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FHA new Foreclosure forgiveness policy – Not what you think. Read why
How long after foreclosure for a new FHA loan? Recently FHA announced in mortgage letter 2013-26 the ability to FOREGO the current three year waiting period for previous Foreclosures and Short Sales...
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NEW FHA collection, charge-off, and judgement rules to make loans harder
In a recent announcement (FHA Mortgagee Letter 2013-25) , HUD said that while they will continue with their basic rule that most unpaid collection accounts DO NOT need to be paid off in order to...
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FHA Mortgage Insurance Lowered!
FHA will cut its mortgage insurance premiums to 0.85 percent, a 0.5 percentage point reduction (down from 1.35%) President Obama was expected to make the announcement on Thursday in a scheduled speech...
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FHA flipping rule – 90-day flip waiver eliminated
Bought a house and want to flip it? The temporary waiver of FHA’s regulation that prohibits the use of new FHA financing to purchase single family properties that are being resold within 90 days of...
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Don’t believe the hype – Millennials can still buy homes
Millennials can, and still want to buy homes. While it is true the American dream of home ownership is harder to achieve than in the past, it isn’t impossible. Young adults, more than ever in the past...
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Low down payment, no down payment loan options for 2017
Minneapolis, MN: Just 10-years ago, 30-year fixed rates were 6.125%, and the real estate market was hot. With rising interest rates, 2017 may be a bit more challenging for home buyers. But the biggest...
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FHA mortgage insurance lowered
FHA lowers monthly mortgage insurance —————– UPDATE to this UPDATE: The reduction in FHA mortgage Insurance has been (at least) temporarily paused before ever actually going into effect. The FHA...
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Is Trump good for home loans?
Is President Trump good for home loans? Minneapolis, MN: Its only been two weeks, but clearly the new Trump Administration is driving a different road from the past administration. Only time will tell...
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Why do I need mortgage insurance??
Why do I need mortgage insurance? When buying a home, and getting a home loan, being approved or not all comes down to risk. If the mortgage company thinks you are a good risk, you get the loan. If...
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Relaxed student loan guidelines makes qualifying easier
Minneapolis, MN: Student loan debt is at an all time high, and has been well noted as a major contributing factor to why may people have been unable to purchase a home, especially first time home...
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