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 [...]

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 [...]

5 Things First Time Home Buyers Should Know!

So you’re ready to move out on your own, and Kiss Your Landlord Good-bye?  CONGRATULATIONS!
Here are FIVE THINGS we think every First Time Home Buyer should consider before making that move:

When you buy a House – you get a Raise!  Uncle Sam definately sees benefits in having homeowners, so you get to “write off” the [...]

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 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 Streamline Refinance Changes Effective 1/1/2010

FHA Streamlined Refinances are loans that are FHA Loans that want to refinance to lower the monthly payment, change the terms (like go from an ARM to a Fixed Rate) or (in the past) go from a 30 year mortgage to a 15 year. Term reduction refinance transactions (going from 30 to 15yr mortgage) are no longer eligible for streamline documentation and must be underwritten and closed as no cash-out refinances.

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!

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!

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