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 [...]

The First Time Home Buyer Tax Credit of 2010

Okay—so here’s why you REALLY want to buy a house in the first half of 2010…

Houses are C-H-E-A-P!  I mean CHEAP!! I’ve been in this business, in North Carolina decades, and I’ve never seen home prices so AFFORDABLE (read CHEAP!)!
Mortgage Rates are L-O-W! It does not look like this is going to continue to [...]

FHA and Short Sales – The New Ruling

Okay – so maybe it’s not a “Ruling” but FHA announced on December 16, 2009 what they think about homeowner’s filing Short Sales .  Basically, FHA sees short sale homeowners falling into one of two camps:

Those who are current on their mortgage leading up to the short sale.
Those who have delinquencies leading up to the short sale.

If [...]

FHA Has Problems According to CBS Report

This news report last night on CBS about FHA was interesting!
FHA / HUD does not make loans, they only insure them. It’s one of the BEST programs available to first time home buyers!  Yes, there are people who are defaulting on loans… at a rate of around 9%… But that’s roughly what Un-employment is right [...]

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!

What Exactly Are Closing Cost?

The Federal Reserve Board refers to them as “Settlement Fees.” They are, in fact the fees you pay to the various agencies and service providers who work to get the title of the home transferred into your name.

Could FHA Force Green Homeownership?

HUD is required to report back to the White House it’s Greenhouse Gas Emmission reduction suggestions by January. Since there is pressure to show large increases in energy efficiency and corresponding decreases in pollution and greenhouse gas emissions… could this move HUD toward imposing “green” standards on federally-assisted programs like FHA?

FHA Qualifying with Rental Income

If you relocate to a new area, and rent your existing home, you can use FHA (which requires a 3.5% downpayment) to purchase your new home… however, there were some changes made last year to the guidelines, and you will likely be required to qualify for your new home with your ENTIRE mortgage payment from your “old home” too!

FHA Qualifying Requirements

Many of the folks we are talking with right now want to purchase a home using the FHA Mortgage Loan program – and then taking the $8000 Tax Credit (you can get that back NOW, like in 12 weeks, by amending THIS YEAR’s TAX RETURN!) to “pay yourself back” for the downpayment!
Here are qualifying requirements for [...]

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 [...]

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