Interested-party contributions (IPCs also know as seller contributions) are costs that normally are the responsibility of the property purchaser that are paid (directly or indirectly) by someone else who has a financial interest in, or can influence the terms and the sale or transfer of, the subject property. These persons or entities include, but are [...]
OHCS helps low and moderate-income families in Oregon buy their first home by providing below-market rate financing and cash assistance through its Residential Loan Program. The program’s below-market rate helps eligible families increase their home purchasing power and lowers their monthly house payments. Eligible borrowers will have two options to choose between – CashAdvantage [...]
203k Loans are a fantastic way to purchase a home that needs a little TLC. You can buy a home at a great price, borrower money to fix it up and make it your own! Check out the 2 videos below to learn more! Then contact me for an application and I can get you [...]
HUD is at it again. The need to get their reserves up is being passed onto the consumer. On February 14, 2011 FHA announced changes to the annual Mortgage Insurance Premiums on all FHA transactions (Mortgagee Letter 2011-10) This is a preview of the changes. Effective with FHA case numbers assigned on or after April [...]
Reporting from Washington — For years the federal government prohibited the use of Federal Housing Administration mortgage financing by buyers purchasing homes from sellers who had owned the property for less than 90 days. The idea was to prevent speculators from defrauding the government through quick flips of houses — often involving straw buyers and [...]
Don’t forget! FHA mortgage insurance premiums will change for all case numbers ordered after October 4th, 2010. The original date was September 7th but Hud has delayed the changes after the industry expressed concerns about being ready for the upcoming changes in time. FHA received congressional approval on August 5th to raise borrowers’ annual premiums for single-family [...]
If you haven’t heard… FHA borrowing costs are going up! (per Mortgage Letter 10-02) Effective for FHA loans for which the case number is assigned on or after April 5, 2010 (here’s a hint, try and beat the deadline!), FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase [...]
Because of how frequently bank rules are changing, it can be hard for laypersons to distinguish between mortgage fact and fiction of what’s coming next. Recently, we saw this with respect to FHA home loans.
In a statement issued Wednesday, the Federal Housing Authority outlined policy changes to its mortgage assistance program. The shift is meant to both reduce the government group’s portfolio risk while strengthening its overall financials. For consumers, the changes mean higher costs.
