Posts tagged as:

FHA

BREAKING NEWS: FHA Lifts No Flipping Ban – Translation: More FSBO’s Available on the Market

What is “House Flipping” anyway?
House “flipping” is when someone buys a home at, ideally a below market price, fixes it up, then resells it as soon as it’s been rehabilitated for a healthy profit.
In the past, there has been many instances of collusion and conspiracy to turn huge profits at the expense of those who [...]

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FHA Makes Move to Reduce Exposure to Risk: In English – It’s going to cost you more to get an FHA loan!

by Scott Schang February 2, 2010 Buyers Beware!

BREAKING NEWS: Upfront Mortgage Insurance Increase beginning April 5th, 2010
The increased up front mortgage insurance premium will appear on all FHA mortgages that receive a case number after April 5th, 2010.

PRESS RELEASE: January 20th, 2010 – Deciphered into (highly biased and subjective) English by me on January 21st, 2010.
I basically cut out a lot [...]

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Refinances still possible up to 97% Loan to Value

by Scott Schang January 27, 2010 Market Updates

I know this is off topic from what I usually talk about but I get many questions about refinancing that I would like to answer.
With the drastic decline in property values in the State of California, fewer loan options, and tighter qualifying guidelines refinancing your home has become increasingly more difficult.
There are still refinancing options [...]

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10 Things to Know About Getting a Mortgage in 2010

by Scott Schang December 21, 2009 Market Updates

Luke Mullins of US News & World Report wrote a really good article last week that I wanted to share with you.

Getting a Mortgage in 2010: 10 Things to Know
1. Still tight: The steep run-up in home prices during the first half of the decade was fueled in large part by breezy lending standards. Some [...]

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New Good Faith Estimate – Definitely a Step in the Right Direction

by Scott Schang December 21, 2009 Buyers Beware!

I tend to be a bit cynical when it comes to expecting the bad apples to be good apples just because new rules require them to, but in this case, I think the new Good Faith Estimate is a step in the right direction.
In January, I will have a live class explaining the details of [...]

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Law Enforcement-Teachers-Firefighters-EMT Eligible for Good Neighbor Next Door Program

by Scott Schang December 13, 2009 Good Neighbor Next Door

Who is Eligible for the Good Neighbor Next Door Program?
The U.S. Department of Housing and Urban Development (HUD) wants to make American communities stronger and to build a safer nation. The Good Neighbor Next Door (GNND) program helps make this goal a reality by encouraging law enforcement officers, pre-K through 12th grade teachers and firefighters/emergency [...]

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Are tightening FHA Underwriting Guidelines going to make it harder to buy?

by Scott Schang December 2, 2009 Loan Programs

FHA is experiencing a whole new set of challenges as the number of Governement Insured loans rises from only 3% in 2006 to almost 30% of purchases and 20% of refinances in today’s market.
It’s been reported for a couple of months now that FHA’s reserves have dipped below the two percent level, to 0.53 percent [...]

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CalPERS Pension Mismanagement and Fraud – Will it affect Home Buyers?

by Scott Schang December 1, 2009 Loan Programs

CalPERS has been in the news quite a bit lately, and not much of it is flattering. They say all news is good news? Not if your your pension fund management is corrupt and wrought with fraudulent activity.
Some of the more recent headlines talk about these challenges:
CalPERS investigates oversight of two outside hedge fund advisors [...]

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Slide Show: UPDATED – A Complete Guide to the CalPERS Home Loan Benefit

by Scott Schang November 16, 2009 Down Payment Help

The California Public Employees Retirement System offers a special home purchase loan benefit to it’s members.
This presentation outlines the benefits and details of this special benefit that features a down payment assistance program that allows up to 102% total financing.
The CalPERS loan can also be used with the CalHFA CHDAP closing cost and down payment [...]

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Slide Show: The Condominium Conundrum

by Scott Schang November 16, 2009 Market Updates

Condominiums are becoming more difficult to find financing for. This class covers changes in FHA spot approvals and challenges with delinquent HOA dues, occupancy and HOA litigation challenges that will prevent financing.
FHA Condo guidelines change in November, 2009 to align closer with existing Fannie Mae restrictions.
These are the slides from the online webinar, please [...]