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:

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 [...]

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 [...]

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 [...]

Nontraditional Credit

Do you really want to get out of that apartment?  Did you know that NOW is that time you can make a KILLING buying real estate and DUMP your roommates??
If you’re ready to take the next move – and you don’t have three good lines of credit established – GREAT NEWS!
The new Housing Bill requires [...]

Documents You Need 4 A Loan

A customer who is quickly becoming a friend of mine asked me recently what she needed to gather for a loan application – she’s moving to a new area (the company is relocating them) and before she packed everything up and moved into corporate housing (“Hey,” she said, “Maid Service and it’s free! Are you kidding? I’m taking every day we get in Corporate Housing!”)! Here’s my advice to her:

Mobile Home or Modular

The term Mobile Home is not “politically correct” since the folks that make them ( and I guess the industry) refer to them as MANUFACTURED HOUSING… but still, I’m from NC, and I grew up callin’ ‘em Mobile Homes – so I hope I don’t offend anyone in this discussion.
We’ve had several folks come to [...]

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.”

FHA Compensating Factors

FHA (and all government underwriting for that matter) is somewhat different from other, more automated systems of loan approval. On an FHA loan you can actually have a real person look at the loan and apply the golden rule – not just a bunch of meaningless stipulations. This is often the difference in making the dream of homeownership a reality… because not everybody has a perfect credit history, with a 20 year job, and 2.3 kids!

Step 2 Homebuying in Cary

In a previous post we explored the whole “First the Loan, then the Home.” Mentality of Home Shopping. The idea is that if you begin shopping for a $175k home because you used an online calculator and figured that’s what you could afford… but some reason you DON’T qualify for that much… you’re never going to find a [...]

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