Tagged : FHA

FHA loans comprised 23% of the financing used to purchase homes in Placer County, California during August 2011. During that same period 24% of the properties sold in Placer County were bank owned and 28% were short sales, which means 52% of the homes sold in the County were a foreclosure in one way or another, not counting the flipped foreclosures purchased by investors at trustee sale. Unlike most "traditional" home sales, foreclosure homes are typically sold "as-is" with items needing repa... Read Full Post

Rehab Loans (203k FHA loans) A foreclosed home can sometimes be difficult for a future home owner to buy. A lot of the time a home that was foreclosed on by the government or bank has sat vacant for months and months. Neglect of basic upkeep allows the home to fall into disrepair, making it impossible to live there. Banks will not issue a mortgage to a home that is not ready to be lived in. Repairs need to be made beforehand. And a lot of the time buyers just don’t have the cash on hand to ... Read Full Post

A list price of $90,000 makes this home a relatively good deal. A detached home on St. Joseph St. in Lancaster City. This home has 2 bedrooms and 1 bath and 1144 sqft. It needs some work but is structurally good. What makes this home nice is the location. Just off of Hershey Ave and right next to Lafayette Elementary. This home is also available for purchase with a 203(k) rehab loan. This loan allows the purchaser to buy the property and put the repair costs into their mortgage. This allows b... Read Full Post

In an effort to help curb homeowners who are upside down on their mortgages from moving to take a strategic default, Fannie Mae is enacting tougher guidelines to make such a move more costly and painful. Wednesday's announcement by the government-controlled mortgage giant said it would instruct the companies servicing its loans to recommend when it should pursue a so-called deficiency judgment - a court order requiring a defaulting borrower to pay any remaining unpaid portion of the loan afte... Read Full Post

Last week, the U.S. Department of Housing and Urban Development (HUD) announced that FHA-insured homeowners experiencing problems caused by defective drywall may be eligible for assistance to help them rehabilitate their homes. In addition, HUD's Community Development Block Grant (CDBG) Program may also be a resource for local communities to help families facing financial hardship while trying to combat the ongoing problem. Declaring defective drywall to be a FHA Type 1 Special Forbearance, F... Read Full Post

It is amazing how far FHA Loans have come for such a big organization. FHA now has a 35% market share of conventional loans from what used to be a 5% market share, a little under two years ago. Check out the Realtor.TV link or hopefully REW website allows this video to show (embedded code). I saw this interesting piece on Realtor.TV. She talks alot about new legislation around how FHA loans were not very friendly to Condos. This Condominiums page allows users to search for FHA-approved condom... Read Full Post

Yesterday, The Federal Housing Administration (FHA) announced several significant policy changes that are intended to help improve their increasing exposure to risk. Seems that rising defaults have hit the FHA's reserve funds hard; in fact, according to the Mortgage Bankers Association, 7.8% of FHA's loans were 90 days or more late or already in foreclosure at the end of the second quarter. While that's equal to the national average for other loan programs, it's up from 5.4% a year ago for FH... Read Full Post

Beginning August 15, FHA borrowers will be able to apply to reduce their monthly mortgage payments by seeking a loan modification through their current lender or loan servicer under the new FHA-Home Affordable Modification Program (FHA-HAMP). The Helping Families Save Their Homes Act of 2009 allows FHA to give qualified FHA-insured borrower's the opportunity to reduce their monthly mortgage payment by modifying the mortgage through the new program. The program will permanently reduce a family... Read Full Post

Hardly a few days go by that we don't get an inquiry from either one of our industry peers or a prospective client as to why they can't get mortgage financing for their recent condo purchase. The reasons are many and in most instances very confusing. Especially if you're talking about buying a condo in Florida. Since the majority of our lending business is now done within this state, I'm going to focus on the problems we are facing here with getting financing for a condo. However, many of the... Read Full Post

As you who visit the REW blogs on a regular basis already know, we try our best to keep you abreast of important changes in the lending industry when we can. To that end, I wanted to make a quick post and let you all know about the 2009 changes to the FHA and Conforming loan limits. We made a post about these changes at our Southwest Florida Blog - HUD Announces New Permanent FHA Mortgage Loan Limits, but I also wanted to give you folks the HUD links so you can look up the new FHA and Fannie/... Read Full Post