Archive for December, 2008
Ok, so we have, including today, 3 days left until 2009. Forget the streamers, the FREE champagne, and the next day hangovers, its time to take advantage of what we have left in 2008. I checked rates today and we are up about 32 bp (basis points) and are still hovering around the 4.75% mark…Read the Rest of Article
Tags: Consumer Confidence, fha, houston rates, jobless claims, low rates, rate lock
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In an FHA transaction, if there is a family member acting as the Realtor on the subject property, he/she can give their commission to the borrower for funds to close.
Tags: fha loan houston, houston realtor
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A couple quick updates before I start wrapping presents… The FHA Secure Program is going away as of next Wednesday, December 31, 2008. If you are a distressed homeowner having trouble making your mortgage payments, then please contact us to find out more information on Hope for Homeowners program. Below is the mortgagee letter from…Read the Rest of Article
Tags: fha ltv 2009 houston, fha options, fha secure houston
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Ok, so let’s take a look at this VERY CLOSELY: For a 30 year-4.75%. For a 15 year- 4.5%. When I was locking in a rate this morning for a home purchase closing this month, I stuttered and had a “WOW” look on my face. Rates haven’t been this low in years, and several of…Read the Rest of Article
Tags: fannie, fed, fha rates, freddie, low rates
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Here are some FHA guidelines in regards to calculating income. Its CRUCIAL to be able to calculate income correctly and UP FRONT at the time of application because this can save everyone a lot of money and headaches when done correctly. Individual Tax Returns (IRS Form 1040). The amount shown on the IRS Form 1040…Read the Rest of Article
Tags: 1040s, fha, tax returns
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Starting January 1, 2009, all rate and terms will be 100% LTV (Loan-to-Value) including the UFMIP. Streamline Refinances will be at 98.5% and regular FHA refinances will be 98.25%. This is an excellent opportunity for everyone to now start taking advantage of these interest rates. They have not been this low in YEARS, and now…Read the Rest of Article
Tags: 2009 fha rules, FHA Guidelines, max ltv fha
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Quick FHA Tip The FHA Up Front Mortage Insurance Premium must be 100% financed into the mortgage or paid up front in cash at closing. It cannot be partially financed. If the seller pays any portion of the Up Front MIP (capped at 6%), then the entire amount must be paid up front in cash.
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Weekly, and sometimes daily depending on the importance of the matter, I will post market related events that affect your mortgage and your rate. In this industry, you have to keep on the button, or else it can literally cost you THOUSANDS in the long run if you do not have a mortgage planner experienced…Read the Rest of Article
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Get Pre-Approved in Minutes Special 100% FHA loan available for families whose homes were destroyed or damaged by Hurricane IKE!!! • Borrower’s previous principal residence (as owner, renter, or resident household member) was located in a federally-declared disaster area (listed at www.fema.gov as eligible for individual assistance). • Borrower’s previous principal residence was destroyed or…Read the Rest of Article
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Who Will Own Fannie, Freddie Next — FHLBs? American Banker | Tuesday, December 2, 2008 By Steven Sloan WASHINGTON — In one of the more unusual marriages that could result from the financial crisis, buzz is growing that the Federal Home Loan banks might purchase the government-controlled Fannie Mae and Freddie Mac. The idea is…Read the Rest of Article
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