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Most people are surprised to learn what appraisers actually look at when determining the value of a real estate property.
A common misconception homeowners generally have is that the value of their home is determined after the appraiser has completed their physical property inspection.
However, the appraiser actually already has a good idea of the property’s value [...]
Las Vegas, Nevada - 702-432-5626
FHA delays HVCC implementation for San Jose Home Loans until February 15, 2010. This was originally planned for a January 1, 2010 implementation. But, FHA announced today that the enactment of Appraiser Independence has been delayed.
The new rule by FHA prohibits San Jose mortgage brokers and commission-based lender staff from ordering the appraisal. They can not even [...]
San Francisco Bay Area, California - 408.905.6261
YES! You could use an FHA loan to buy a home in San Francisco and many parts of the bay area today. Historically, most of the bay area has simply had home prices too high for FHA to make sense. Today, we have incredibly low rates combined with low home prices and FHA loan limits [...]
Sonoma County, California - 707-887-1275
FHA issued mortgagee letters today announcing major changes to FHA loan procedures. The following are highlights from the announcements:
MORTGAGEE LETTER 2009-28: Appraiser Independence
This Mortgagee Letter provides clarification and reaffirms Federal Housing Administration (FHA) appraisal requirements related to appraiser independence and announces new requirements pertaining to entities that are eligible to order appraisals for FHA insured [...]
Mesa, Arizona - 480-344-3662
Craig Tomlinson of Bell Real Estate of Eugene recently posted this this blog post about possible changes in FHA Mortgage Loans. He asked some of the same questions many people have now about what is going to happen with FHA loans in the future. He didn’t have the answers and neither do I about what FHA will be doing, but I know what they are doing. FHA still is only 3.5% down payment. FHA loans can be combined with the Springfield SHOP and Eugene HAP programs. FHA loans have more liberal underwriting criteria. FHA remains the number one choice for First Time Home Buyers. FHA does not require appraisals ordered through HVCC.
Eugene, Oregon - 541-342-7576
Welcome FHA First-Time Home Buyers.
Going through the mortgage process for the first time can be quite overwhelming if someone has not prepared you for all of the necessary steps, potential challenges, questions to ask and documents to gather.
Fortunately for you, this FHA blog is full of experienced and compassionate mortgage professionals that have been down [...]
Las Vegas, Nevada - 702-432-5626
Last Wednesday morning (August 5th), I received the following notification via Twitter from HUDFHA
www.twitter.com/HUDFHA:
“FHA SUSPENDS TAYLOR, BEAN & WHITAKER MORTGAGE CORP read more: http://bit.ly/cU118 /”
Upon following the provided link, I found the HUD News Release explaining that FHA suspended Taylor, Bean and Whitaker Mortgage Corporation because, as FHA Commissioner David Stevens explained, “TBW failed to [...]
Mesa, Arizona - 480-344-3662
The sand is running out on the $8000 first time home buyer tax credit. There are now just over 100 days remaining to take advantage of the government program designed to assist the housing market recovery while helping first time home buyers. A sense of urgency is not out of place if you have been considering purchasing your first home. It doesn’t make sense to give away $8,000 by waiting too long.
Eugene, Oregon - 541-342-7576
In the government’s never ending quest to make consumers safe from “unscrupulous” lenders, the latest activity has to do with new Truth-In-Lending (TIL) requirements, known as Reg Z. Surprisingly, this one appears to be something that will actually help consumers, unlike the recently enacted HVCC (Home Value Code of Conduct). Consumers getting a mortgage loan should not be surprised at closing with additional costs and/or interest rate changes because of the new requirements of the Mortgage Disclosure Improvement Act (MDIA).
Eugene, Oregon - 541-342-7576
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