In fact, our federal government certainly rewards all veterans of the military in some existing ways. Well, the majority of programs starting from education reimbursement and finishing employment services, disability compensation and life insurance as well are really available for all former and active members of our armed forces. But there is one more certain…
Tag Archive: fha loan
Mortgage Definition: FHA Short Refinance
Today’s Mortgage Definition is: FHA Short Refinance FHA Short Refinance – A Simple Definition: Recently, FHA (officially) announced that they are allowing FHA lenders to help borrowers who have negative equity in their home get a new FHA loan when the existing lender agrees to a short payoff. This is known as an FHA short…
Renovation Financing: Deffered Maintenance Welcome
It wasn’t too long ago that FHA financing was something brokers discouraged folks from obtaining. We have all heard it “FHA loans are too difficult” and “FHA Appraisals cause too many problems”… Today most loans are going FHA….The same folks that wouldn’t go near FHA financing think it’s the greatest thing since sliced bread! The loan and…
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…
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…
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…
FHA Loan To Value Restrictions For Cash Out Refinancing
FHA has lowered the cash out refinance Loan to value from 95% down to 85% as of April 1st.