What is happening today in mortgage lending:
You’ve read the headlines and know that the bailout plan was rejected. There are many that think that congress will not be able to get anything passed until after the elections. Even once the bill is passed the speculation is it will take months to get things in place. Read more…
World Markets Calm Down after Congress Rejection - Financials * US * News * Story - CNBC.com
UPDATE 1-Mortgage markets hit; US bailout plan voted down - Forbes.com
After Wall Street, anger spreads to Congress - Economy in Turmoil- msnbc.com
Here is suggested alternative to the bailout?
Commentary: Bankruptcy, not bailout, is the right answer - CNN.com
Borrowers with a LIBOR index really need help refinancing
Bloomberg.com: Worldwide
What about the DPAs? It seems the DPA issue is getting little attention as the focus continues on the bailout.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Tuesday, September 30, 2008
Monday, September 29, 2008
Bailout Bill; Summary and what is Libor?
What is happening today in mortgage lending:
It was a crazy weekend. They finally came up with a proposed Bailout Plan. If you are interested I have attached a link for the complete copy or a link for the summary. Good article about the Libor check it out. Don’t forget that coming Oct 1, 2008 FHA risk base pricing goes away, you will need the new MCAW and 92900A. Check out my Sept 4, 2008 post on my blog for all changes.
Text of Draft Proposal for Bailout Plan
Summary of U.S. financial bailout bill draft
What is Libor? Answers to interest-rate questions
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
It was a crazy weekend. They finally came up with a proposed Bailout Plan. If you are interested I have attached a link for the complete copy or a link for the summary. Good article about the Libor check it out. Don’t forget that coming Oct 1, 2008 FHA risk base pricing goes away, you will need the new MCAW and 92900A. Check out my Sept 4, 2008 post on my blog for all changes.
Text of Draft Proposal for Bailout Plan
Summary of U.S. financial bailout bill draft
What is Libor? Answers to interest-rate questions
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Friday, September 26, 2008
Bailout Plan Stalls and WaMu is seized by FDIC
What is happening today in mortgage lending:
Bailout negotiations break down into bipartisan finger-pointing
WaMu is seized by FDIC
Libor Increase Causes Mortgage Rate Hikes
Bailout negotiations break down into bipartisan finger-pointing
WaMu is seized by FDIC
Libor Increase Causes Mortgage Rate Hikes
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Thursday, September 25, 2008
Guide to Bailout Debate; More about DPA's
What is happening today in mortgage lending:
Your Guide to Bailout Debate
Mansfield realtors to sponsor rally to lobby Congress on down payment bill (DPA)
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Your Guide to Bailout Debate
Mansfield realtors to sponsor rally to lobby Congress on down payment bill (DPA)
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Wednesday, September 24, 2008
RMIC makes significant Changes
What is happening today in mortgage lending:
FBI Investigates Four Firms at Heart of the Mess
Paulson’s Bazooka: A Weapon to Be Remembered?
RMIC makes significant changes to guidelines please read
What's New in This Release?
During these unsettled times in the financial and housing markets, it is critical that RMIC continue to maintain our financial strength and dedicate our support and substantial capital resources to insuring risks that positively contribute to the fundamentals of the housing market. RMIC is announcing changes to our eligibility and guidelines that reflect this position while maintaining eligibility for the most important segments of the market.
The credit policy changes announced in this release are effective for all mortgage insurance applications submitted on or after November 1, 2008.
The policies outlined in this release supersede all existing waivers and negotiated guidelines previously granted by RMIC, and apply regardless of the findings of any automated underwriting system (AUS) except where specifically noted.
Guideline/Eligibility Changes - Effective November 1, 2008
> Loans with LTV/CLTVs of 95.01% to 97% may only be originated through a lender's retail channels (i.e., broker originated and wholesale loans are ineligible). In order to be considered a retail loan, the loan must be closed and the MI ordered in the name of the originating lender, by that lender's personnel. The minimum representative FICO required for insurance on loans over 95% LTV/CLTV will remain 720 as stated in the August 27, 2008 release notes.
> Loans on Investment Properties will no longer be eligible for coverage.
> Cash-Out Refinances will no longer be eligible for coverage.
> Eligible loans with representative FICO scores below 660 will be classified as A-Minus loans and may be eligible for RMIC's A-Minus program (i.e., loans with representative FICO scores between 620 and 659 will no longer be eligible for RMIC's Monthlies/ZIP Monthlies, Singlemax Plus or LPMIpreferred programs). Eligible loans with Desktop Underwriter (DU) 7.0 Expanded Approval recommendations will continue to be classified as A-Minus loans regardless of FICO score.
> All loans with A-Minus pricing (including all loans with FICOs below 660 and loans with DU 7.0 Expanded Approval recommendations) will be limited to a maximum allowable debt-to-income (DTI) ratio of 45%.
> Loans on Second Homes will:
o Require a minimum loan representative FICO score of 720, and
o Be limited to a maximum LTV/CLTV of 90%.
> If the subject property is a Second Home, the borrower may own no more than a total of four (4) financed properties including their primary residence.
> Interest Only loans will:
o Require a minimum loan representative FICO score of 720, and
o Be limited to a maximum LTV/CLTV of 90%; and
o No longer be eligible for coverage with DU 7.0 Expanded Approval recommendations.
> For Non-Fixed Payment loans (i.e. loans with minimum payments that can change in the first five years):
o The maximum initial interest rate discount from the fully indexed accrual rate (FIAR) will be 200 basis points, and
o The interest rate used to qualify the borrower for the loan must be at least the greater of the initial interest rate or the FIAR.
> Loans on one-unit properties with loan balances over $417,000 that otherwise meet RMIC's non-conforming balance guidelines (including Conforming Jumbo) will require a minimum representative FICO score of 720.
> Rate/Term Refinances are defined as refinances of first lien mortgages only. The following are defined as Cash-Out Refinances and will be ineligible for coverage:
o Refinances involving the consolidation of existing subordinate lien(s) or line(s) of credit. (Note that such existing liens may be resubordinated in the context of a Rate/Term Refinance);
o Refinances within 6 months of the first lien origination date to consolidate a second lien or other line(s) of credit; and
o Loans to finance lien-free properties that already have one or more of the borrowers on the property title.
> Rate/Term Refinances which cannot be shown to improve the borrowers' ability to repay their mortgage debt are ineligible.
> Rate/Term Refinances on properties listed for sale in the last 6 months are eligible only if the property has been taken off the market. If the subject property is a primary residence, the borrower must confirm their intent to occupy it.
> RMIC no longer provides coverage during the construction phase of Construction-Permanent loans. We will still issue commitments with a 12-month term during the construction period to facilitate one-close and two-close processes. However, coverage may not be activated until the permanent financing has been closed or perfected.
> RMIC will no longer contract underwrite subordinate liens. This includes all subordinate installment liens and revolving lines of credit. This change supersedes and replaces any provisions in the Agreement for Loan Underwriting Review that permits the underwriting of these loans.
> All loans with an appraisal more than 60 days old at the date of closing will require a new appraisal or a recertification of the existing appraisal and the value.
Declining Markets Policy Guideline/Eligibility Changes - Effective November 1, 2008
RMIC's Declining Markets Policy will be amended as follows:
> Loans on Second Homes will no longer be eligible for coverage.
> The maximum allowable DTI will be 45%.
> Maximum allowable seller or other interested party contributions will be 3%, regardless of LTV/CLTV.
> Interest Only loans will no longer be eligible for RMIC's Enhanced Declining Markets policy and will follow general Declining Markets eligibility.
Updated Underwriting Guidelines and Rate Materials
The following materials will be posted to http://www.rmic.com/ to assist customers with underwriting and implementation of the credit policy:
o This announcement (Release Notes 09.23.08)
o Quick Reference Underwriting Guidelines - November 1, 2008
o Declining Markets Policy - Effective November 1, 2008
DU/Desktop Underwriter is a registered trademark of Fannie Mae.LP/Loan Prospector is a registered trademark of Freddie Mac.
RMIC's Mortgage Insurance Guidelines are available in electronic format. If you have any questions regarding RMIC's new guidelines, please contact your RMIC Account Manager at 800-999-7642.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
FBI Investigates Four Firms at Heart of the Mess
Paulson’s Bazooka: A Weapon to Be Remembered?
RMIC makes significant changes to guidelines please read
What's New in This Release?
During these unsettled times in the financial and housing markets, it is critical that RMIC continue to maintain our financial strength and dedicate our support and substantial capital resources to insuring risks that positively contribute to the fundamentals of the housing market. RMIC is announcing changes to our eligibility and guidelines that reflect this position while maintaining eligibility for the most important segments of the market.
The credit policy changes announced in this release are effective for all mortgage insurance applications submitted on or after November 1, 2008.
The policies outlined in this release supersede all existing waivers and negotiated guidelines previously granted by RMIC, and apply regardless of the findings of any automated underwriting system (AUS) except where specifically noted.
Guideline/Eligibility Changes - Effective November 1, 2008
> Loans with LTV/CLTVs of 95.01% to 97% may only be originated through a lender's retail channels (i.e., broker originated and wholesale loans are ineligible). In order to be considered a retail loan, the loan must be closed and the MI ordered in the name of the originating lender, by that lender's personnel. The minimum representative FICO required for insurance on loans over 95% LTV/CLTV will remain 720 as stated in the August 27, 2008 release notes.
> Loans on Investment Properties will no longer be eligible for coverage.
> Cash-Out Refinances will no longer be eligible for coverage.
> Eligible loans with representative FICO scores below 660 will be classified as A-Minus loans and may be eligible for RMIC's A-Minus program (i.e., loans with representative FICO scores between 620 and 659 will no longer be eligible for RMIC's Monthlies/ZIP Monthlies, Singlemax Plus or LPMIpreferred programs). Eligible loans with Desktop Underwriter (DU) 7.0 Expanded Approval recommendations will continue to be classified as A-Minus loans regardless of FICO score.
> All loans with A-Minus pricing (including all loans with FICOs below 660 and loans with DU 7.0 Expanded Approval recommendations) will be limited to a maximum allowable debt-to-income (DTI) ratio of 45%.
> Loans on Second Homes will:
o Require a minimum loan representative FICO score of 720, and
o Be limited to a maximum LTV/CLTV of 90%.
> If the subject property is a Second Home, the borrower may own no more than a total of four (4) financed properties including their primary residence.
> Interest Only loans will:
o Require a minimum loan representative FICO score of 720, and
o Be limited to a maximum LTV/CLTV of 90%; and
o No longer be eligible for coverage with DU 7.0 Expanded Approval recommendations.
> For Non-Fixed Payment loans (i.e. loans with minimum payments that can change in the first five years):
o The maximum initial interest rate discount from the fully indexed accrual rate (FIAR) will be 200 basis points, and
o The interest rate used to qualify the borrower for the loan must be at least the greater of the initial interest rate or the FIAR.
> Loans on one-unit properties with loan balances over $417,000 that otherwise meet RMIC's non-conforming balance guidelines (including Conforming Jumbo) will require a minimum representative FICO score of 720.
> Rate/Term Refinances are defined as refinances of first lien mortgages only. The following are defined as Cash-Out Refinances and will be ineligible for coverage:
o Refinances involving the consolidation of existing subordinate lien(s) or line(s) of credit. (Note that such existing liens may be resubordinated in the context of a Rate/Term Refinance);
o Refinances within 6 months of the first lien origination date to consolidate a second lien or other line(s) of credit; and
o Loans to finance lien-free properties that already have one or more of the borrowers on the property title.
> Rate/Term Refinances which cannot be shown to improve the borrowers' ability to repay their mortgage debt are ineligible.
> Rate/Term Refinances on properties listed for sale in the last 6 months are eligible only if the property has been taken off the market. If the subject property is a primary residence, the borrower must confirm their intent to occupy it.
> RMIC no longer provides coverage during the construction phase of Construction-Permanent loans. We will still issue commitments with a 12-month term during the construction period to facilitate one-close and two-close processes. However, coverage may not be activated until the permanent financing has been closed or perfected.
> RMIC will no longer contract underwrite subordinate liens. This includes all subordinate installment liens and revolving lines of credit. This change supersedes and replaces any provisions in the Agreement for Loan Underwriting Review that permits the underwriting of these loans.
> All loans with an appraisal more than 60 days old at the date of closing will require a new appraisal or a recertification of the existing appraisal and the value.
Declining Markets Policy Guideline/Eligibility Changes - Effective November 1, 2008
RMIC's Declining Markets Policy will be amended as follows:
> Loans on Second Homes will no longer be eligible for coverage.
> The maximum allowable DTI will be 45%.
> Maximum allowable seller or other interested party contributions will be 3%, regardless of LTV/CLTV.
> Interest Only loans will no longer be eligible for RMIC's Enhanced Declining Markets policy and will follow general Declining Markets eligibility.
Updated Underwriting Guidelines and Rate Materials
The following materials will be posted to http://www.rmic.com/ to assist customers with underwriting and implementation of the credit policy:
o This announcement (Release Notes 09.23.08)
o Quick Reference Underwriting Guidelines - November 1, 2008
o Declining Markets Policy - Effective November 1, 2008
DU/Desktop Underwriter is a registered trademark of Fannie Mae.LP/Loan Prospector is a registered trademark of Freddie Mac.
RMIC's Mortgage Insurance Guidelines are available in electronic format. If you have any questions regarding RMIC's new guidelines, please contact your RMIC Account Manager at 800-999-7642.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Tuesday, September 23, 2008
U.S. Bailout
What is happening today in mortgage lending:
Bernanke Testimony on Financial Markets and Government Bailout
A Hedge Fund Like No Other
HUD issues Mortgagee Letter 08-25 tightening up the consideration of Rental income from previous primary residence.
Converting Existing Homes to Rentals—Underwriting Instructions
Bernanke Testimony on Financial Markets and Government Bailout
A Hedge Fund Like No Other
HUD issues Mortgagee Letter 08-25 tightening up the consideration of Rental income from previous primary residence.
Converting Existing Homes to Rentals—Underwriting Instructions
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Monday, September 22, 2008
Financial Crisis
What is happening today in mortgage lending:
There are rumors floating around that the Bail out package will also include HR 6694. We will just have to watch and see.
Financial Crisis: Washington Pulls Out the Stops
Currently there is thousand of article out there about the bail out; it is really hard to decide which article is the best.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
There are rumors floating around that the Bail out package will also include HR 6694. We will just have to watch and see.
Financial Crisis: Washington Pulls Out the Stops
Currently there is thousand of article out there about the bail out; it is really hard to decide which article is the best.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Thursday, September 18, 2008
The Goverments next attempt to help the current crisis
What is happening today in mortgage lending:
Paulson and Bernanke Swoop to Rescue Financial Markets
SEC issues temporary ban on short sales
Have We Reached a Near-Term Bottom?
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Paulson and Bernanke Swoop to Rescue Financial Markets
SEC issues temporary ban on short sales
Have We Reached a Near-Term Bottom?
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
The LIBOR is in the news
What is happening today in mortgage lending:
Overnight dollar Libor falls after central-bank action
Banks Loosen Up After Treatment
You can always access the mortgage index by going to my blog on the right hand side in the green box below the title “Bonds and Rates” click on “key rates”. This will take you to Bloombergs live rates.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Overnight dollar Libor falls after central-bank action
Banks Loosen Up After Treatment
You can always access the mortgage index by going to my blog on the right hand side in the green box below the title “Bonds and Rates” click on “key rates”. This will take you to Bloombergs live rates.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Wednesday, September 17, 2008
What is happening today in mortgage lending:
DPA News
H.R. 6694 is approved by Key Congressional Committee
Utah News
There seems to be a lot of bad news out there, but how does Utah stack up?
http://governor.utah.gov/dea/econsummaries/EconomicSummary.pdf Governor John Huntsmen Jr Notes on Utah Economy
Trendlines Perspectives of Utah Economy
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
DPA News
H.R. 6694 is approved by Key Congressional Committee
Utah News
There seems to be a lot of bad news out there, but how does Utah stack up?
http://governor.utah.gov/dea/econsummaries/EconomicSummary.pdf Governor John Huntsmen Jr Notes on Utah Economy
Trendlines Perspectives of Utah Economy
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Tuesday, September 16, 2008
Fannie Mae Changes Refinance guidelines
What is happening today in mortgage lending:
Fannie Mae
FANNIE MAE is reducing the max cash out to 85% for a 1-2 unit for owner occupied and investment properties 75%. They also are now requiring seasoning on some refinances(i.e. if they have owned the property for less than 6 months they are not eligible for cash out and more). You can find much more in the news bulletin 08-22. Remember lenders usually change the guidelines prior to the required date by Fannie Mae. This is a must read!!
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Fannie Mae
FANNIE MAE is reducing the max cash out to 85% for a 1-2 unit for owner occupied and investment properties 75%. They also are now requiring seasoning on some refinances(i.e. if they have owned the property for less than 6 months they are not eligible for cash out and more). You can find much more in the news bulletin 08-22. Remember lenders usually change the guidelines prior to the required date by Fannie Mae. This is a must read!!
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Monday, September 15, 2008
Check out our Interest Abatement Program
What is happening today in mortgage lending:
Did you know we have a program called the “Interest Abatement Program”? It can be used on Conv, FHA and VA lending. It does differ a little from each program. The basic idea is the same, the interest portion of the payment is paid by the seller and is placed in a separate non-interest bearing "Replacement Reserve Account" and is used by MLHL to subsidize the monthly payment.
Conventional Guidelines-This product can be used on a construction to perm loan treated as a purchase and must meet the following: The builder (only any other seller not eligible) can contribute up to 6% depending on LTV (that would include money toward closing cost) towards an account that would pay the borrowers interest for 3 to 6 months. This would make it so the borrower would only have a minimal principal payment during this time. The interest or closing cost may not be paid out of premium pricing the prepaids may be paid out of premium pricing. The premium pricing used for prepaids does not count towards the Seller concessions. The seller has to be the builder.
FHA and VA
The interest abatement funds may be paid by the builder and/or seller on behalf of the borrower. The abatement funds may "NOT" be covered by premium pricing or paid by borrower.
· Terms of the Interest Abatement must stipulate in the sales contract or Escrow Instructions or on an addendum to either.
· Interest Abatement Period 3 to 6 months. - no exceptions.
Premium Pricing
Not allowed for interest abatement.
Prepaids and closing costs may be paid out of premium pricing and not counted into the maximum Seller/Interested Party Contributions.
· Seller/Interested Party Contributions
o FHA = Maximum 6% (including abatement)
o VA = Maximum 4% (including abatement
Interest Abatement funds are not refundable and borrowers only interest in the funds is to have them applied as monthly interest due.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Did you know we have a program called the “Interest Abatement Program”? It can be used on Conv, FHA and VA lending. It does differ a little from each program. The basic idea is the same, the interest portion of the payment is paid by the seller and is placed in a separate non-interest bearing "Replacement Reserve Account" and is used by MLHL to subsidize the monthly payment.
Conventional Guidelines-This product can be used on a construction to perm loan treated as a purchase and must meet the following: The builder (only any other seller not eligible) can contribute up to 6% depending on LTV (that would include money toward closing cost) towards an account that would pay the borrowers interest for 3 to 6 months. This would make it so the borrower would only have a minimal principal payment during this time. The interest or closing cost may not be paid out of premium pricing the prepaids may be paid out of premium pricing. The premium pricing used for prepaids does not count towards the Seller concessions. The seller has to be the builder.
FHA and VA
The interest abatement funds may be paid by the builder and/or seller on behalf of the borrower. The abatement funds may "NOT" be covered by premium pricing or paid by borrower.
· Terms of the Interest Abatement must stipulate in the sales contract or Escrow Instructions or on an addendum to either.
· Interest Abatement Period 3 to 6 months. - no exceptions.
Premium Pricing
Not allowed for interest abatement.
Prepaids and closing costs may be paid out of premium pricing and not counted into the maximum Seller/Interested Party Contributions.
· Seller/Interested Party Contributions
o FHA = Maximum 6% (including abatement)
o VA = Maximum 4% (including abatement
Interest Abatement funds are not refundable and borrowers only interest in the funds is to have them applied as monthly interest due.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Friday, September 12, 2008
HUD issues Mtg Letter 08-23 Revised Down Payment
What is happening today in mortgage lending:
HUD issues Mortgagee Letter 08-23 Revised Down Payment okay here it is. It is a bit confusing but it is certain that the down payment requirement for FHA purchase of 3.5 is not effective until January 1, 2009. There was a surprise in here about refinance rate and term loans. Check it out
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
HUD issues Mortgagee Letter 08-23 Revised Down Payment okay here it is. It is a bit confusing but it is certain that the down payment requirement for FHA purchase of 3.5 is not effective until January 1, 2009. There was a surprise in here about refinance rate and term loans. Check it out
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
HUD issues Mtg Letter 08-23 Revised Down Payment
What is happening today in mortgage lending:
HUD issues Mortgagee Letter 08-23 Revised Down Payment okay here it is. It is a bit confusing but it is certain that the down payment requirement for FHA purchase of 3.5 is not effective until January 1, 2009. There was a surprise in here about refinance rate and term loans. Check it out
08-23
Revised Downpayment and Maximum Mortgage Requirements
HUD issues Mortgagee Letter 08-23 Revised Down Payment okay here it is. It is a bit confusing but it is certain that the down payment requirement for FHA purchase of 3.5 is not effective until January 1, 2009. There was a surprise in here about refinance rate and term loans. Check it out
08-23
Revised Downpayment and Maximum Mortgage Requirements
Thursday, September 11, 2008
Tax Credit Information and Seller Paid DPA's may be back
What is happening today in mortgage lending:
We know that HR 3221 made it so first time Home Buyers (i.e. anyone not owning a home in the last three years) can be eligible for a $7500 tax credit. Here is more information how this tax credit works.
HOUSING AND ECONOMIC RECOVERY ACT OF 2008 First time Homebuyer Tax Credit
First Time Home Buyer Tax credit frequently asked questions
Wait just when we were ready to say Seller paid DPAs and Risk based MI was gone along comes bill HR 6694. They are going to have to act fast if they are going to make Oct 1, 2008 deadline. Read more….
Congress weighs reprieve for seller-funded gifts
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
We know that HR 3221 made it so first time Home Buyers (i.e. anyone not owning a home in the last three years) can be eligible for a $7500 tax credit. Here is more information how this tax credit works.
HOUSING AND ECONOMIC RECOVERY ACT OF 2008 First time Homebuyer Tax Credit
First Time Home Buyer Tax credit frequently asked questions
Wait just when we were ready to say Seller paid DPAs and Risk based MI was gone along comes bill HR 6694. They are going to have to act fast if they are going to make Oct 1, 2008 deadline. Read more….
Congress weighs reprieve for seller-funded gifts
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Wednesday, September 10, 2008
FHA issues revised Downpayment requirements and more information on DPA
What is happening today in mortgage lending:
Down Payment Assistant Programs
HUD has eliminated Seller paid Down Payment Assistant Programs as of Oct.1 2008. Down payment assistant programs are acceptable to HUD as long as they do not come from the seller or anyone involved in the sales transaction. I recently have been reading about the American Dream Down payment initiative which is available in all states. However in my research it appears some states do get more money than others. Here is a link to this program and a link to all Homeownership Assistance programs approved by HUD in Utah.
American Dream Down payment Initiative
Homeownership Assistance: Utah
FHA issues Mortgagee letter 08-23
Revised Downpayment and Maximum Mortgage Requirements
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Down Payment Assistant Programs
HUD has eliminated Seller paid Down Payment Assistant Programs as of Oct.1 2008. Down payment assistant programs are acceptable to HUD as long as they do not come from the seller or anyone involved in the sales transaction. I recently have been reading about the American Dream Down payment initiative which is available in all states. However in my research it appears some states do get more money than others. Here is a link to this program and a link to all Homeownership Assistance programs approved by HUD in Utah.
American Dream Down payment Initiative
Homeownership Assistance: Utah
FHA issues Mortgagee letter 08-23
Revised Downpayment and Maximum Mortgage Requirements
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
More on DPAs; FHA Revised Downpayment Requirements
What is happening today in mortgage lending:
Down Payment Assistant Programs
HUD has eliminated Seller paid down payment Assistant Programs as of Oct.1 2008. Down payment assistant programs are acceptable to HUD as long as they do not come from the seller or anyone involved in the sales transaction. I recently have been reading about the American Dream Down payment initiative which is available in all states. However in my research in appears some states do get more money than others. Here is a link to this program and a link to all Homeownership Assistance programs approved by HUD in Utah.
American Dream Down payment Initiative
Homeownership Assistance: Utah
FHA issues Mortgagee letter 08-23
Revised Downpayment and Maximum Mortgage Requirements
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Down Payment Assistant Programs
HUD has eliminated Seller paid down payment Assistant Programs as of Oct.1 2008. Down payment assistant programs are acceptable to HUD as long as they do not come from the seller or anyone involved in the sales transaction. I recently have been reading about the American Dream Down payment initiative which is available in all states. However in my research in appears some states do get more money than others. Here is a link to this program and a link to all Homeownership Assistance programs approved by HUD in Utah.
American Dream Down payment Initiative
Homeownership Assistance: Utah
FHA issues Mortgagee letter 08-23
Revised Downpayment and Maximum Mortgage Requirements
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Tuesday, September 9, 2008
FHA Risked Priced MI eleminated
What is happening today in mortgage lending:
Don’t forget that risk base MI will be eliminated Oct 1, 2008 see mortgagee letter 08-22 attached link is http://www.hudclips.org/letters/mortgagee/files/08-22ml.doc
Don’t forget that risk base MI will be eliminated Oct 1, 2008 see mortgagee letter 08-22 attached link is http://www.hudclips.org/letters/mortgagee/files/08-22ml.doc
Monday, September 8, 2008
What will be the impact from the bail out of Fannie Mae and Freddie Mac
What is happening today in mortgage lending:
You have probably already heard that the federal government took control over Fannie Mae and Freddie Mac yesterday morning. The market is acting positively this morning but what will it mean for the long term? Here is an article that may give you some insight.
What rescue means for mortgage rates
US mortgage rescue: Is this the turning point?
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
You have probably already heard that the federal government took control over Fannie Mae and Freddie Mac yesterday morning. The market is acting positively this morning but what will it mean for the long term? Here is an article that may give you some insight.
What rescue means for mortgage rates
US mortgage rescue: Is this the turning point?
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Saturday, September 6, 2008
Fannie and Freddie to be taken over by Federal Goverment
What is happening today in mortgage lending:
It looks like we are entering a new chapter still yet in the step to recovery in the mortgage industry. Lets hope this is going to be a good thing?
Treasury near unprecedented takeover of Fannie, Freddie
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
It looks like we are entering a new chapter still yet in the step to recovery in the mortgage industry. Lets hope this is going to be a good thing?
Treasury near unprecedented takeover of Fannie, Freddie
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Friday, September 5, 2008
HR 3221 elimination of FHA Risk Based MI
What is happening today in mortgage lending: We haven’t talked much about some of the changes that the HR 3221 bill impacted such as elimination of FHA risked based mi and increased conforming loan limits to $625,550 here are two articles talking about these topics in more detail.
FHA to discontinue risk-based pricing Oct. 1
SIFMA Relaxes Jumbo Loan Restrictions
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
FHA to discontinue risk-based pricing Oct. 1
SIFMA Relaxes Jumbo Loan Restrictions
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Thursday, September 4, 2008
FHA Changes October 1, 2008
What is happening today in mortgage lending:
The Federal Housing Administration (FHA) has developed form HUD-92900-LT, FHA Loan Underwriting and Transmittal Summary (LT) to replace both mortgage credit analysis worksheets, HUD-92900-PUR and HUD-92900-WS (MCAWs ) remember that this new forms will be required October 1, 2008. The form HUD-92900-A, Addendum to Uniform Residential Loan Application, has also been updated with minor revisions also required October 1, 2008. This information can be found in MTG letter 2008-15
Seller paid DPAs will be gone by October 1, 2008 however most lenders have already announced they are no longer accepting new applications with a DPA. If you have some time to spend you can go to this grant website http://www.grants.gov/ and find a grant. FHA does still accept grants. You can also access this web site by going to my blog clicking on “FHA Tips” on the right hand side, from the FHA Tip page you can find on the left hand side “Helpful FHA Websites” and click on "FHA Allowable Grants". I do want to caution you it would be labor intensive task.
The down payment for FHA is scheduled to change January 1, 2009 from 3% to 3.5%
The new FHA loan limit will be the greater of $271,050 or 115 percent of an area's median home price, up to $625,500, the temporary limits are still good until Dec. 31, 2008.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
The Federal Housing Administration (FHA) has developed form HUD-92900-LT, FHA Loan Underwriting and Transmittal Summary (LT) to replace both mortgage credit analysis worksheets, HUD-92900-PUR and HUD-92900-WS (MCAWs ) remember that this new forms will be required October 1, 2008. The form HUD-92900-A, Addendum to Uniform Residential Loan Application, has also been updated with minor revisions also required October 1, 2008. This information can be found in MTG letter 2008-15
Seller paid DPAs will be gone by October 1, 2008 however most lenders have already announced they are no longer accepting new applications with a DPA. If you have some time to spend you can go to this grant website http://www.grants.gov/ and find a grant. FHA does still accept grants. You can also access this web site by going to my blog clicking on “FHA Tips” on the right hand side, from the FHA Tip page you can find on the left hand side “Helpful FHA Websites” and click on "FHA Allowable Grants". I do want to caution you it would be labor intensive task.
The down payment for FHA is scheduled to change January 1, 2009 from 3% to 3.5%
The new FHA loan limit will be the greater of $271,050 or 115 percent of an area's median home price, up to $625,500, the temporary limits are still good until Dec. 31, 2008.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Subscribe to:
Posts (Atom)