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 Streamline Refinance Just got Better?

Posted on 27. Oct, 2010 by Scott Schang in FHA Streamline

FHA streamline refinance program has seen several new developments and at least one of the changes has been for the better. Prior to these changes one of the requirements in regards to the FHA streamline program, was that the sum of all the liens on the home not exceed the geographical maximum mortgage limit for [...]

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 [...]

FHA Loans vs Conventional Loans: Which loan is best for you?

Posted on 25. Aug, 2010 by Christopher "Doc" Apodaca in FHA Home Loan, Home Purchase Loan

There are many misconceptions about FHA loans (Federal Housing Administration) and Conventional (typically Fannie Mae or Freddie Mac) loans.

I’ve heard everything from “FHA is the new sub-prime” (it’s not) to “FHA is for poor people” (also, not the case).

FHA mortgage insurance payments going up closing costs going down

Posted on 07. Aug, 2010 by Scott Schang in FHA Home Loan

FHA mortgage insurance premium changes will increase your monthly payment and reduce your closing costs. Big news from congress in regards to the FHA home loan program. Congress is pushing forward and passed H.R. 5981. This bill will lower the upfront mortgage insurance premium (UMIP) from its exsisting 2.25% of the loan amount down to [...]