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We work with several Seasoned Professional Mortgage Lenders. If you have questions about qualifying for a loan call us and we will match you up the right Lender for your individual situation.
FHA announced 1-19-2010 new guideline changes as follows:
Upfront MIP will go from 1.75 to 2.25
If Fico is below 580, max LTV is 90% (oh really, is anyone doing FHA with ficos below 620?)
Max Seller contribution is dropping from 6% to 3% (this will be an issue for our builders—please make sure we don’t have any in-process construction loans that need the 6% concession)
To read this information in its entirety go to:
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help bring stability to home values and accelerate sale of vacant propertiesWASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.
"As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers," said Donovan. "FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization."
With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.
"This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed," Donovan said.
In today's market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.
The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.
"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
- All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
- In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.
- The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD's website.
Serving the State of Utah in Real Estate since 1985 to current. Current Goal is to have 10 REO accounts and take care of all my past clients. Most of my business is repeat clients.
* Over 24 years as Top Producer in the greater Wasatch Front, Salt Lake City, Utah area
* Over 550 closed resale transactions
* Over $96,000,000 in closed resale transactions
* Member Re/Max Hall of Fame
* Founder Re/Max Metro Realty of Utah
* Member Certified Residential Specialist
* Member Utah Realtor Association
* Past Award Winning Home Builder
* Member Linked in
* Member Park City Board Of Realtors
* Member Wasatch Front Regional MLS
* Member Salt Lake Board of Realtors
* Member REO Trans
* Member REO Agent Network
* Member National Association of Realtors
* Pre and Post Foreclosure Assessment
* Skilled Negotiator for Loss Mitigation
* Dedicated REO website
* Same day showing feed back.
Residential Real Estate both with buyer and sellers. Along with investment, land and new construction. As a past home builder, We are experienced with all levels of foreclosure assessment. Our team can handle all facets of foreclosure situations including, Cash for keys, trash outs, Tenant Negotiations, Utility change over's, property preservation, occupancy reports, 48 hour BPO turnaround times, Pre-Foreclosure and Short Sale.