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Posts Tagged ‘Houston’


Texas VA Loans – The Best Kept Secret

If you are a Veteran and looking into purchasing a home in Texas, then a VA loan is perfect for you. Because VA Home Loans are guaranteed by the Veterans Administration, they are easier to qualify for, require no down payment (yes 100% financing is still here), and most importantly don’t require perfect credit. VA…Read the Rest of Article

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Morning Market Update

Good morning all… MBS is currently up 16bp on the morning and hovering around the 1st level of support. As for today, there are no economic reports set to come out, so looks like what will be a quiet Monday. (Kind of like what Tim Tebow’s experiencing today…) 2 important days this week are Thursday…Read the Rest of Article

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New FHA Mortgagee Letter, & HUD Housing Counseling

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

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When Will YOUR Housing Market Recover?

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

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***Update to a Previous Post***

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

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Vacating a Jointly Owned Property- Quick FHA Fact

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 -

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Is FHA in Trouble?

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

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Don’t Cheat Home-Buyer’s Tax Credit

By Kenneth R. Harney The IRS has an urgent message for would-be home purchasers: Make the most of the $8,000 first-time-buyer tax credit before it disappears Dec. 1 — if you qualify. But if you don’t truly qualify, don’t try to play games with the credit. The IRS already has 24 criminal investigations of suspected…Read the Rest of Article

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Come on 7′s! Daddy Needs a New Roof!

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

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Picking the Right Lender

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

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Should You Use Your $8,000 Tax Credit as Your Down Payment?

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

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Identity-of-Interest Transaction Down Payments

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

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Mortgage Tip of the Day- Calculating Overtime and Bonus Income

When trying to calculate OVERTIME and BONUS income, its a little confusing. Here’s how it works: 1. You must provide a minimum of at least 24 months of overtime in order for us to count it for income. 2. If on your current paystub it shows less than the previous 2 years of overtime, we…Read the Rest of Article

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SubPrime Greed or Governmental Ignorance?

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

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FHA 203k Rehab Loans- Take Advantage of Foreclosures Now!

A heads-up to realtors and buyers: the Feds want to help you buy and fix up existing homes. FHA 203K rehab loans are for you, not for someone else. What’s in it for them? They want foreclosure properties and long-listed homes to get into the hands of caring owners. How do they help you? They…Read the Rest of Article

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Good Faith Estimate vs. Good “Bait” Estimate – The Inside Scoop

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

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Don’t Miss the Refi Window

Call Us NOW to get a LOWER RATE. By Amy Hoak, MarketWatch CHICAGO (MarketWatch) — Lured by low mortgage rates, many homeowners have been rushing to refinance. Interest is gaining for good reason: Eligible borrowers can lock in rates that haven’t been this attractive in decades. “With interest rates hovering around 5% for conforming loan…Read the Rest of Article

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Another FHA Fact

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 2. You must be able to document a 2 year…Read the Rest of Article

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Hurricane Ike Update- Some Breaks on Bills Being Offered

Power and gas retailers *Reliant Energy is waiving late fees indefinitely and will be working with its customers on flexible payment terms and extensions to meet their needs, said communications director Pat Hammond. Reliant, which has about 1.8 million customers in Texas, also has suspended its credit and collection activity and has stopped disconnecting customers…Read the Rest of Article

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Welcome to my FHA Information Site!

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….Read the Rest of Article

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