FHA Proposed Rule Changes - ACT NOW!

By
Mortgage and Lending with HomeStar Financial Corporation

Will you take action?

FHA has recently requested public opinions and comments regarding proposed rule changes to the FHA home loan program. 

Basically, FHA is proposing to change the following:

1. Update the combination of credit and down payment requirements for new borrowers

2. Reduce allowable seller concessions from six to three percent.

3. Tighten underwriting standards for manually underwritten loans

Please understand that these rules have only been proposed and have not been made final.  

Now is your opportunity to make a difference and voice your opinions on these matters.  Hopefully we can all make a difference and change the minds over at FHA before they stall the housing market. 

The following link is where you may voice your opinions concerning the proposed rules:

   http://www.regulations.gov/search/Regs/home.html#documentDetail?R=0900006480b1ebdc

Take Action Now!

 

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Jeff Wilmoth | HomeStar Financial Corporation...Serving all of Georgia!

848 Jesse Jewell Parkway Gainesville, GA 30501

Cell 404.597.5662 | EFax 678.623.0444
jeff@jeffwilmoth.com

Apply online: www.jeffwilmoth.com

Mortgage Loan Originator NMLS ID: 206798; HomeStar Financial Corporation, NMLS ID: 70864; Georgia Residential Mortgagee Licensee #17368; Nationally Approved USDA lender USDA GRH program; FHA Lender ID - 897400009;  VA - 64103600000

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Dear Richard
Tags:
housing market
fha
down payment
homestar financial corporation
fha proposed rules

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Rainer
28,513
Jeff Scott
CENTURY 21 Goodyear Green - Edmond, OK

It is aimed at reducing the low down payment to buy a house.  I guess one way to eliminate the numb er of forclosures is to make it nearly impossible to buy a home!

Jul 28, 2010 11:56 AM #1
Rainmaker
117,094
Ann Sabbagh
Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT - Pawtucket, RI
President, Sr. Loan Officer

Jeff,

I wish we could institute change in our industry!  The financial bill just got passed.  This will hurt the recovery by tightening up lending even more.  Where does all this end?  It is sad to see the great credit score and income buyers are getting impacted.  It is even sadder we are not taking the proper steps to KEEP HOMEOWNERS IN THEIR HOMES !  Drives me nuts to see such big losses on mortgages, when if they just worked with the current owner, they could minimize losses and avoid the family losing the home!  Thanks for the post!

Jul 28, 2010 11:57 AM #2
Rainmaker
300,096
Jeff Wilmoth
HomeStar Financial Corporation - Newnan, GA

@ Jeff Scott - There's always more than one way to "skin a cat".  Instead of increasing the down payment they could tighten the credit requirements.  Although nobody can forecast a job loss, statistically they do know that credit score "X" will only produce "Y" foreclosures.

@Ann - Unfortunately thats the cost of doing business.  Many of the decision makers in the REO departments are from Mars, in my opinion, or atleast what I hear from agents. 

Jul 28, 2010 12:52 PM #3
Rainmaker
261,890
Barb & Sal Dragotta
Macomb, MI
Macomb County Michigan

Jeff...how timely, Sal just came from a meet at the office where a Bank rep. stated that as of Tuesday, they still were leaving seller's concessions at the 6% but would move them down to the 3% when directed to so do.  I wonder what is the hold-up here. 
It seems as if everything from this congress & DC is hurry up, rush, don't stop to question or my personal favorite: 'you have to pass the Bill to know what's in it." 

Who would have believed what would happen in just 18 months. Hum-m-m.  Oh for the possibility of a time-machine.  No votes for this then from this home & definitely no votes in the future. Actually, we were NOT lied to by Mr Obama the candidate--he promised a country fundamentally changed. 
WOW.
Barb & Sal 

Jul 28, 2010 01:53 PM #4
Rainmaker
300,096
Jeff Wilmoth
HomeStar Financial Corporation - Newnan, GA

Hi Barb & Sal...Take advantage of the link I provided.  We might get lucky.  I recently participated in a petition requesting certain aspects of a bill being voted on in the Senate to be removed and low and behold a few days later we were all informed that the issues were removed from the bill as a result of the many who signed the petition...make enough  stink and we may get our way!

 

Jul 28, 2010 03:13 PM #5
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Rainmaker
300,096

Jeff Wilmoth

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