Having a staffer on the House Committee on Financial Services for a best friend and growing up here in our nation’s capital it’s almost impossible for us to avoid long conversations about financial recovery, the foreclosure crisis, and the steps that various legislators and government organizations are or should be taking to help homeowners. I…
Monthly Archives: January 2010
FHA Announces Important Policy Changes
A number of important changes were announced today by the FHA to reduce risk and improve its finances: The upfront mortgage insurance premium (MIP) will be raised from 1.75 percent to 2.25 percent The minimum down payment will climb from 3.5% to 10% if your Fico score is below 580 Allowable seller concessions will be…
Welcome Justin Bartlett To Mortgages Unzipped
I am pleased to welcome the latest contributor to Mortgages Unzipped, Justin Bartlett. Justin currently serves as President of Operations for Modification Zoom and has worked extensively both in the residential and commercial real property lending arenas. Justin is a loss mitigation expert that writes extensively on the foreclosure and credit Crisis, pending and current…
The Clock is Ticking for First Time Homebuyers
Every year during the holiday season, some news items are released, analyzed, and quickly lost in the shuffle. With so much attention placed on the housing market – and talk of an upcoming rebound, I wanted to take a moment and remind everyone of some important components within the government’s first-time home buyer tax credit,…
Title Seasoning on FHA loans Temporarirly Waived!
Starting 2/1/2010 Hud is issuing a waiver to the 90 day flipping rule! One of the hurdles for folks that are buying and renovating distressed properties are the end buyers have not been eligible for FHA Financing. The lifting of this rule will increase the buying pool for these properties… If you want to take…
Renovation Financing: What I need to do to make sure my loan closes smoothly!
I almost insist that anyone who is getting 203K Renovation Loan, full blown 203K loan or a streamline 203K loan, hire a hud consultant to prepare the work write up. Why would I pay a hud consultant when I am doing less than $35,000 in renovation? Although HUD did away with the old VC sheet on appraisals…FHA appraisers can…
New Appraisal Requirements Stir Controvery, Criticism
People considering purchasing a home with an FHA loan in the coming months would do well to check out today’s USA Today. The newspaper takes a look at the controversy surrounding new home appraisal regulations that are getting ready to take effect in mid-February. Beginning Feb. 15, mortgage brokers, Realtors and anyone else who might…
Chicago First Time Home Buyer: Three Often Overlooked Home Down Payment Sources
A look at three different down payment sources that the Chicago first time home buyer often overlooks. Click Here to Get Great Rates And A Speedy Approval From Lending Tree Without Any Hassels. Go to Source
Mortgage Rates Move Lower. Favor Locking over Floating
After making noticeable improvements toward the end of last week, mortgage rates failed to extend positive progress yesterday. After a weak open, mortgage backed securities prices traded in a narrow range for most of the day. Despite MBS prices moving lower at the open, lenders were still able to offer aggressive mortgage rates, they were…
Mortgage Rates Steady at Aggressive Levels
Mortgage rates improved last week after the Treasury Deparment completed debt auctions totaling $84 billion. On Friday, lenders improved rate sheets to their best levels all week (best in about a month really!). All US markets were closed yesterday in honor of Martin Luther King Jr. day. A few lenders issued rate sheets, they were…