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Wednesday, December 23, 2009
FHA is gonna make you dig deeper!
Tuesday, December 22, 2009
Google Voice
Friday, November 20, 2009
Don't move your ASSets - The search for source and seasoning
Buyer gets money from Realtor to buy a home with a grossly inflated price. Buyer borrows down payment in the form of a personal loan resulting in a secretly higher debt to income ratio - which creates greater risk the lender. You get the point. It goes to the strength of the transaction. Money that is properly sourced seasoned results in lower risk. So remember when you are preparing to purchase a house - DON'T MOVE YOUR ASSETS!
Wednesday, October 21, 2009
A bad day for one FHA Lender
Saturday, October 17, 2009
It's not FHA's DeFault
Last month, the Department of Housing and Urban Development's inspector general completed an audit. It concluded that the Federal Housing Administration had deficiencies in its controls to make sure lenders meet the agency's tough standards.
About 20-30 percent of new loans today are backed by the FHA depending on what window in time you look at, up from as low as 2 percent during the subprime loan boom. The FHA does not make loans directly, but insures loans from outside lenders which are generated by Bank, Mortgage Bankers, Brokers and Credit Unions in some cases
"The agency approved nearly 3,300 lender applications in fiscal 2008, more than triple the year before. But the number of workers evaluating applications remained the same. In a review of 22 approved applications, the audit found that only one contained all the necessary documents."
As ddelinquency has continued to increase, the agency's ability to manage its participating lenders is a big concern because there are growing fears that the agency will need a taxpayer bailout. Last month the FHA said its financial reserves had sunk below mandatory levels for the first time in its 75-year history. Additional defaults could hinder the ability to cover losses without an influx of government cheese may be needed.
In its official response to the report, HUD official Joy Hadley wrote that the agency "remains committed to ensuring that only responsible, financially sound lenders with integrity become approved as FHA program participants," It important to note FHA provides almost half of all mortgage made to black and hispanic borrowers.
Last month the FHA said it will raise the financial requirements for lenders and request annual audits, and officials have been cracking down on lenders suspected of fraud. These adjustments however, are relatively insignificant. The real need to enforce the same rules for all originators of these loans.
Sunday, September 20, 2009
FHA is having some issues
If an effort to stem the tide of defaults FHA has recently announced it will require income documentation from FHA streamline clients as well as Lenders will be required to maintain audited net worth abouve $1 million, up from just $250,000. However, they have also recently announced Mortgage Brokers will no longer be required to register with FHA or carry any type of net worth. The liability it seems will fall squarly on the correspondent lender.
The moral? get your streamlines in now before it tightens up again...I mean what are you waiting for anyway - rate are ridiculously low.
Tuesday, August 11, 2009
Seasoning??? Is this FHA or a BBQ?
Seasoning is an ever more important factor in financing. When you are buying a home with financing a lender will do many things to verify the transactions is arms length and otherwise a legitimate transaction. One of those procedures is verifying the seller has owned the property for a minimum period of time. Currently that is 90 days for FHA. IF your seller has not held the property (on title) for at least 90 days BEFORE the transaction started the loan will be rejected. Moral of the story, when buying a property make sure the seller has owned the property for a minimum period of time or risk losing the property.
Monday, August 3, 2009
FHA Basics
FHA also has fantastic rate and fee combinations - the product is not inherently expensive although some will tell you it's much more difficult to process or underwrite. And because of that some lenders and mortgage brokers layer high fees and costs under the assumption FHA is just more expensive. You don't have to pay large discount and loan origination fees. You can get FHA no points financing you need to just educate yourself and be prepared.
Wednesday, July 29, 2009
FHA Non Occupant Co-Borrowers
Monday, July 27, 2009
FHA Streamline
Tuesday, July 21, 2009
FHA High Balance Loan Limits
And you wanna know something else FHA offers VERY competitive rates and terms.
So next time you are thinking no have no options for your jumbo home loan, call an FHA Lender and see what they can do...and of course you can call mine,
HomeSecure Mortgage Lending 888-450-HOME, a direct FHA lender
Wednesday, July 15, 2009
The secret to mortgage shopping
How do I know this, because my company offers all these services for free.
http://www.myhomesecure.com/
The FBI and the Department of Housing and Urban Development recently issued a warning for senior homeowners to be cautious of fraud schemes when seeking reverse mortgage products.
If you are seeking a reverse mortgage simply take these few steps to ensure your working with an approved direct lender:
1. Verify the Lenders license through online governement databases
2. Search the internet for references good and bad.
3. make sure everything is in writing AND that you read it all.
4. Seek a second opinion from your trusted financial advisor
If you take these step you'll avoid the majority of these scams.
Tuesday, July 14, 2009
Don't count out FHA as expensive
Thursday, July 9, 2009
FHA Spot Condo Process
In other news. Rates continue to trend down nicely - sparking a small increase in the amount of mortgage applications. Get yours in to make sure you are ready to lock when rates hit your mark.
In even more news. The 125% program announced by the Obama administration can only be originated/facilitated by the current servicer of your loan.
Got a short pay refinance???We can now offer these - certain restrictions apply.
Tuesday, July 7, 2009
125%
Thursday, July 2, 2009
Interest Rates
The trick to getting the best mortgage rate, is... Well there is not secret you just have to pay attention to what your lender tells you. First choose a lender, a direct lender, that has the ability to lock their own loans. Also make sure that lender is willing to give you a lock confirmation in writing. Once you've applied with a company you may be able to lock your loan - you should be watching or following rates before, during, and after you lock your loan.
You must remember to lock a loan you need to apply. Some lenders have different requirements and allowances for locking your loan. It is important to get this information in writing - always.
Apply + Monitor + Direct Lender = Happy Mortgage Borrower.
FNMA 125% Refinance Program
Let's Talk UFMIP and the FHA?
FHA lending can be the key to homeownership for some, but as with any mortgage program the devil is in the details. FHA lending is very specialized and in fact FHA loans must be underwritten by a special DE underwriter. These underwriters have their names on the line literally and therefore are a little more conservative than on a traditional conventional loan. Be prepared for some possible additional conditions. But with the help of a direct lender most loans are quite smooth. In todays market FHA loans provide for the least amount of down payment when buying a home except for VA mortgages. With the new 8,000 first time homebuyer credits. Many buyers should take avantage of FHA and their very competitive lending programs