Archive for the ‘Texas Mortgage Info’ Category
Well the results of the fha audit are in and they’re NOT good. A while back I wrote a blog regarding the dire matter at hand explaining how FHA works and what to expect in the near future. Well, after the audit, FHA’s current Capital Reserve came back at 0.53% when in fact they are…Read the Rest of Article
Tags: fha audit, fha loan, texas fha loans
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by Erin Peterson Wednesday, October 21, 2009 provided by Grade yours on a 10-point scale. Nobody’s perfect. When it comes to our financial lives, we’ve all done things we later regretted — whether it’s getting slapped with a $3 fee for using an out-of-network ATM or going on a Las Vegas bender and losing the…Read the Rest of Article
Tags: credit card debt, credit cards, debt
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October 9, 2009 Mortgagee Letter 2009-39 TO: ALL APPROVED MORTGAGEES ATTENTION: Single Family Servicing Managers SUBJECT: Updated Claim Filing and Delinquency/Default Reporting Requirements For FHA’s Making Home Affordable Modification Program (FHA-HAMP) The purpose of this Mortgagee Letter is to provide updated claim filing and delinquency/default reporting requirements for the FHA Home Affordable…Read the Rest of Article
Tags: ausitn, dallas, fha, Houston, making home affordable, obama, san antonio, texas
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When will YOUR housing market recover? By Marcie Geffner Pundits love to make predictions as to when home prices will stabilize in U.S. housing markets. But even well-respected forecasters and analysts may disagree, and even if a forecast proves true nationally, your local market may behave in a wildly different way. This disconnect between broad-stroke…Read the Rest of Article
Tags: fha, fha loan, FHAloanhouston, home sales texas, home values texas, Housing Market, Houston, san antonio, texas
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In a previous post of mine, I outlined a problem that FHA has been currently dealing with, and today, on the front page of Yahoo, I found an article from the New York Times that gives a nice little update. I wanted to repost it so please take a moment to read this, as its…Read the Rest of Article
Tags: austin, fha, fha mortgage houston, fha trouble, Houston, mortgage rates houston, san antonio, texas
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If you are vacating a residence that will remain occupied by the co-borrower, he/she is required to obtain a NEW FHA mortgage loan. Acceptable situations are: 1.) Instances of divorce, after which the vacating spouse will buy a new home, or 2.) One of the co-borrowers will vacate the existing property -
Tags: fha, FHA Guidelines, fha loan, FHAloanhouston, Houston, mortgage rates houston, refinance, san antonio, texas
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Just this morning, I was reading an article that I came across regarding a couple things that are going on with the Federal Housing Administration (FHA)….and it wasn’t pretty. Basically what’s going on right now is that there are justifiable rumors that the FHA’s reserves (capital) are hovering around dangerous levels. Congress requires that the…Read the Rest of Article
Tags: 203(b), fha, fha guideline changes, FHA Guidelines, fha houston, fha loan, fha mortgage, fha mortgage houston, FHAloanhouston, Houston, san antonio
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Here’s an excerpt from one of my favorite movies, A Bronx Tale. Please follow closely: Sonny: Get this over with, Mush. Mush: Come on, dice. Baby needs a new pair of shoes. Come on, seven! Mush: Come on! Come on, dice! Sonny: I don’t even have to look. (Spectator) And seven! Mush: Craps! I’m out!…Read the Rest of Article
Tags: austin, fha, fha loan, FHAloanhouston, Houston, obama, san antonio
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So, you’ve decided to buy a house? GREAT DECISION, especially now since rates are super low and you can walk into plenty properties with some decent equity. Ok, step 1 complete. Next step, picking the right lender. I’ve written several articles on this previously, but I will summarize countless hours of explanation into ONE sentence:…Read the Rest of Article
Tags: austin, dallas, Houston, lender, mortgage, mortgage rates houston, san antonio, texas
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So there has been a lot of rumors regarding the $8000 first time home buyer tax credit and that it can be used as a down payment for a new home with an FHA loan. At first, I thought it was just another “mortgage scam”. Trust you me, the real mortgage industry always leaves room…Read the Rest of Article
Tags: 203(b), 97% financing, austin, fha, fha guideline changes, fha loan, FHAloanhouston, Houston, san antonio, texas
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An Identity-of-Interest transaction is where a sales transaction is made between parties with family/business relationships. To break it down very simply, and this is USUALLY always the case, when a family member sells to ANOTHER family member, FHA looks at that as an Identity-of-Interest Transaction. I get at least 1-2 calls per month with this…Read the Rest of Article
Tags: fha, fha loan, fha mortgage, fha mortgage houston, FHAloanhouston, Houston, refinance, san antonio, texas
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CHICAGO (MarketWatch) — The number of mortgage applications rose 2% in the week ending May 1, the Mortgage Bankers Association said Wednesday, with borrowers seeking both more refinance and home-purchase loans. The MBA’s seasonally adjusted composite index of mortgage applications rose to 979.7 from 960.6 a week earlier. The refinance index was up 1.2% while…Read the Rest of Article
Tags: mortgage, mortgage applications, texas
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When doing an FHA Loan, if you are delinquent, as revealed by any public records or HUD’s Credit Alert Interactive Voice Response System (CAIVRS), on any federal debt (e.g. VA-guaranteed mortgage, Title 1 loan, Federal Student Loan, SBA Loan, delinquent federal taxes) or you have a lien, including taxes, placed on your property for a…Read the Rest of Article
Tags: fha mortgage houston, fha mortgage texas
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Just the other week, I had an associate tell me that he felt like jumping off a bridge! “Why the leap of faith, ” I ask. After 10 minutes of rambling on how he spent 3+ months working on this couple that finally saved up enough money to buy their first home and at the…Read the Rest of Article
Tags: 1040s, texas mortgage loan
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On Friday, Citigroup and J.P. Morgan Chase said that they would temporarily hit the “Pause Button” on foreclosures. Out of the $350 billion that is left, $50 billion of the last year’s bailout plan is going to be used to buy some time for homeowners that are currently having trouble paying their mortgage payments. This…Read the Rest of Article
Tags: bailout plan, foreclosure, mortgage, obama, texas
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Do YOU know WHO is actually eligible for an FHA Loan? Here’s the skinny: 1. Any U.S. Citizen with a valid U.S. Social Security Number 2. Any Permanent Resident Aliens 3. Any Non-Permanent Resident Aliens, provided they: Have a valid SSN Are eligible to work in the U.S. Occupy the property as a principal residence…Read the Rest of Article
Tags: fha facts, fha guideline changes, fha houston
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I have voluntarily stopped watching news. Seriously. What can CNN, FOX News, or even your local news tell us that we haven’t seen, or better yet, experienced first hand in this wild real estate market the past year or so? Absolutely nothing! If I wanted negativity, I would ask my Uncle Frank how his prostate…Read the Rest of Article
Tags: austin, dallas, fha loan, Houston, san antonio, subprime loans, texas
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Military Income: In addition to just the base pay, military personnel may be entitled to additional forms of compensation. Income from variable allowances, clothing allowances, flight or hazard pay, rations, and proficiency pay is acceptable, provided that its probability of continuance is just verified in writing. An additional consideration may be the tax-exempt nature of…Read the Rest of Article
Tags: austin fha, dallas fha, houston fha, military income, san antonio fha, texas fha
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Comparing deals for a mortgage can be a very confusing task. You can shop til you drop for mortgage rates, mortgage fees, and the best APR (Annual Percentage Rate); however do you REALLY know what to look for? Well let’s have a look. Just the other day, I was having coffee with a potential client…Read the Rest of Article
Tags: austin, dallas, free mortgage advice, gfe, good faith estimate, Houston, san antonio, texas
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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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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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Congress created the Federal Housing Administration in 1934. At this time, nearly two million construction workers were laid off. Only four out of ten people owned their own home. In addition, mortgage loan terms were outrageous. Borrowers had to put 50 percent down, and the note ballooned in 3 to 5 years. So the mission…Read the Rest of Article
Tags: fha mortgage, history fha
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The Energy Efficient Mortgages Program (EEM) helps homebuyers or homeowners save money on utility bills by enabling them to finance the cost of adding energy-efficiency features to new or existing housing as part of their FHA-insured home purchase or refinancing mortgage. This program seeks to help achieve national energy-efficiency goals (and reduce pollution) and provide…Read the Rest of Article
Tags: 203(b), 203(k), energy efficient mortgage, fha mortgage
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Anyone who has been hesitant about jumping into real estate until conditions settle down should keep in mind these dates: April 9, 2008, through June 30, 2009. They mark the eligibility time span for the home-purchase tax credit created by the new housing bill. If you have not owned a house during the past three…Read the Rest of Article
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