New FHA changes may be coming soon as HUD asks for consumer input on three issues that would affect borrowers. I wrote about these possible changes in January, in my post "More FHA Changes to Happen Mid Summer." Also in January, HUD made major changes in FHA fees and upfront mortgage premiums. These changes are [...]
This Month in Real Estate July 2010 is here! May's sales across the United States were down 2.2% from April, but May closings were up 19.2% from May 2009. I am certain much of this is due to the extended homebuyer tax credit and buyers working to ensure they close long before the settlement deadline [...]
On April 8, 2010, FHA sent out a mortgagee letter stating that the FHA approves electronic signatures on documents, including contracts. This is wonderful news, as I have recently begun to use Docusign electronic signatures for the convenience of my clients. I also wanted to use this to prevent the use of paper as much [...]
Besides the tax credit deadline looming on April 30, another significant deadline is even closer -- beginning April 5, 2010, the FHA Up Front Mortgage Insurance Premium is going from 1.75% up to 2.25%. April 5, 2010 is NEXT MONDAY! I wrote about the rise in FHA Upfront Mortgage Insurance Premium on January 21, and [...]
A discussion I have been involved with here in the Baltimore area about the crippling snow and the effect on the Baltimore real estate market has people in the real estate world wondering if the homebuyer tax credit may be extended again. On Monday, the Wall Street Journal wrote an article about the credit, and [...]
As we enter the fourth and final week of February, I am reminded as to where the market was last year at this time versus this year. I have seen showings become more frequent in the past week and the excitement over spring's arrival in the next few weeks definitely brings people out to look. [...]
On January 20, I wrote about the new likely major FHA loan changes that were being announced. One of those changes is going into effect on April 5, 2010, as I wrote on January 21, with the upfront mortgage insurance premium being raised from 1.75% to 2.25%. A press release was placed on the hud.gov [...]
In an attempt to move foreclosed properties more quickly, HUD has temporarily waived the 90-day ownership guideline, making these foreclosed properties available to FHA homebuyers. RISMedia reports that: In today’s market, FHA research finds that acquiring, rehabilitating and reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA [...]
Yesterday, I wrote about the major FHA fee changes that could be coming up. Today, the mortgagee letter went out to FHA approved banks, stating that the upfront mortgage insurance premiums collected will be 2.25% instead of the 1.75% they are now. I would like thank Michael Johnston from Carrollton Mortgage Services, Inc. for sharing [...]
The FHA mortgage, a very popular loan option for buyers, has announced the likelihood of higher fees for borrowers wishing to utilize the government backed loans to buy houses. The Wall Street Journal broke the news late last night in their article about the FHA fees increasing. Thank you to Dan Plunkett of Prosperity Mortgage [...]