As each day passes, new loan guidelines continue to prove that those setting the policies are clueless. After all, the guidelines are created to prevent lenders from extending credit to borrowers that may be susceptible to default creating a loss. Denying a loan should be for such reasons as the loan is believed to have [...]
Tag Archives: FHA Loans
FHA Mortgage Insurance Premium for Santa Clara County Home Loans are Going Up
The FHA has now increased the Annual Mortgage Insurance Premium on standard Santa Clara County FHA loan programs. The first increase was in October 2010 and now for the second time the premium increased within a period of six months. Some of the changes effective from April 18th 2011 are provided below. 1. There will [...]
Why A Lender Pre-Approval Could Be Worthless
I received a phone call today from a real estate broker that I have worked with over the last few years. I have some very loyal clients that I’ve done many loans for when they have purchased homes in Phoenix. These clients actually found her after I had pre-approved them. They have purchased a few [...]
Got Collections?? Your Home Mortgage Application is at Risk of Being Denied
Updated Underwriting for Collections, Charge-Offs, Judgments, Garnishments and Liens Conventional, FHA and VA mortgage loans in Phoenix may soon become harder to obtain for those with a troubled credit history. Currently, a borrower with up to $5,000 in collections may still eligible to purchase a home in Phoenix, in many cases. The new guideline change could also affect current [...]
Understanding the Loan Modification Process in 5 Easy Steps
Cutting through the red tape of the Government program announced back in March of 2009 can be daunting for so many American Homeowners. I’ve done my research and have not found many user friendly sites that actually break it down step by step.
What’s the Disposition of Your Previous Mortgage? Don’t Let this Blow Your Transaction
Anyone that has successfully closed a short sale in the last few years can benefit from knowing what to expect when purchasing a home in the future. It’s very likely the borrower had to make late payments during their negotiations with the bank before their short sale closed. These late payments may no longer be [...]
FHA Streamline Refinance Without Appraisal
California FHA Streamline Refinances without an appraisal just got easier to accommodate. Since November 17 2009, Streamline FHA refinances have had traditional guidelines – prove income, provide tax returns, make sure the debt ratios are in line amongst others. As of June 9, 2010, many investors have informed their lenders that those guidelines have eased [...]
How To Check if an Orange County Condo is FHA Approved
In order to get FHA financing on a condo in Orange County, the condo project needs to be approved for financing by FHA. Not all projects are approved, so it is important to narrow the property search to those condo’s that are if you have a desire to take advantage of the benefits of FHA [...]
HUD to Increase Mortgage Insurance Premiums for Orange County FHA Borrowers
HUD announced in Mortgagee Letter 2010-02 that effective April 5, 2010, the Upfront Mortgage Insurance Premiums (MIP) on FHA loans will be increased. This will effect Orange County FHA borrowers who are looking to purchase a home or refinance using FHA financing. Over the past year FHA has played around with different premiums, but most recently [...]
FHA 90 Day Flip Rule Waived in California
HUD just gave a nice boost for California FHA insured mortgages. The 90 Day Flip Rule that hindered FHA buyers and certain home sellers from going into contract together has been temporarily waived for 1 year. Starting February 1, 2010, a home purchased by a LLC, Trust or by owner within the last 90 days [...]
FHA Eliminates 90-day flipping rule for Santa Clara County Mortagages
Great news for First Time Home Buyers – FHA is eliminating the 90 day flipping rule for mortgages on Santa Clara County homes. FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days in Santa Clara County. Due to lack of financing options Bay Area First Time [...]
FHA Energy Efficient Mortgage for Santa Clara County Homes
FHA’s Energy Efficient Mortgage program (EEM) helps Santa Clara County homebuyers or homeowners save money on utility bills. This is done by enabling them to finance the cost of adding energy efficiency features to their house as part of their FHA insured loan. EEMs recognize that reduced utility expenses can permit a homeowner to pay a higher mortgage [...]
HVCC implementation is delayed by FHA for Santa Clara Home Loans
FHA delays HVCC for Santa Clara County Home Loans until February 15, 2010. This was originally planned for a January 1, 2010 implementation. But, FHA announced today that the enactment of Appraiser Independence has been delayed. Since implementation of the Home Valuation Code of Conduct (HVCC) for conventional loans in May 2009, many challenges and difficulties with appraisals [...]
After Short Sale do I qualify for an FHA loan in Santa Clara?
A short sale is a transaction where a seller sells the property for less that what was owed. Short sale is increasingly becoming a common option to sell a house in Santa Clara and rest of the Bay area. If you went through a short sale you could have this question – Do I now [...]
$729,750 Loan Limits for FHA, Fannie Mae and Freddie Mac Extended through 2010 for Orange County, CA
There was great news this week for Orange County, CA home owners and home buyers as Congress agreed to extend the “high” loan limits for another year. On October 29, Congress announced the limits would remain in place through the end of 2010. Only 2 years ago the maximum Conforming loan limit for Orange County [...]
USDA Rural Development Home Loan Has Lower Monthly Payments Than FHA
USDA Rural Development monthly mortgage payments Did you know that for the same loan size and a similar rate that the USDA Rural Development Home Loan will ALWAYS have a lower payment than FHA? Sometimes the USDA Rural Development payment will be substantially lower. Let’s talk rates and payments… When most people shop for a [...]
FHA Loans are Proving to be Very Popular in Orange County, CA
Orange County, CA home buyers are finding that FHA financing is a great way to go when purchasing a home. Only a few years ago there were hundreds of different types of loan programs, many offering 100% financing (or higher) for low FICO score borrowers who didn’t need to show the lender much information beyond a few bank [...]
New FHA Rules For Condo Buyers
Subscribe The Federal Housing Administration (FHA) has delayed the implementation of rules that could make life more difficult for condo buyers across the country. The delay should be especially helpful for those hoping to qualify for the first-time buyer tax credit that expires after Nov. 30. The new FHA rules, which were to take [...]
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Rob@Jupiter Real Estate: In Florida we have many condos located on oceanfro...
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Larry: It should almost be a necessity to have a swimming...
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New Media 4 Agents: I think we are past the stage of wondering if it w...
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Jim Wagoner: Good information we all should try to live by....
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Mike Pannell: Tony, i tried to sign my Wife up on your property ...
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$10000 California First Time Home Buyer and New Home Tax Credit Extended
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Unite Against the Sarasota MLS Board
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Short Sale Heaven Coming April 5th 2010
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The Lones Group – Real Estate Social Media Marketing Firm – Sues Agent For Being A Zebra
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California Senate Bill 94 (SB94): Passes; Not even Attorneys can do it!
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We are not the FHA, VA, USDA, HUD or any other government organization. The content on this blog is intended for information purposes only. 
