FHA continues to offer First Time Home Buyers a low down payment oppertunity in the Bay Area

FHA continues to offer First Time Home Buyers a low down payment oppertunity in the Bay Area

With the Federal tax incentive for home buyers nearing its sundown on April 30 and concerns with rising interest rates, FHA mortgage loans continue to offer first time home buyers in the Bay Area a low down payment opportunity for a home loan. FHA Mortgage Loans: Low Down Payment and Down Payment … [Read more...]

FHA changes for 2010 in the Bay Area—Higher fees and more conditions

FHA changes for 2010 in the Bay Area—Higher fees and more conditions

Looking to FHA for your next mortgage? Get a move on! Although you have until Friday, April 2, 2010 to get your application in, Friday is Good Friday and most banks will be closed. Your true FHA deadline is Thursday, April 1. Guidelines Change in 5 Days In its official announcement, the … [Read more...]

FHA Condo Update

This update contains the temporary changes to the FHA Condo Approval Process as outlined in Mortgage Letter 2009-46 B. Here are the 65 things you need to know about these changes: 1. These temporary changes are effective on December 7th, 2009 through December 31st 2010; except for Spot Loan … [Read more...]

FHA Loan Limits in the Bay Area High Cost Areas in the Stimulus Package

Once they were out, but now they're in. The magical system that produces legislation in Washington has now produced an economic recovery bill which once-again includes higher loan limits. The National Association of Home Builders reports that the final legislation "will help home buyers in high-cost … [Read more...]

What the stimulus act of 2009 included for FHA in 2009-

It's called H.R. 1 and now it's a done deal. http://www.opencongress.org/bill/111-h1/text American Recovery and Reinvestment Act of 2009 has passed the Congress, a $787 billion measure that will be instantly signed by President Obama. What makes this bill interesting from an FHA perspective is … [Read more...]

Bay Area FHA loans drive the purchase market with City First Time Home Buyer Programs

FHA loans will be the primary financing tool used in 2009 along with city funded Down Payment Assistance Programs (DAPs). With seller funded down payment programs not available such as Nehemiah city DAP's will be the driving force in 2009 for closing cost assistance or down payment help.  FHA can be … [Read more...]

Hayward, CA First-time Homebuyer Down Payment and Closing Cost Assistance Program-

Hayward, CA First-time Homebuyer Down Payment and Closing Cost Assistance Program-

The City of Hayward is committed to increasing the number of residents who own their homes especially in this tough time.  The city recognizes that there are many families who want to own a home and can qualify for a mortgage and afford the monthly payments, but are unable to save enough for a down … [Read more...]

Are Bigger FHA Loan Limits Ahead for the Bay Area?

Are Bigger FHA Loan Limits Ahead for the Bay Area?

There's growing talk in Washington that the FHA loan limit may again be lifted, a way to help buyers and sellers in high-cost communities lacking Jumbo financing. According to the Bloomberg news service, "President-elect Barack Obama agreed with House Democrats to increase the limit on loans Fannie … [Read more...]

Bay Area FHA News: FHA changes in 2009-

As the New Year has finally begun, I wanted to point out two key changes FHA borrowers can expect to see in this coming year. The first issue has been the change to the FHA down payment requirement; as of January 1st 2009 FHA purchase loans will now require a down payment of at least 3.5 … [Read more...]

2009 Mortgage Trends You Need To Know As a Realtor:

2009 Mortgage Trends You Need To Know As a Realtor:

So what are the trends you need to know over the short view, namely 2009? TREND #1: The banks are beating a hasty retreat from wholesale lending. They have huge capitalization losses. They must find ways to attract capital, besides TARP handouts and lend less and they deem wholesale to be the most … [Read more...]