fha: HomePath Quick Reference Guide - 06/10/11 03:44 PM
This is the 5th installment of the Loan Program Quick Reference Guide and today I am focusing on the HomePath loan.  Monday I gave you the rundown on the standard FHA loan.  Tuesday it was the VA.  Wednesday I highlighted conventional loans and yesterday the spotlight was on the FHA 203(k) Streamline loan.  The HomePath is a good loan but it is very limited since it can only be used on FNMA-owned homes that are designated for the HomePath.  Here are the highlights:
HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage … (2 comments)

fha: FHA 203(k) Streamline Quick Reference Guide - 06/09/11 06:29 PM
Good morning - This is part for in the "Quick Reference Guide Series" that I started writing on Monday.  I have already covered FHA, VA, and Conventional loans with regard to general guidelines and the benefits to the home buyer.  In today's post, I will be covering my favorite loan, the FHA 203(k) Streamline.  The FHA 203(k) Streamline is a very under-utilized loan program and yet it helps the buyer get a home that ends up being much closer to the home they really want than any turn-key home they could buy.  It also makes it possible to write offers on … (2 comments)

fha: Quick Reference Guide for Conventional Loans - 06/08/11 01:08 PM
This is the third in a series of posts meant to provide you with a some quick and easy guidelines for the most common and popular loans - as well as a few niches - in addition to defining some benefits of the various loan programs for the right customers.  On Monday I provided a quick reference guide for FHA loans and on Tuesday, the quick reference guide was for VA loans.  Today, as promised, conventional loans is the quick reference flavor of the day.  Feel free to call or email if you have any questions or you can leave comments … (0 comments)

fha: Quick reference guide for VA loans - 06/07/11 01:31 PM
In yesterday's post, I provided some basic guidelines for the standard FHA loan and the benefits to the home buyer.  In today's post, I am providing a quick reference to basic guidelines for VA loans and the associated benefits to home buyers.  Feel free to call or email (or leave a comment) if you have any quesitons regarding any of the loans in this series.  Tomorrow I will be discussing conventional loans.  Here you go:
 
          For your VA buyer with the right credentials, nothing beats a VA loan.
       
          Program guidelines:
              Loan-to-Value:  100%
(3 comments)

fha: Loan Program Quick Reference Series - 06/06/11 06:32 PM
I thought I would write a short series highlighting a number of different loan programs that are available, their main guidelines, and the key benefits to the home buyer.  The featured loan for today is the standard FHA loan.
 
 
           FHA is the most popular loan right now.  Here’s why:
 
           Program guidelines:
                  Loan-to-Value:  96.5%
                        Debt-to-Income Ratio:  as high as 55%
                        Minimum Credit Score:  none, but prefer 640+
                        Mortgage Insurance: 
1)      Up-front = 1% of base loan amount (financed)
2)      Annual (paid monthly) = 1.15% of base loan amount
(0 comments)

fha: What drives you to be better? - 05/04/11 02:39 PM
I was on my morning bike ride and I was riding great.  Over the last couple of weeks I've noticed a fairly significant improvement in my average miles-per-hour while I've also noticed that my average heart rate has decreased somewhat significantly as well.  All of a sudden I'm riding about 1.5 miles per hour faster - and plan to improve that as well - and my Average HBM (heartbeats per minute) is about 7-10% lower than what it was just a few weeks ago.  The change?  I started cross training by running on the treadmill and doing the eliptical 2-3 nights … (0 comments)

fha: You are missing the boat if you aren't partnering with a lender who can help your clients take advantage of the FHA 203(k) Streamline loan - 05/04/11 12:41 PM
If you haven't found a good lender who offers the FHA 203(k) Streamline loan, then you are missing out on a fantastic niche.  You may have read a recent post I wrote about two FHA 203(k) Streamline closings I had last Friday.  I closed one in 25 days and the other in 21 days.  This is very fast for any loan but especially for the FHA 203(k) Streamline.  More importantly is how excited both of the clients were.  Most people are generally excited about closing on their home and moving in but these clients were so much more excited - I … (1 comments)

fha: Just Closed Two FHA 203(k) Streamlines in 25 Days or Less... - 04/30/11 11:10 AM
What a month!!  I funded three loans yesterday, two of which were FHA 203(k) Streamline loans.  FHA 203(k) Streamline loans should typically take about 35-40 days because of the extra time spent getting the bid from the contractor and the added underwriting and conditions that part of the process brings.  However, we started one of the loans on April 4th and the other loan was submitted on April 8th - this means that we closed this FHA 203(k) Streamline in 21 days.  Of course the clients are happy as can be and the contractor - we have a contractor who is … (0 comments)

fha: FNMA Paying Bonuses to Realtors and Closings Costs to Buyers and other stuff... - 04/13/11 11:28 AM
Good morning!!  I was just on the FNMA Homepath site and found that there are 2,293 homepath homes in Clark County, NV (Las Vegas area).  For transactions that close by June 30th, FNMA is offering to pay 3.5% in closing costs AND a $500 bonus to the Realtor.  That's a win-win; unfortunately there are no bonuses for the lender other than we have to put up with quirky underwriting guidelines.  Go sell those Homepath homes.
I am currently working on two FHA 203(k) Streamline loans for clients who are going to end up with houses that were in the neighborhoods they … (0 comments)

fha: More Changes for FHA Announced - 03/11/10 09:26 AM
THURSDAY, JANUARY 21, 2010 Re-print of Jed Wunderli's blog - jedwunderli.blogspot.com: FHA has announced that a number of changes will be made in an effort to get the insurance fund back up to the level mandated by congress. The changes that were announced will take effect in the summer. The up-front mortgage insurance premium will be increased from 1.75% to 2.25%. The amount sellers can contribute to closing costs will now be capped at 3%, down from 6%. The down payment requirement for people with a credit score of 620 or greater will remain at 3.5% but for those with a … (4 comments)