Archive for January, 2009
FHA 203K — The Self Help Dilemma
I’m trained, I know how to paint, I was a carpenter in college, I’ve been doing this for years. I’ve heard all the reasons as to why homeowners should be able to complete their own renovations. I sympathize, I really do. I want you to be responsible for renovating your own house. However, today I want you to realize why this presents a problem, why underwriters don’t want you to try and why many FHA 203k lenders don’t allow it.
There are a couple of valid and pertinent reasons why underwriting has a problem with you doing your own renovations and why FHA 203K self help is against the rules at many lenders.
It’s official….no down payment purchase lending has returned to Texas
After several years of a protracted lawsuit brought about by the U.S. Justice Dept., the final ruling states that rebates are allowed for home purchases in Austin, TX.
So, what does this really have to do with a no down payment mortgage to buy a home? Think in terms of Nehemiah; et al, and how the seller would [...]
203k FHA Loans Available in Albuquerque
The FHA 203k renovation loan is an excellent option for Albuquerque homeowners who want to renovate their current property or take advantage of a New Mexico foreclosure purchase that needs a little rehab work.
Buyers out looking for a great deal generally run across a bank owned or short sale property. Standard FHA guidelines state that [...]
Are FHA Loans the “new” sub-prime home loans?
I find it alarming that so many so-called mortgage professionals and journalists have consistently and loudly proclaiming that FHA is the “new” subprime. In reality, nothing could be further from the truth. Those of us who have toiled for years advising, counseling, and preparing our clients for homeownership have known this program to be one [...]
Maryland FHA Loan Limits
The 2009 FHA loan limits for Maryland are below. With only a 3.5% down payment, FHA mortgages have been a great mortgage option for Fist Time Home Buyers.
For more information about a Maryland FHA Mortgage, Loan Limits, or FHA guidelines, please feel free to contact me directly.
Bill Sohan
410-963-2308
County Name
Single Family
Duplex
Tri-plex
Four-plex
ALLEGANY
$271,050
$347,000
$419,400
$521,250
CUMBERLAND, MD-WV (MSA)
ANNE ARUNDEL
$560,000
$716,900
$866,550
$1,076,950
BALTIMORE-TOWSON, [...]
FHA Streamlines are an easy way to save money in Utah!
Do you want a lower rate, but your income, credit or appraisal won’t allow it? A Utah FHA Streamline Mortgage Refinance is the answer you are looking for!
An FHA streamline is a spectacular loan for anyone who currently has an FHA loan. The “Streamline” portion of the loan refers to the limited documentation [...]
Great way to buy your first Indiana Home
I was sitting in a class last night after speaking to a few local Real Estate Agents about buying foreclosed homes and some multi-units. I had one of those moments of clarity and I am not sure why I had not thought of it before.
When my wife moved back to NW Indiana to work in [...]
Austin, TX FHA Good Neighbor for Teachers, Fire Fighters, and Law Enforcement
HUD is offering a program to help foster safer and more vibrant communities in Austin, TX by providing special incentives for fire fighters, teachers, and law enforcement to buy a home in a revitalization area.
To qualify as law enforcement, you’ll work full time for federal, state, or local agency, and even an Indian Tribal government.
Teachers qualify [...]
Austin, TX Hope For Homeowners Have Hope
The initial intent of the Hope for Homeowner’s program was to help alleviate the market from escalating foreclosures, help to maintain property values, mitigate the leveraging (a topic to be discussed later) of assets, allow more homeowners to keep their home, and to help stabilize the national real estate market.
Well, it just didn’t quite work as hoped. I [...]
FHA Streamline Rate Reduction Refinance – EXPOSED in Arizona
Are Lower Rates On The Horizon? The FHA Streamline Refinance Rate Reduction is available to homeowner who currently have an existing FHA Mortgage Loan.
Government has been under enormous pressure to stabilize home prices and prevent foreclosures. As a result the Feds have been injecting tons of liquidity into the Mortgage Backed Securities markets and DRIVING [...]
