All Posts Tagged With: "HUD"
Is Foreclosure Flipping Legal & Legit?
If by foreclosure flipping we mean quickly buying and re-selling a foreclosed property bought from a lender then there’s no reason why such a transaction cannot be legal and legit.
Think about stock. You buy stock in the morning and sell it in the evening. You flipped the stock. Does anyone care? No.
Think about a foreclosed [...]
What Paperwork Do You Need To Get A Mortgage?
One of the biggest problems with the government’s Making Home Affordable loan modification program is that a large number of borrowers are making their payments but do not provide required paperwork — and thus are unable to permanently refinance their mortgage with a new and lower rate. Because they did not provide required paperwork these [...]
1Feb2010 | Peter G. Miller | 0 comments | Continued
HUD Offers Free FHA Lender Locator Tool
It probably surprises people everyday, but nope — not all lenders originate FHA mortgages.
Given that FHA loans make up a big percentage of the marketplace this omission may seem odd, but in fact it makes much sense: To be an FHA-approved lender you need to meet certain capital requirements and other standards. As well, you [...]
Mortgage Loan Limits — Conventional, FHA, VA
The mortgage loan limits and policies established in 2008 and 2009 will continue through 2010.
There are several types of mortgage loan limits. Generally, most borrowers need to look at conventional, FHA and VA loan limits to see how much can be financed with the most-widely originated loans.
If you borrow at or below the conventional [...]
Mortgage Brokers Must Disclose Secret Fees, Says Judge
Figuring out how much you pay for a mortgage is like trying to determine the real cost of a new car, a lot of what you pay is hidden and unclear.
Now James Robertson, a federal district judge based in Washington, DC, has decided that mortgage brokers will have to disclose their secret fees under new [...]
Will HUD Allow FHA Loans With No Money Down?
Has HUD changed its mind?
On Monday, May 11th, HUD posted Mortgagee Letter 2009-15 which explained that “Federal, state, and local governmental agencies and nonprofit instrumentalities of government, FHA-approved nonprofits, and FHA-approved mortgagees may provide short-term or “bridge loans” secured only by the anticipated tax credit due the homebuyer as collateral.”
Immediately the letter was removed from [...]
2009 Mortgage Loan Limits (Updated)
There are several types of mortgage loan limits. Generally, most borrowers need to look at conventional, FHA and VA loan limits to see how much can be financed with the most-widely originated loans.
If you borrow at or below the conventional loan limit for non-government mortgages, you would have what is generally known as a [...]
Are Reverse Mortgage Premiums Justified?
While most of the mortgage marketplace is in a funk, reverse mortgages are a significant bright spot. HUD says it originated more than 107,000 reverse mortgages in fiscal 2007 — a figure up more than 40 percent from a year earlier.
The HUD numbers are important because the FHA is generally said to insure about 90 [...]
19Sep2008 | Peter G. Miller | 0 comments | Continued
Is The Public Really “Confused” About FHASecure Mortgages?
HUD was supposed to help borrowers with toxic loans. After all, President Bush said the FHASecure program “will allow American homeowners who have got good credit history but cannot afford their current payments to refinance into FHA-insured mortgages.”
HUD, however, has redefined the mission. It now says that its FHASecure information has been “modified to [...]
$30,000 For A Reverse Mortgage?
HUD presents itself as the borrower’s friend, your buddy when it comes time to get a mortgage. There’s considerable truth to this claim, just look at FHA mortgages in general. While much of the mortgage marketplace is melting down, the latest numbers from HUD show that the FHA program is likely to double in size [...]
18Sep2008 | Peter G. Miller | 0 comments | Continued
© Copyright 