HUD Makes It Easier To Purchase Foreclosed Property

HUD announced a change in the way it handles property that has changed ownership in the last 90 days.  In an attempt to prevent people from “flipping” property (which is FRAUDULENT), HUD required a 90 day “cooling off” period before property could change hands.
This meant that if an Investor purchased property on January 1 at [...]

Mortgage Brokers and FHA

One of the questions to the panel was, “Do we need to change the way we regulate agencies, including FHA?” Well – this is really not much of a debate, because new regulations from FHA’s new “Risk Manager” are already headed into action later this month. I’ve included some of the text below, and I toally disagree with the “assumption” I’ve bolded below:

With All of the Risk Do We Still Need FHA?

I think this is good news, because others are calling for massive tightening… and I think we need every eligible buyer to buy! Forcing credit score requirements up to 680, or 700 is NOT going to help the housing market (because it turns so many folks away who can’t make that score) and it’s not going to keep the defaults from happening when people lose their jobs!

FHA Downpayment Going to 5% ??

US Congressman Scott Garrett (R-NJ) introduced the “FHA Taxpayer Protection Act of 2009. In his bill, borrowers would be required to make a 5% downpayment on FHA loans, as opposed to the 3.5% downpayment in the current guidelines.

FHA Making Sweeping Changes, AGAIN!

The BIGGEST CHANGE, however, IMHO is the change to networth requirements for lenders who want to do business with FHA. It went from $250,000 (liquid) to $1,000,000. This is a WHOPPING big number – and it means only BIG players will be selling directly to FHA.

FHA Condo Woes

Condominiums are getting more and more difficult to finance, and FHA is not helping!  According to Mortgagee Letter 2009-19, the following changes are being put in place for Condominium Projects:

FHA will NOW allow lenders to determine project eligibility, review project documentation, and certify to compliance of Section 203(b) of the NHA and 24 CFR 203 [...]

FHA – June is Biggest Month Ever! WOW!

FHA announced that in June, of 2009 they had a RECORD month!
Nearly 89,000 of insured mortgages in June were for new purchases. In addition, approximately 97,000 were for refinanced mortgages. The remaining more than 8,600 endorsements were for reverse mortgages.
If you are considering a purchase in NC, click here to learn more about getting a FHA [...]

Condominium Loans and FHA Mortgage Changes

FHA announced new guidelines that will effect Condominiums beginning this fall.  With their mortgagee letter, HUD (which governs the FHA Mortgage Loan program) changes the Spot Approval process, so that mortgage lender’s will be required to look at the overall “health” of the project. 
You’ve read the news – massive numbers of people are behind on their mortgage payments.  Guess [...]

FHA To Allow Tax Credit To Work As Downpayment

FHA announced during a summit in Washington that they will shortly be allowing the Tax Credit for First Time Homebuyers to be used as downpayment!
 THIS IS HUGE!
There are few details available about how they will execute this, but here’s a link to the information I was able to find:
http://www.realtor.org/RMODaily.nsf/pages/News2009051202?OpenDocument

Follow FHA / HUD News on Twitter!

Earlier this week HUD started sending out Tweets with updates about FHA Programs!  Isn’t that COOL?
You can subscribe to the RSS Feed and get updates whenever anything is posted!
http://twitter.com/HUDFHA
TRIPPIN’! Wow!  When the Obama Administration said they were going to be transparent – I guess they meant it!
If you are thinking of buying a home, or [...]

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