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 [...]

Benefits of FHA Mortgage Loans

FHA Mortgage Loans are one of the best mortgage loan programs available for folks purchsing a home in the Wake County Area because it serves so many needs!
You can use the program, as a parent, to help your student or child get into their First Home!  The downpayment is 3.5%, and it can be a [...]

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.

Why Look At FHA Versus Conventional Loan

If you are refinancing from a Conventional loan (with a first and second) FHA will often allow you the MOST flexability!

DownPayment Assistance Possible

According to the National Association of Realtors today, the Downpayment Assistance program that is being cutoff October first might squeek it’s way back in.
Downpayment Assistance Programs (referred to as DAPs or DPAs depending on which part of the country you’re in) allow a seller to “gift” the downpayment to the borrower.  There’s a charity involved, [...]

New FHA Insurance Premiums

THIS POST IS DATE SPECIFIC… note that FHA has changed it’s MIP charges 4 times between 2008 and 2010.  We are leaving this time sensitive data up as a point of reference for people who purchase during that time.  Depending on when you closed, the amount of your refund could be different!  For specific questions, [...]

New EEM Incentives

Okay – so if I were you I’d want to know what the heck the EEM is!  It’s a special program available for FHA, VA and Conventional loans – originally designed to encourage folks to be more Energy Efficient, and “Green” with their homes.
Energy Efficient Mortgages give special allowances to homebuyers, and those who wish [...]

Purchasing FHA Foreclosures

For one year, the Federal Housing Administration (FHA) will insure foreclosed properties marketed and sold by property disposition firms on behalf of lenders. The properties, which must purchased by owner-occupants, will no longer be subject to the customary 90-day waiting period.”

Firefighters Qualify for 50% Discount

According to the new “Community Neighbor Program” County employees willing to purchase a HUD owned property can purchase that property for 1/2 of the sales price. So, a $138,000 property just became affordable at $69,000!

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