In an environment where most offers are made through FHA loans or VA loans there are significant steps to increase your chances by 60-70% of buying the home that you have your heart set on: Get a full underwriters pre-approval for your loan. Any mortgage broker can issue a pre-qualification letter. They are truly worthless. Bank Owned … [Read more...]
First Time Home Buyers, 5 reasons why getting pre-approved will increase your chances of getting your offers accepted
January 29, 2010 By Leave a Comment
Are you frustrated with your offers being rejected?
January 28, 2010 By Leave a Comment
The Latest FHA Changes And The Benefits To The First Time Home Buyers
January 23, 2010 By Leave a Comment
Yesterday, Thursday, January 21st, the much anticipated Mortgagee newsletter about risk-based pricing was released by HUD. This represents the first of two landmark changes in the agency’s guidelines for this year. In December HUD (Housing and Urban Development), the agency that oversees the underwriting of FHA loans, had warned that these … [Read more...]
First Time Home Buyers: Time To Buy Your Dream House
January 22, 2010 By Leave a Comment
First time home buyers are in luck. The housing market is ripe if you know how to play it right. Interest rates are low, federal incentives are available through the rest of the year, while steady inventory of homes remains. Buying a home for the first time while exciting, can be a fairly stressful process. Finding the right home, making an offer, … [Read more...]
FHA Latest Mortgagee Letter Controversy
January 22, 2010 By Leave a Comment
I received a tweet this weekend from a well respected mortgage social media contributor. I was extremely disappointed (trying to be PC here) at the kind and quality of the commentary. The link redirected me to a, supposedly, mortgage guru based out of Atlanta. The video expressed that the Mortgage Brokers and small Corresponding lenders would not … [Read more...]
FHA Increases Mortgage Insurance Premiums
January 21, 2010 By Leave a Comment
Here are the 5 things you need to know about these changes: Changes are effective for case numbers assigned on or after April 15th, 2010. New upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans. The premium for H4H and HECM is 2.0%. This change applies to all standard FHA Single Family Programs … [Read more...]
San Diego Real Estate Outlook 2010
January 11, 2010 By Leave a Comment
By now we've all had a chance to read, listen and watch the economists, gurus, and professors for some of the most prestigious academic institutions in the world analyze the economy. I know I have grown tired of listening to speculative predictions that swing from utopia to apocalypse. In this post, I will do my best to narrow down the items … [Read more...]
Will You Be Able To Explain The New Good Faith Estimate To Your Home Buyers
January 7, 2010 By 2 Comments
For the last 6 weeks I have attended several webinars, live classes and spent countless hours reading the changes coming on 1/1/2010 with regards to the new lending disclosures. I did it because I had to. I know that once my first set of disclosures go out EVERYBODY related to the transaction will get a call from the consumer asking for an … [Read more...]