fha: Can you change your financing once you have an accepted bid on a HUD home in Sacramento?
- 06/07/11 10:27 AM
Can you change your financing once you have an accepted bid on a HUD home in Sacramento? The answer is YES... BUT there are some things you will need to know. I have a client that is in escrow on a HUD home in Elk Grove. She initially thought she would take advantage of FHA financing... But later changed her mind and decided to put more money down instead. Can you change your financing once your bid is accepted? The answer is YES... You absolutely have an option to change your financing mid-stream! There are some additional fees involved with this change you should … (1 comments)
fha: Check out March's edition of Comstock's Magazine: I was quoted in an article about new Sacramento FHA changes!
- 03/12/10 04:12 AM
I received a call about a month or so ago from a writer from Comstock's Magazine. She was interested in a Blog I wrote about recent changes with Sacramento FHA mortgages. She was curious how these changes would or would not impact the Sacramento Housing Industry. I got a Comstock's magazine in my mail this morning and I was reminded by this forgotten interview. Well... Turns out that the interview scored me a quote in one of the cover stories! If you would be interested in reading the article, please check it out on Comstock's website! Are looking to use FHA financing to purchase your next … (1 comments)
fha: FHA announces policy changes to reduce risk - Bye Bye 6% Seller's credit and we now have a minimum credit score!
- 01/20/10 01:41 AM
FHA announces policy changes to reduce risk - Bye Bye 6% Seller's credit and we now have a minimum credit score! When I saw this press release come out this morning, I held my breath when I was reading it! The good news?.... They left the down payment at 3.5% for most borrowers! I was relieved for my Sacramento mortgage clients! So what did they change? The changes announced today are the latest in a series of changes David Stevens (the FHA Commissioner) has enacted in order to better position the FHA (Federal Housing Administration) to manage its risk while continuing to support the nation's … (4 comments)
fha: HUD announced a temporary policy that will lift the 90 day seasoning rule! Now we are talking!
- 01/17/10 12:36 PM
In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan last Friday announced a temporary policy that will expand access to FHA mortgage insurance and allow a quicker resale of foreclosed properties. FHA currently requires the seller to own (must be on the title) a Sacramento property for a minimum of 90 days before they can sell it to a buyer using FHA financing. Sacramento bank owned property is exempt from this rule....until now! HUD will lift this restriction for one year beginning on February 1, 2010! This lift of the 90 day seasoning rule will permit buyers … (0 comments)
fha: Is your lender really FHA approved?
- 01/12/09 12:46 PM
Is your lender really FHA approved? I recently got a call from a First Time Home Buyer who had received a Pre-Approval letter from another Sacramento Mortgage Professional for a FHA loan. This potential client was sent to me through one of our Referral Partners who wanted me to double check the approval because they were unfamiliar with the Mortgage Company who provided it. After going through the Client's numbers I was courious how the previous "Mortgage Professional" could get them qualified for a purchase price so high. I couldn't figure out how in the world they calculated their numbers based on the … (6 comments)
fha: You must now wait 12 months in order to refinance into an FHA product from Conventional!
- 12/26/08 08:05 AM
HUD released an update recently that made 12 months seasoning mandatory for those homeowners who want to refinance their conventional loan into an FHA loan. (The following only applies only to refinances of existing conventional loans into FHA loans) The subject property must have been owned by the borrower as his or her principal residence for at least 12 months preceding the date of the loan application. If said property is encumbered by a mortgage, the borrower must have made all of his/her mortgage payments within the month due for the previous 12 months, i.e., no payment may have been more than … (0 comments)
fha: Don't forget: FHA Borrowers will need to put more money down in 2009
- 12/12/08 07:28 AM
Just a friendly reminder... The current minimum investment for an FHA loan is 3% of the purchase price. This means regardless of any credit a Seller may give a Buyer.. the Buyer MUST have 3% "skin in the game" to qualify for a FHA loan. In 2009 this minimum investment goes up to 3.5%!BUT if you can get an accepted offer in by the end of 2008 and your loan is assigned a FHA case number, you can still take advantage of the current rule of 3% down. Happy Hunting! … (1 comments)
fha: Q&A: My credit is a 540 and Im trying to buy a $75,000 home how likely is that to happen?
- 09/24/08 03:14 PM
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fha: FHA's new new changes to take effect October 1st for mortgage insurance rates
- 08/27/08 10:50 AM
As of October 1st, 2008 there will be yet another UFMIP/MMI Schedule in place for us to learn! Just when we thought we understood the new "risk based" schedule. Huhhhh! They are certainly keeping everyone on their toes.For purchases/refinances (non-streamline) the new UFMIP (Upfront Mortgage Insurance Premium) for ALL loans will be 1.75%. This means that every FHA borrower will now be charged 1.75% of their loan amount in an upfront fee for mortgage insurance. FHa not only charges an upfront payment of mortgage insurance, but also charges the borrower monthly. A samll price to pay for such a great loan. The fact … (0 comments)
fha: FHA new risk-based pricing structure on hold? What!
- 07/25/08 08:49 AM
The Federal Housing Administration section of a massive housing bill is causing heartburn for lenders because they will have to abandon a newly implemented risk-based pricing structure. The Department of Housing and Urban Development mandated implementation of the RBP structure by July 14, but the housing bill imposes a 12-month moratorium on risk-based pricing starting Oct. 1. HUD also has to convert back to charging a standard upfront mortgage insurance premium for all borrowers. "Now, FHA will be required to increase prices on all customers," HUD Secretary Steven Preston said. And it will require HUD to eliminate the newly expanded FHA … (4 comments)
fha: Risk-Based Premiums for FHA Mortgage Insurance - Effective 7/14/08
- 07/10/08 08:15 AM
Effective with new FHA case number assignments on or after July 14, 2008, FHA will implement risk-based mortgage insurance premiums on one to four unit single family mortgages. What does this mean?Previously FHA put every borrower in the same category and charged a 1.5% upfront mortgage insurance fee and then a .5% (.25% for a 15year loan) per year premium. Not they have changed their premiums to a risk based premium schedule. The premium grid is based solely on the prospective borrower's credit bureau score and the loan-to-value ratio. The premium matrix is shown below: This blog written by:Team NewingtonSacramento Mortgage Planners(916) 687-6868www.SuperiorLoanTeam.com … (1 comments)
fha: FHA title seasoning lifted for bank owned homes as of July!
- 06/19/08 12:41 PM
Have you ever had a deal fall apart because your offer on a Sacramento REO (bank owned) was written before the Bank reached it's title seasoning requirements for FHA? If not, here is a little background information. FHA currently has a guideline that states the current owner needs to be on title for more than 90 days before they can sell the home. They put this rule into effect to discourage investors from flipping property several years back. Unfortunately with the huge inventory of foreclosed homes in Sacramento, this rule can tend to get in the way of a Buyer wanting … (3 comments)
fha: FHA Seeks to Deter Buy-&-Bail Schemes
- 06/16/08 07:50 AM
FHA Seeks to Deter Buy-&-Bail Schemes Federal Housing Administration officials will be meeting this week to formulate a policy to prevent homeowners who are preparing to default on their mortgage from purchasing a new home with FHA financing. "We want FHA financing to be available, but we don't want to it to be abused," FHA Director Meg Burns told a Mortgage Bankers Association conference. Fannie Mae is expected to issue guidelines soon that are designed to prevent such "buy-and-bail" schemes in which the borrower allows the first property to go into foreclosure. "We plan to announce a series of new requirements … (0 comments)
fha: FHA Risked Based Mortgage Insurance Premiums - Effective July 14
- 06/15/08 11:29 AM
Effective with new FHA case number assignments on or after July 14, 2008, FHA will implement risk-based premiums on one- to four-unit single family mortgages. Highlights Regarding FHA's Risk-Based Premiums Up Front Mortgage Insurance Premium will range from 1.25 percent of the loan amount for lower-risk borrowers to 2.25 percent for riskier borrowers. No borrower who qualifies for a FHA-insured mortgage will pay more than 2.25 percent on the upfront mortgage insurance premium (UFMIP) and 55 basis points for the annual premium. Borrowers with credit bureau scores must be risk-classified by FHA's TOTAL Mortgage Scorecard. Those in risk categories without a premium … (0 comments)
Can you change your financing once you have an accepted bid on a HUD home in Sacramento?
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