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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 VERY [...] 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 magic number [...] 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 scenario, and [...] 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 [...] 1. Is there a secondary mortgage market for Section 203(k) mortgage loans? Yes. The Government National Mortgage Association (GNMA) permits the Section 203(k) mortgage to be placed in both GNMA I and II pools with Section 203(b) mortgages. GNMA accepts the 203(k) mortgage once it has been endorsed by HUD. The Federal National Mortgage Association [...] As a result of the appeals process outlined in Mortgagee Letter 2008-36, single family mortgage limits for 2009 have been updated for 54 counties. Those counties represent five Metropolitan Statistical Areas and one non-metro county. A listing of affected counties, with the final median prices and FHA (forward, non-HECM) loan limits for 2009 is posted [...] |
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