fha: FHA Streamline Refinance in Arizona and California June 2012 - 05/26/12 05:19 AM
FHA Streamline Refinance in Arizona and California June 2012
For an FHA Homeowner who currently has an existing FHA loan that was endorsed/ closed prior to June 1, 2009, the MIP (mortgage insurance premium) are likely ”grandfathered” into a special guidelines designed by the FHA earlier this year.  Arizona and California FHA Homeowners, may qualify for a reduced rate on the MIP and the annual mortgage insurance premiums aside from a significantly lower rate and payment. 
Get an Arizona and California FHA Streamline Rate Quote
Upfront MIP Beginning for FHA Case Numbers assigned on or after June 11, 2012, and for loans endorsed prior to June … (0 comments)

fha: FHA Postpones "Collection Payoff" Requirement in Arizona and California - 04/09/12 10:30 AM
As if it is not getting harder to qualify for a loan, FHA put the scare in everyone for the last couple of months stating that FHA homeowners in Arizona and California would have to either:

Pay off all their collections if it amound over $1,000 or; Have a payment arrangement with the collection company for a minimum payment history of 3 payments/ months. The great news is that FHA came out today and stated that they were going to postpone the FHA requirement to "pay off your collection accounts" until they hear more public and industry comments before enforcing … (1 comments)

fha: FHA Raises Their Mortgage Insurance for 2012 - 03/15/12 09:15 AM
FHA Raises Their Mortgage Insurance for 2012
The pinnacle and driving force of an FHA loan in Arizona and California is the Mortgage  Insurance or most commonly known as "MI".  Most people do not make the connection and know the difference from any other loan  in Arizona and California.  FHA's flexible lending guidelines allows lenders to approve loans to its segment of the market simply because the loans are insured by FHA which is funded by the MI that an Arizona and California homeowner pays monthly and the Upfront Mortgage Insurance Premium the FHA charges the borrower. Go here for more information on FHA Increasing … (0 comments)

fha: The FHA Less Than 90 Day Flip Rule Waived In Arizona and California for 2012 - 12/23/11 05:30 AM
The FHA Less Than 90 Day Flip Rule Waived In Arizona and California for 2012 Today 12/23/11, FHA declared that the 90 Day Flip rule be waived and extended up to 12/31/2012, unless withdrawn or extended by FHA in Arizona and California. 
As you can already know many Arizona and California investors, agents and buyers are glad to know that the less than 90 Day FHA Flip Rule has been extended.  I hope that FHA comes to their senses and gets rid of the less than 90 Day FHA Flip Rule in Arizona and California, all together.   The less than 90 Day FHA Flip Rule was originally enacted to prevent the predatory … (2 comments)

fha: FHA Extends The Less Than 90 Day Flip Rule for 2011 - 01/19/11 07:40 AM
FHA Extends The Less Than 90 Day Flip Rule for 2011 in Arizona
FHA 90 Day Flip Rule Is Extend For the Year 2011 in Arizona
HUD has informed us that they are going to extend the FHA 90 day seasoning financing rule for buyers & sellers in the greater Phoenix & Arizona area.  This obviously will be extended to all states in the U.S.

What does this mean for you as a buyer?
The extended FHA 90 Day Flip Rule will allow you to purchase a home that was currently purchased, in the most recent 90 days, by an investor and sold … (1 comments)

fha: New FHA Upfront MIP on Oct. 4, 2010 - 09/30/10 07:01 PM
New FHA Upfront MIP on Oct. 4, 2010
FHA Homebuyers will see the new FHA Upfront MIP go down as of October 4, 2010.  
Over the past 2-3 months, Congress has taken action and passed H.R. 5981. This bill gives FHA the authority to adjust it's annual mortgage insurance premium yielding approximately $300 million per month to the FHA Mutual Mortgage Insurance Fund at a time when its reserves are perilously low. As a result, FHA has decided that effectively on October 4, 2010, the UFMIP (Upfront Mortgage Insurance Premium) and the Monthly Insurance Premium will change in order to meet the demands … (2 comments)

fha: USDA Has Funds Available For Home Financing - 06/01/10 01:54 PM
USDA Has Funds Available For Home Financing 
Effective 06/1/2010

Effective June 1, 2010, USDA Home Loan financing is available to homebuyers.  However there are some major changes to the program.
First: The USDA Funding Fee is no longer 2.00% (two percent)
Second: The "NEW" USDA Funding Fee is 3.50% (three and a half percent)
Third: The GUS System (Guarantee Underwriting System) is currently turned off.  This means that the homebuyer's qualification will be strictly adhered to the USDA Guidelines.
**With GUS; the homebuyer can potentially qualify for a higher sales price
If you have any questions, please call us at 480.344.3671
… (2 comments)

fha: Credit Cards are Causing Damage to Your Credit Score - 11/12/09 04:59 AM
Credit Cards are Causing Damage to Your Credit Score
A new survey from the Federal Reserve shows that, despite how consumers are being hurt in the current economy, banks continue to raise the interest rates and lower credit limits with most credit cards.  Not good for those who are already struggling,, since studies consistently show that the single source that causes more people problems with their credit reports are their credit cards.  Specifically, the person uses his Visa or MasterCard to get out of a financial crunch, but when that crunch does not abate, he finds himself unable to make the … (0 comments)

fha: 90 Day Anti-Flipping Rule: Can you finance FHA before the 90 days? - 10/05/09 03:47 AM
90 Day FHA Anti-Flipping Rule: Can you finance FHA before the 90 days?
You're going to love the information on this post.  I  do not mean to kick the dead horse while it is being buried but my previous post on the 90 Day FHA Anti-Flipping rule generated 4300+ hits, so of course I stopped kicking the horse and went to the next farm to milk the cow. Obviously you know this is a hot topic in our industry and we are always hoping the rule just goes away. However, it will not.  The important thing here is to understand it, embrace it and work … (0 comments)

fha: First Time Homebuyer Tax Credit.. Is it working? - 09/30/09 12:50 PM
First Time Homebuyer Tax Credit .. Is it working?  I know that a while ago, I read and commented on a post in AR with many REALTORS and Loan Officers saying they were not so sure whether or not the tax credit has worked nor is it needed.  I am a bit skeptical about these type of comments.  Let's keep it in perspective! Not all markets are alike.  In fact, living and working in Arizona, the program has done miracles to our market.  In fact, it is hard to buy a home right now due to the feeding frenzy.  Regardless of what … (5 comments)

fha: Applying for a Home Loan: The Loan Officer in a Down Economy - 09/30/09 07:56 AM
Applying for a Home Loan:  The Loan Officer in a Down Economy
Since you're reading this blog, there's a good chance you're hoping to soon buy a new home. Seems a terrifying prospect in the times we are facing and yet there is someone out there to assist you in finding what you need. It's up to your loan officer to find the best for you, and most good ones will work hard on your behalf to get you the rates you deserve and the payments you can afford.
With the market as it is, mortgage rates have been on a … (0 comments)

fha: How to Find a Reputable Mortgage Lender - 09/30/09 07:34 AM
How to Find a Reputable Mortgage Lender
If you are thinking about buying a home, you will want to work with a trustworthy lending institution that will give you the best possible deal. If you apply for bids on the Internet, you will be deluged by offers from all kinds of lenders, some reputable and others not so reputable.
That is why it is important to find a bank, credit union, or loan company you can depend on. There are many ways to do this, but the main point is you don't want to rush into making a decision in choosing … (2 comments)

fha: Hi Mr. Homebuyer! No I won't help you... - 09/28/09 07:14 AM
OK folks!  There is a lack of salesmanship going on in this industry that I have never seen in all my years in sales and marketing.  The old adage of "The customer is always first" has no chance in our industry. 
Today is the 3rd REALTOR that I must call to tell them that their client fired them.  Do you have any idea how awkward that is for a Loan Officer?  Especially since the agent was gracious enough to refer my services.  This is the common complaint = "I just don't feel that my REALTOR cares to know anything about me or … (17 comments)

fha: USDA Budget runs out of funds... - 09/28/09 06:17 AM
USDA has announced it will not receive its appropriations for fiscal year 2010 by October 2009.  It will experience a delay in approval of funds and will likely not see them until early 2010.  However, this will not affect "all" lending on USDA Home Loans. 
USDA will make conditional loan commitments until the funds are appropriated.  USDA will allow lenders willing to assume the risk of approving such loans in case of default until appropriations are made and as along as they are able to carry the balances until USDA can purchase them from the lenders warehouse lines. 
Your best bet is … (4 comments)

fha: 90 Day FHA Flipping Rule Waived For The Next Year? - 09/22/09 04:12 PM
As of 01/16/2010 90 Day Flip Rule has been waived for 1 year!
FHA 90 Day Flip Rule Is Waived for 1 Year
HUD has ruled on waiving the 90 day seasoning financing contingency for buyers. What does this mean? 
Effective February 1st 2010, FHA/ HUD will not require that a seller of a property be on title for 90 days or more in order to sell the property to a borrower acquiring FHA financing.  This is an incredible opportunity for the majority of buyers & sellers in today's market.
Investment Properties, Flips, Foreclosures, Short Sales
This news is an important decision handed down by HUD as it … (16 comments)

fha: News Flash!! FHA is squeezed for money! - 09/18/09 11:50 AM
I found this to be very newsworthy information since many of AR members have been really focused on FHA and the First-Time Tax Credit.  What a bumpy ride it's going to be.  Tell me what you think!  We are about to see a whole lot of lenders disappearing as a result of this.  In fact, as of November 18th, FHA borrowers will no longer be able to finance their closing costs into their loans when they refinance, known as a "STREAMLINE REFINANCE" as one of the results of the current announcement.  We all better wish for a recovery and fast. 
The … (104 comments)

fha: Reason why you shouldn't pay off your collections when applying for a home loan!! - 07/13/09 06:20 AM
Lately, I've received several inquiries as to my previous post that stated to "NEVER PAY OFF YOUR COLLECTIONS WHEN APPLYING FOR A MORTGAGE".   I suppose that with good reason, many were a bit confused as to why I would say something like that.  More so, I found that many of the people who responded were either being told they needed better scores to get approved and/or they were under some credit repair plan.  I wanted to provide some tips and dispel some myths about collections and FICO scores when it comes to applying for a home loan.. A) Paying it off … (2 comments)