Did you know that FHA allows the lender to deduct the monthly alimony payment from your clents gross monthly income when calculating there debt ratios? Because of the tax consequences of alimony payments, FHA guidelines permit the lender to deduct the monthly alimony payment from the borrower’s gross monthly income before calculating ratios, rather… Read More
FHA Risk Based Premiums Starts Today-
July 15, 2008 By
In the past FHA up front fee was a standard 1.5% of the purchase price of the home. Starting today FHA has begun risk based pricing determined by our clients FICO score. This may be one more hurdle for a client when purchasing a home depending on there past credit. UFMIP will range from 1.25… Read More
Jumbo FHA Buyers…Your Jumbo FHA purchase may be ready to refinance by fall
June 17, 2008 By
All the FHA Jumbo loans that have are funded at rates considerably higher than the standard FHA pricing will soon be eligible for one of the best perks of the FHA loan…the streamline refinance! Later this year, when presumably FHA will get the permanent lift on standard FHA loan limits to what most think will… Read More
FHA Update: The more you know the more homes you can sell-
May 20, 2008 By
FHA UPDATE: HUD released Mortgagee Letter 08-11 on April 29th, defining new terms for acceptable “non-traditional credit”. In a nutshell, HUD is defining different classes of non-traditional credit into Group I type and Group II type. With credit in Group I being the more desired type. HUD is also adding more guidelines for lenders to… Read More
Whats New With FHA- The Bay Area is Ready and Waiting…
May 12, 2008 By
FHA Action to Resume Despite Veto Threat The House of Representative was slated to resume consideration of a Federal Housing Administration refinancing bill this morning despite a veto threat from President Bush and efforts by Republican congressmen to disrupt House proceedings. The FHA bill (H.R. 3221) would refinance an estimated 500,000 borrowers with “underwater” mortgages… Read More
FHA Update-House Panel Passes FHA 'Underwater' Bill
May 5, 2008 By
By a 46-21 vote, the House Financial Services Committee has approved a bill that provides the Federal Housing Administration with $300 billion in loan commitment authority to refinance “underwater” mortgages. The bill, crafted by the committee chairman, Rep. Barney Frank, D-Mass., provides mortgage investors/servicers with an option to refinance struggling borrowers into FHA-insured loans if… Read More
FHA Newsflash- Details on Higher FHA Loan Limi
March 20, 2008 By
Wells Fargo announced today that loans that are registered today will be eligible for the High balance FHA Loan Limits. Wells Fargo FHA High Cost loan limit program is $417,000 for one-unit and single family homes.Overall FHA loan limits are temporarily increased in high cost areas defined by HUD. Highlights of FHA lending guidelines include:
How do Green Mortgages differ from traditional mortgages?
December 19, 2007 By
As I browse the internet for Green Mortgage resource’s I see many different takes on what a “Green Mortgage” is. There is indeed Green Mortgage financing called (EEM’s) which are Energy Efficient Mortgages. In the future the cost of energy will continue to riseand I suppose someone could make a living solely originating EEM’s, however,… Read More
