Mortgage Underwriting News for July 2011
Friday, July 29, 2011 - 6:00pm
Mortgagee Letter 2011-22 dated 6/30/2011 clarifies, expands, consolidates, and updates existing condominium approval guidance while also replacing Mortgagee Letters 2009-46b, 2009-46a and 2011-03. Included with the new Mortgagee Letter are an attached Condominium Approval Implementation Schedule and 95 page Condominium Project Approval & Processing Guide. The revisions listed in this newest...
Friday, July 29, 2011 - 5:58pm
Beginning Oct. 1, homebuyers may find that getting a Federal Housing Administration-insured mortgage is more difficult than it has been in recent years, but only if mortgage professionals nationwide don't have their way. Unless some sort of Congressional action preventing the change takes place, the FHA will revert back to pre-2008 loan limits, affecting 669 counties nationwide, including Larimer...
Friday, July 22, 2011 - 5:35pm
Mortgage Letter 2011-22 dated 6/30/2011 clarifies, expands, consolidates, and updates existing condominium approval guidance while also replacing Mortgage Letters 2009-46b, 2009-46a and 2011-03. Included with the new Mortgage Letter are an attached Condominium Approval Implementation Schedule and 95 page Condominium Project Approval & Processing Guide. The revisions listed in this newest...
Friday, July 22, 2011 - 5:32pm
National Reverse Mortgage Lenders Association applauds the announcement today by HUD Secretary Shaun Donovan that Carol Galante has been designated by President Barack Obama as the Acting FHA Commissioner and Assistant Secretary of Housing. Galante assumes the new post after serving as Deputy Assistant Secretary for MultiFamily Housing since March of 2009. She came to the department with an...
Friday, July 15, 2011 - 5:37pm
Pretty recently I was having a conversation regarding homeownership opportunities for low to moderate income borrowers with an employee of a department of housing and community development agency within the city that I live. The conversation had begun during a discussion with respect to city owned properties and the liquidation of the same. During the discussion we had talked about the ways in...
Friday, July 15, 2011 - 5:36pm
If you own a home with an FHA-backed mortgage, are out of work, cannot make your payments and are concerned about losing your home, hope may be on the horizon. As of August 1, 2011, the Federal Housing Administration (FHA) will change their rules, allowing unemployed homeowners to miss mortgage payments up to a full year. This is an increase from the three to four months currently allowed. This...
Friday, July 15, 2011 - 5:35pm
President Obama is working on a new plan to help ease the financial burden of many Americans. One the biggest financial problems is meeting the mortgage. It's a strain more and more Americans face. Beginning August 1, the Federal Housing Adminstration (FHA) plans to more than double the amount of time homeowners can miss mortgage payments to one full year before foreclosure begins.
To read the...
Friday, July 8, 2011 - 4:30pm
July 7 (Source: By Mark Puente, St. Petersburg Times, Fla.) – Starting Oct. 1, home buyers seeking government-insured mortgages will have to pick lower-priced houses if they want the federal government to back the loans.Freddie Mac, Fannie Mae and the Federal Housing Administration are lowering the maximum loan amounts that the agencies will guarantee in more than 850 counties in the United...
Friday, July 8, 2011 - 4:28pm
Our company, LendSmart Mortgage, is currently undergoing a software change that will allow us to be virtually paperless. I am of course an old dog, but in this business you have to be used to learning new tricks on a daily basis so I’m not really flustered. There are many wonderful things about this system but I also have some worries.
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org...
Friday, July 8, 2011 - 4:25pm
Part 1-FHA Updates to Condominium Approval Qualification Requirements and Process
Mortgagee Letter 2011-22 dated 6/30/2011 clarifies, expands, consolidates, and updates existing condominium approval guidance while also replacing Mortgagee Letters 2009-46b, 2009-46a and 2011-03. Included with the new Mortgagee Letter are an attached Condominium Approval Implementation Schedule and 95 page...
Friday, July 1, 2011 - 4:40pm
The Obama administration's proposal for Federal Housing Administration (FHA) loan limits to reset to lower levels in October will have only a small impact on the agency's current market share, a new study suggests. According to researchers at George Washington University (GW), larger reductions may be necessary to return the FHA to its traditional role as a lender to first-time and low- to...
Friday, July 1, 2011 - 4:38pm
Ok, so as I am sure most of you can imagine, I lay awake at night and think about mortgage programs, more particularly government lending programs because, quite simply put, they are the most useful. Of particular fame in my late evening dreams is the 203k, not just because the complexity of construction rehab intrigues me but also because of the sheer utility of the program overall. In realizing...
Friday, July 1, 2011 - 4:36pm
Do you have a good credit history, but not a lot of money for a down payment for a house? You may be able to qualify for an FHA mortgage from Total Mortgage. If you have a FICO score above 660 and 3.5 percent for a down payment, you might be able to qualify for a mortgage through the FHA.
To read the entire article, please visit: http://www.totalmortgage.com/blog/mortgage-rates/now-is-the-time-...
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