FHA Streamline FHA Maximum Loan Amount details…

The DEVIL is in the details! 
On an FHA Streamline Refinance (we’re doing a ton of these right now!) we found some new (to us) information:
Note: Headquarter Decision allows Streamline Transactions at the 2008 Economic Stimulus Loan Limits for streamline refinances without an appraisal. FHA will permit loans originated under the 2008 loan limits to be [...]

FAQ RE: Obama Loan Modification Program

The Obama Administration announced plans to allow for special considerations in cases for folks who are currently behind on their mortgages, and headed into foreclosure.  Those guidelines apply only to mortgages that are currently held by Fannie Mae or Freddie Mac – but could impact a significant number of people in NC.
Here’s a list of [...]

FHA Cashout Refinance Changes

You have 2 weeks to make application if you want to take cash out of your home using a FHA refinance.
The technical explination of “cash out refinance” is when more than the balance of the mortgage and closing costs are included in the new loan amount. This could be in the form of cash [...]

What Improvements Can You Make with a FHA 203K Loan For?

FHA has a great program to help with renovating a new home!  It’s called the 203K program – and if you’ve been on Craigslist, you’ve definately seen, “this property is eligable for FHA 203k loan!”
It’s a great program for making up to $35,000 of improvements to the home.  Many time, foreclosed property has what Realtors [...]

FHA Started Because of The Great Depression…

Housing is the most important part of getting the Economy back in shape – (according to many of the guys that met for The Global Economic Summit in Davos).   Keeping that in mind, it’s important to remember how FHA and the Government Backed “Mortgage” Programs might be able to help with our housing issues, and [...]

Cash Out of Home with FHA Refinance

Have you heard the joke about the way you see your house, and the way the tax guy sees it and the way your appraiser sees it?
Well, it’s pretty funny… because everyone has a difference perspective!
If you believe you have some equity in your home, and you would like to take cash out, FHA might [...]

Found Money Refinancing from Subprime to FHA

In the South we have a “saying” that I love.
FOUND MONEY!
Do you know what that means?  It refers to that $20 you “found” in your bluejeans that you had forgotten about!  It’s about the extra money you make when you do the laundry, or the refund check for $17.81 that we recently got back from [...]

FHA Loan Limits Change 1/1/09

According to the Mortgagee Letter Published this week, HUD is changing the Maximum Loan Limit for Wake, Johnston, Franklin and Harnett Counties.  The change is based upon our average sales price, which has dropped a bit per National Association of Realtors, on Page 48 of their 88 page report – the Triangle will be in [...]

FHA Downpayment Alternatives

Unless the next Congress makes a major change, Downpayment Assistance Programs are a thing of the past.  We have been looking for Alternatives, and found this program that started in May of 2006 by the Rainy Day Foundation.
How does the Punctual Payment Program work?
The program is designed to help strengthen “Loan Borrowing Potential,” the website [...]

What is a 2-1 Buydown?

Many lenders are shouting about “Fixed Rate Mortgages starting at 4.5%”
I’ve even gotten calls from Real Estate Agents asking how they are doing this! Some of these offers are NOT good deals.  For more information about MISLEADING Ads involving this program click here.
However, in the right situation, it’s a good loan.  So let’s do some [...]

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