real Estate Agent, one of the best things you can provide to your clients is advice. Most buyers ( and sellers for that matter ) look to their agents as a source for information to help guide them through a very complex process to buy/sell a home. During the course of your career you will undoubtedly have the experience of working with numerous local professional service providers with varying results. As a trusted advisor, you are in a clear position to provide insight as to which providers may be best suited to work with your clients. Realtors are often asked to … (3 comments)
home loans: 2010 -A Lender's poem
- 12/31/10 03:59 AM
How to describe the 2010 story?With one word. Regulatory!!Consumers? The Feds wish them oh so well!Yes- but good intentions pave the road to hell.To punish the villains of our industry,They devised a plan of transparency.Brilliant ideas- That HVCC,And a new "comprehensible" GFE!That form is now so simplified,That everyone is mystified.Each lender sees it differently,What do we do with the YSP??What dates? Which blocks? Are we compliant?On HUD guidance we're all reliant!!On what day can we sign our docs?For each thing there are different clocks!A three day wait....do we start with zero?When closing docs go out we're the hero!We've never seen so … (1 comments)
home loans: Riding the Rate See-Saw
- 12/15/10 03:52 AM
Riding the Rate See-Saw The last few weeks have seen some crazy movement in mortgage rates. The economy shows signs of picking up steam with good earnings reports & sales figures coming in, as well as leading economic indicators pointing to more consumer spending & tame inflation. the Fed has stated that they want rates to remain low, but recently the exact opposite has occured. Consider this: Since December 1st, lenders have seen the following changes in their daily price sheets...
The bps are basis points- the cost of borrowing. In other words let's say you have a targeted interest rate of 4.5 … (1 comments)
home loans: ENERGY EFFICIENT MORTGAGES- How do they work?
- 11/01/10 05:20 AM
ENERGY EFFICIENT MORTGAGES- How do they work? An Energy Efficient Mortgage is a useful option for people buying or refinancing a home that is in need of upgrades such as new Central A/C, fuel efficient furnaces, insulation, new windows, etc. Some of the benefits include the ability to include the cost of the upgrades in the new mortgage amount without affecting loan to value, down payment requirements, or debt ratios. If the home you are considering purchasing needs new air conditioning or heating, this may be the perfect program for you. If you have a home in need of upgrades & are … (4 comments)
CONDO APPROVALS
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