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There’s a few major problems in the new FHA Short Payoff refinance that has been added to the “Making Home Affordable” family of solutions. I’ll later take the time to write the full details of this issue, but I need to get this message out over the next couple of days. The new FHA program includes [...] It’s scary applying for a home loan. The commitment to buy a home is stressful enough. Adding the fear of being turned down for a home loan can be too much for a consumer. I find that most consumers who are concerned with their credit feel that a credit blemish from years ago will keep them [...] The most difficult hurdles to overcome when helping HARP loan clients are typically placed by the homeowner’s existing lenders. Thankfully, the second mortgage companies have become much more lenient and willing to play ball. Companies are typically going to be okay with subordinating their loan if the homeowner is working on a HARP refinance on their [...] In January, the Department of Housing and Urban Development (HUD) announced the first major changes to FHA financing for the year changing the maximum seller concessions from 6% to 3% early summer 2010. The changes to seller concessions will have a large impact. Concessions include what the seller is contributing to the buyer in the transaction. A [...] The answer to this question varies depending on the loan program a buyer is looking at, but most buyers who have past credit problems rely on FHA loans as their fastest track back to homeownership. This is due to FHA’s lenient credit guidelines compared to conventional loan programs. HUD (The Department of Housing and Urban Development) [...] Earlier this month Fannie Mae announced the release fo their “Deed for Lease program. If an owner cannot afford to pay their Fannie Mae backed mortgage, they can deed the property to Fannie Mae and rent it back at market rate. The homeowner can obtain a lease up to 12 months and either sign a new [...] The temporary high-balance loan limits for Conforming GSE (Government Sponsored Entities) and FHA loans have been extended through 2010.
This means the current loan limits set to expire this year will continue through next year. This will help keep the real estate market on track for recovery. According to a related blog on Zillow, the [...] Recently, I was having lunch with my friends Rob Novak (fellow Loan Officer) and Andrew Norman from ING. It was one of those lunches where topics moved left to right without filters or agenda. While sharing ideas and opinions of the current marketplace, the topic of first time home buyers was mentioned. At that moment, [...] There is a new bill being introduced that would increase the minimum down payment for FHA loans from 3.5% to 5% (HR 3706). I understand that some congressman want to protect the financial stability of HUD as well as the American people. The last thing we need is a bunch of FHA foreclosed homes on the [...] I’ve always found it interesting that there are so many websites that claim to have a listing of foreclosed homes. Many of them claim they have HUD (US Department of Housing and Urban Development) foreclosures which are foreclosed homes that had FHA loans. Though many of these listings may be accurate, there is only one real [...] |
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