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If we look back at the history of the latest real estate downturn, and according to Realty Trac, the current wave of foreclosures started roughly in July of 2007. In August of the same year the number of foreclosures peaked at close to 250,000 fillings. That monthly number is somewhere near what some call the "plateau" seen in February of 2010 but … [Read more...]
I am in the middle of a very unusual situation. My company gave my borrower an FHA loan for the short sale that we had been negotiating since April 2009 in Oceanside, CA. Today I get a frantic email from my borrower that closed escrow and recorded January 22nd stating that she gave the key and instructions to the contractor to get into the … [Read more...]
Last night I saw the movie Avatar. What a treat! For those of you that have not seen it, check out the trailer and you will hear the line, “son, you are not in Kansas anymore”. That prompted a thought- provoking concept that required a new post. If we look at the latest Case Schiller report, the first thing we notice is that there was an … [Read more...]
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...]
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...]
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...]
What is an FHA mortgage loan? In 1965 the Department of Housing and Urban Development (HUD) was formed. Within HUD operates the Federal Housing Administration (FHA), which has the primary responsibility for administering the government home loan insurance program. This program allows a first time home buyer … [Read more...]