Understanding FHA Loan Fees
Posted on 06. Jun, 2011 by Alissa Alvarez in Consumer Protection, FHA Home Loan
If you are a first time home buyer, you’ve most likely have heard about FHA loans, and you probably have plenty of important questions. As you are deciding whether an FHA loan is best for you, it is important that you understand it’s unique features and how it works. One of the most important details [...]
FHA Monthly Mortgage Insurance Increase – Lock Lower Payments!
Posted on 22. Mar, 2011 by Scott Schang in FHA Home Loan
I first wrote about FHA monthly mortgage insurance premiums rising again on February 21st, 2011. We are now less than 30 days away it getting more expensive to use an FHA loan to purchase your home. What you need to know The date of your FHA case number – You have the ability to secure [...]
FHA Monthly Mortgage Insurance Premium Rises Again
Posted on 21. Feb, 2011 by Scott Schang in FHA Home Loan
On April 18th, 2011 FHA monthly mortgage insurance premium is rising again after the release of the administrations recent report to congress – Reforming America’s Housing Finance Market. Your monthly mortgage insurance premium will increase .25bps, an increase of 28% from .90% to 1.15%. Higher payments mean lower housing prices? Absolutely! Affordability is a major [...]
CalHFA FHA Government Loan for First Time Home Buyers UPDATED!
Posted on 03. Feb, 2011 by Scott Schang in CalHFA First Time Buyer, FHA Home Loan, State Assistance Programs
The California Housing Finance Agency (CalHFA) has added a new FHA government loan program for first time home buyers. CalHFA is the State of California’s first time home buyer program for the past 35 years. The program was chartered as the State’s affordable housing bank to make low interest rate loans through the sale of [...]
FHA qualifying change October 4th 2010
Posted on 05. Nov, 2010 by Scott Schang in Consumer Protection, FHA Home Loan
The housing industry and the mortgage side of the housing industry in particular is seeing a ton of changes. Available loan programs have dropped down to just a few with no new programs in the foreseeable future, no one really knows what home prices will do, rates are at just about their lowest point in [...]
FHA pre-approval no longer qualified?
Posted on 01. Oct, 2010 by Scott Schang in Consumer Protection, FHA Home Loan
You have an FHA pre-approval but may not be qualified as of October 4th, 2010. Changes to FHA guidelines may leave many home buyers unable to qualify. Could you imagine? What an horrible surprise if you get your offer accepted and you are no longer qualified for an FHA loan? Why you may no long [...]
FHA mortgage insurance and credit score changes in effect?
Posted on 01. Oct, 2010 by John Evans in Consumer Protection, FHA Home Loan
It’s official. As many of you know by now FHA is changing their mortgage insurance guidelines in October. What does that mean for you as a buyer? If you already have a loan approval but have not found a home, your payments will most likely increase and your existing approval may no longer qualify for [...]
FHA Home Loan is Best Option for Buyers
Posted on 29. Sep, 2010 by Scott Schang in FHA Home Loan
The FHA home loan is the best option for buyers. I do quite a bit of mortgage related reading, there’s a lot of this program being unveiled, this program going away, this program being refunded, get it while it’s hot kind of propaganda. Usually what I have found is that unless you hit it just [...]
Property Flip Rule – The 3 things you MUST know
Posted on 23. Sep, 2010 by Scott Schang in Consumer Protection, FHA Home Loan
The property flip rule is an FHA guideline that basically says that they will not lend money on a home that has been purchased less than 90 days ago and then resold for a significant profit. This rule used to state that under no circumstances can a home buyer use an FHA loan if the [...]
FHA Mortgage insurance changes – Top 3 things you need to know
Posted on 13. Sep, 2010 by Scott Schang in FHA Home Loan
FHA mortgage insurance changes are due to take effect on October 4th, 2010. When I first wrote about the increase in monthly, and decrease in up front mortgage insurance premiums, the changes were due to take effect on September 7th, 2010. The Top 3 things you need to know: 1. The upfront mortgage insurance premium [...]
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