Posts Tagged ‘Federal Housing Administration’

VETERANS MORTGAGES

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English: AmeriFirst Home Mortgage logo

English: AmeriFirst Home Mortgage logo (Photo credit: Wikipedia)

Vahome1

Vahome1 (Photo credit: Wikipedia)

Why is it that you never seem to hear anything in the Mass Media about the BEST mortgage available? Especially for 1st time buyers.

FEATURES:                   

                   1. ZERO DOWN PAYMENTS.

                   2. NO PMI.

                   3. LOWERQUALIFYING REQUIREMENTS.

 

                   4. UP TO $615,000 PURCHASE PRICE.

                   5. LOWER INTEREST RATES.

 Who do you know that’s a Veteran or ex Veteran trying to buy a home??

 Pass this on to them.

SMART FHA CHANGE

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A great deal has been writen in the past few weeks about the MAJOR good news from FHA. It’s all useful to the professionals but let me try to take out the fluff and show just the bones.

As of August 8th, 2013, people who recently lost their homes due to temorary hardship in any of the following ways have a good chance of qualifying for a new FHA loan:

0. Foreclosure.

o. Deed in Lieu of Foreclosure.

o. Short Sale.

o. Bankruptcy (ch 7 and 13).

If you think you might qualify under the new guidelines talk to a Loan Agent who has strong FHA background. Understand that not all of them have strong FHA experience.

Logo of the Federal Housing Administration.

Logo of the Federal Housing Administration. (Photo credit: Wikipedia)

 

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CHF DOWN PAYMENT ASISTANCE

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The Best Home Loan News of The Year.

How about a mortgage loan program that GIVES you up front 3% of the price of the home you want to buy, and that:

0 Never has to be paid back.

0 Is NOT limited to 1st time buyers.

0 Works with FHA and V/A loans.

0 Down to 620 credit scores.

Here’s a simple example:

Tom and Jenny earn $6,300 per month between them, and over the past year have saved $5,000 toward the down payment on a house they love priced at $300,000. Therefore the lowest possible down payment allowed is 3.5% of that price i.e. $10,500

Add in reasonable closing costs of 1.5% ($4,500) and they are about 2 years away from being able to buy.

Using the CHF program they will receive a grant for $9,000, add in their current cash of $5,000 and they are Ready to Buy right NOW.

I think this would qualify as good news for Tom and Jenny, and  many other wanna-be homeowners in similar situations.

If you would like more information contact me at bmccord@rwnetwork.com or http://www.nhfloan.org/programs/CHF_Platinum/Guide_CHF_Platinum.html 

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Politician Attacks 1st Time Buyers

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Rep. Maxine Waters [D-CA35] recently introduced H.R. 5072,The FHA Reform Act of 2010 which would impose hugely increased monthly payments on anyone buying a home with an FHA insured loan. This is a large majority of all 1st Time Buyers.

Already, effective from April 5th, the upfront Mortgage Insurance Premium was increased from 1.75% to 2.25%, (a 29% increase).

Now, in a further attack on the 1st Time Buyer, this misguided lady proposes a 300% increase on the ongoing monthly Mortgage Insurance payment.

To understand the impact of this consider a new $300,000 purchase with a 30 year fixed FHA loan.at 5.5% interest rate. The monthly payment will go from $1,804 up to $2,051. An increase of 12%.

Put another way; If the maximum you could qualify for was $300,000 before, it would now be only $270,000.

At one fell stroke this bill would eliminate an enormous number of willing buyers at the bottom end of the market.

When you consider that each 1st Time Buyer potentially creates a move up Buyer we can’t afford  this kind of interference in this very fragile recovery.

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FHA Should Be 1st Choice Loan For Sellers.

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An increasing number of Listings are stating that they will not accept offers from FHA or V/A Buyers.

When questioned the Agents usually claim that these loans impose additional costs on the Seller. This was true up till a few years ago, but no longer. In fact, they have a huge advantage in today’s world.

 When questioned they claim that these loan impose additional costs on the Seller. This was true up till a few years ago, but no longer. In fact, these loans have a huge advantage in today’s world.

The following explains why this is so:

First a little clarification regarding current appraisal procedures is required.

1. As of July 2009,  for all Conventional loans, the selection of the appraiser is governed by the much despised HVCC (Home Valuation Code of Conduct) guidelines from Fannie Mae. These require that no-one involved in the transaction has any control over the appraiser chosen. This must be done by a 3rd party Appraisal Management Company (A.M.A.) who will collect the full cost of the appraisal plus some profit for themselves. There are no requirements regarding the qualifications of the chosen appraiser except for having the required state license. As the A.M.A. gets to keep the full amount of the appraisal fee, they have a strong interest in giving the job to the lowest bidder regardless of where they live and work, or whether they have any knowledge of the market conditions where the property is located. In recent times I have had one appraiser come from Tracy to value a property in the Hayward Hills, and another come in from Benicia to Tracy. In both cases they brought in a valuation 20% lower than the agreed purchase price and blew the deal away. Both prpoerties went back on the market and closed with FHA Loans using a local appraisor.

2. For Government Loans (FHA, V/A) the appraiser can still be selected by the Lender, The agent, or the Buyer as has always been the case. This ensures that the appraiser will be local to the property and therefore have current knowledge of the neighborhood in which the property is located.

Result is that the appraiser can be selected on their merits and qualifications, rather than based on how cheaply they agree to do the job.

NOTE: There are a limited number of circumstance where FHA & V/A loans cannot be used due to the short time between the last time the property sold and the current date. These a typically “Flippers” bought at foreclosure sales, quickly updated, and put back on the market for an easy profit.

This situation is currently the subject of Bills in both houses of Congress and will most certainly result in new guidelines resulting from law, not in response to pressure from one politicslly motivated State Attorney running for Govenor.

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