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When will YOUR housing market recover? 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 forecasts and [...] 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 - 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 [...] 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! Sonny: Get him out of here! Man [...] 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 for [...] 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 [...] I wanted to make sure I got the link to the loan limits posted in case anyone would like to see if their loan is possibly eligible to go with an FHA loan. I will get into deeper discussions on the criteria for an FHA loan shortly, but in the meantime here is the link [...] Hello and thank you for coming to my blog. As you will see I am here to give you information on specifically and ONLY all FHA mortgage products. This site is specifically dedicated to FHA (Federal Housing Administration) mortgages. Since the sub prime downfall, FHA mortgage applications have spiked and will continue to do so. A [...] |
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