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If you are a first-time homebuyer, have less than perfect credit, or simply just do not have a 20% down-payment, then an FHA loan may be for you. We know everything there is to know about FHA loans. While FHA has been the hot and “new” topic for the past [...] Good morning all! The only economic report for today is the Jobless Claims, and that figure has come in at 434k, a little bit lower than the 439k that was expected, and not much different than the prior 433k. Mortgage bonds are not moving much from yesterdays losses, as we are currently up 3 basis points and [...] Currently down 34 bps for the morning, rates may start .125% higher this morning. We’re teetering right under the 200 DMA and in volatile territory, so hopefully you’ve taken advantage of our FREE advice of locking in your loan programs a while ago. Right now is not a time to be risking your rate, and a [...] MBS very volatile today due to all the reports. The New Home sales dropped 11.3% in November to 355K as opposed to the 438K that was expected, and while this helped MBS, the Treasury is now going to auction off $122B instead of the $118B that was expected, so this brought them back down. If you have [...] by Adam Quinones The voice of mortgage originators and housing professionals was broadcast loud and clear by Federal Reserve Governor Elizabeth Duke today. Speaking at the Mortgage Foreclosure Policy Conference in Chicago today, Duke’s prepared speech, Envisioning a Future [...] Potential home buyers looking for FHA loans are soon going to have to make larger down payments and will need to have a higher credit score under changes announced today by HUD Secretary Shaun Donovan. I have blogging about this for a VERY long time, as the writing has been on the wall from late 2008. [...] 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 [...] Did you know that once you leave your current employer for an extended period of time, we can still use your income when you start to work again? Here are the conditions: 1. You must be back on the job for at least 6 months 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 [...] |
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