Mortgage and Lending with NMLS# 729950 NMLS # 729950

It looks like the House and The Senate are trying to come up with a better FHA Loan. As Of December 12,2007 here is where we are:

DOWN PAYMENT:                         Senate$ 1.5 %              House 1.5 %

Max.Mortgage Amount:                Senate: $417,000.         House: $729,000.

Seller Assistance:                         Senate: 0                     House: 0

There is still talk about "Risk Based Pricing" where FICO Scores could change the amount of Mortgage Insurance from as low as 1.5 % to a high of 2.00 %. Everyone wants to see a change by year end, but with the Holiday schedule it appears that a change will happen in early 2008. This could be a major step in getting people to purchase homes. It looks like we may be getting off to a good start in 2008. Speaking of getting off to a good start! Please check out my FREE Realtor Marketingprogram at my Blog page or at: Most of he agents cannot believe I do this for free. Also if you want to stay up to date on the mortgage business, please feel free to e-mail me,so that I can add you to my monthly Newsletter as well as my Economic Calender.

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Comments (6)

But, won't FHA (tax payers) become the next sub-prime lender?
Dec 17, 2007 04:48 AM

The solution is not in finding another sub-prime lender, but garnishing the borrowers wages to ensure payment.

Dec 17, 2007 04:51 AM

If FHA simply becomes the next sub-prime lender, then this fiasco will revisit in about 4-5 years from now. Ineptitude begets ineptitude.

Why would a borrower not want their paychecks garnished to ensure payment? Not only would this ensure timely payments, but also lower the costs of acquiring financing because many potential default-costs are passed along to the borrower.

Dec 17, 2007 04:56 AM
Jo Olson
HOMEFRONT Realty - Kettle Falls, WA
Retired - HOMEFRONT Realty @ LAKE Roosevelt
Garnishing payments. That caught my eye. The military does have a program where you can set up an allotment in your pay account to pay anyone. Several use it to pay their housing bills. Something like that could be very beneficial. A really nice concept.
Dec 17, 2007 05:24 AM
Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

What everyone is missing in the New FHA is the following:

Remember all applicant's must qualify for this loan. Let's remember this:

29/41 % Debt Ratios ( Some of you in the business used to do this before you even took a buyer out)

Income Verifiable - No FHA loan was ever done as a "No Doc." FHA Buyers must have JOBS !

Upward Mobility- FHA buyers may show future (Increased) earnings.

History of Savings, must qualify on PITI, Payment Shock,etc. are all terms used in getting an FHA loan approved. Also remember, No Pre-payment penalty and ALL FHA loans are ASSUMABLE. No this is not a sub-prime bail-out, but a new way of looking at an old loan. As far as wage attachments-WHY. Should everyone who gets a mortgage have their wages attached. This is not even close to a Sub-Prime loan. 




Dec 19, 2007 02:43 AM
Garnishing wages is unbelievable. Since when do we not have the choice to pay for something? Where does personal responsibility enter your world?
Dec 20, 2007 03:41 AM