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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 [...] I found a pretty good article that gives buyers tips to stopping foreclosure. This sort of information can’t be spread around wide enough or fast enough. Too many people are losing their homes. Mortgage and home loan help is available and theres practically nothing more aggravating and more heart breaking than the thought of losing your [...] One of my clients and good friends sent me a link to an article that sums up the debacle pretty well. It sounds like most clients now know where to send their payments. There has been some issues related to escrow accounts not paying taxes or insurance. There have also been issues where borrowers received escrow [...] In the coming weeks, I’ll find more details on what criteria HUD (Departmeng of Housing and Urban Development) is looking for. The announcement came at the end of last month. Here is a link to HUD’s announcment. HUD regulates and writes the rules and regulations for FHA loans. |
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