Veterans Not Allowed to Pay all Closing Costs

A new Good Faith Estimate went into effect on January 1, 2010 and because of all the requirements that go with any new Government Regulated Form… FHA came out in January with a list of fees they felt like were reasonable for Homeowners to Pay and Lenders to Collect.
Which prompted the VA to come out [...]

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 [...]

Benefits of USDA Home Loans in Johnston County and Wake County, NC

USDA Home Loans are not just for buying farms! In fact, we don’t really offer that kind of Rural Development loan!
We DO offer USDA Home Loans… 100%, No Money Down mortgage loans that are insured by the USDA program!
These loans have less insurance than FHA loans, so they are cheaper all the way around… but [...]

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.

Veterans get a Tax Credit Extension, what about the rest of us??

On October 11, 2009 the Congress agreed to extend the $8000 Tax Credit for First Time Homebuyers for any Veteran who served at least 3 months of “Qualified Overseas Duty” in 2009 for another 12 months!

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.

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!

FHA Condo Woes

Condominiums are getting more and more difficult to finance, and FHA is not helping!  According to Mortgagee Letter 2009-19, the following changes are being put in place for Condominium Projects:

FHA will NOW allow lenders to determine project eligibility, review project documentation, and certify to compliance of Section 203(b) of the NHA and 24 CFR 203 [...]

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