November 5th, 2008 by http://fhaappraiserbatonrouge.info
“With downpayment assistance programs (DPAs) now banned from use with FHA mortgages the question arises as to whether there is any replacement for such help.
One idea which has been suggested is the use of a silent second. In basic terms, the borrower gets a loan for some or all of the down payment. There is no monthly cost for the loan, instead the loan is forgiven if the borrower stays in the property for seven years. Also, if half the second is paid back within 18 months the other half is forgiven.
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November 5th, 2008 by http://fhaappraiserbatonrouge.info
http://www.fhaappraiserbatonrouge.info/- - FHA Baton Rouge Appraisers: Fed. Government’s Housing Price Index Shows Louisiana Gained 2.68% And Is Ranked #13
Source: http://www.ofheo.gov/newsroom.aspx
The current statistics offered by the Office of Federal Housing Enterprise Oversight (OFHEO) shows that in the most recent 1 year period ended June 30, 2008, Louisiana showed a gain in home values of +2.68%. The chart also shows [...]
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November 1st, 2008 by http://fhaappraiserbatonrouge.info
“Louisiana is one of only six states faring the best during the current economic crisis, reports Moody’s Investor Services, a provider of independent credit ratings, research and financial information to the capital markets. States with abundant natural resources, that aren’t dependent on the financial services industry and didn’t have home prices escalate wildly are expected to hold up the best. Also in the same category are Alaska, Colorado, New Mexico, Texas and Wyoming. Moody’s gave negative credit outlooks to six states: Florida, Kentucky, Nevada, Ohio, Rhode Island and Wisconsin.”
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October 10th, 2008 by http://fhaappraiserbatonrouge.info
Bill Cobb, CREA
P.O. Box 40515, Baton Rouge, LA 70835
225-293-1500 (Office)
1-888-678-3544 (Toll-Free Phone)
1-866-663-6065 (Toll-Free Fax)
225-953-0638 (Mobile)
http://www.getfastvalue.com (Website)
fastvalue2@cox.net (Email)
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October 7th, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - Baton Rouge FHA Loan Requirements
Source: Maria Mbura
If you are planning on buying a home, then it is to your benefit to look at what FHA offers and what are the FHA loan requirements. Many people in America have benefited by owning their own homes thanks to FHA home loans. They have been instrumental [...]
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October 6th, 2008 by http://fhaappraiserbatonrouge.info
The HOPE for Homeowners program was authorized by the Economic and Housing Recovery Act of 2008. Since the President signed this vital legislation into law on July 30, 2008, the HOPE for Homeowners Board of Directors has worked diligently to develop and implement the program as directed by Congress. The Board was charged with establishing underwriting standards to ensure borrowers, after any write-down in principal, have a reasonable ability to repay their new FHA-insured mortgage.
The HOPE for Homeowners program begins today and ends September 30, 2011. The program is available only to owner occupants and will offer 30-year fixed rate mortgages - so the borrower’s last payment will be the same as the first payment. In many cases, to avoid what would be an even costlier foreclosure, banks will have to write down the existing mortgage to 90 percent of the new appraised value of the home.
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October 6th, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - Baton Rouge FHA Reverse Mortgage: FHA Sets National Loan Limit for Reverse Mortgage Program at $417,000
Source: FHA Mortgage Guide
If you are 62 or older and have been considering a reverse mortgage, the FHA and HUD just approved a new national limit of $417,000 for HECMs. The new limit is not set in stone [...]
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September 22nd, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - Baton Rouge Real Estate: Bad News For Efforts To Save Down Payment Assistance?
Source: FHA Loan Advice.com
Word on the street is that the near collapse of the capital markets on Wednesday, and the proposals put forth today in order to bail out Wall Street have quickly shifted HR 6694, the bill reinstating the use [...]
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September 12th, 2008 by http://fhaappraiserbatonrouge.info
HUD’s new mortgagee letter (ML) clarifies the new down payment requirements pursuant to the July Housing Bill. All minimum downpayment calcs are now the same, regardless of state. The new maximum FHA loan amount will be 96.5% of the purchase price or appraisal whichever is less. This means our buyers will have to come in with more cash.
The upfront private mortgage insurance can be financed above that but in no cases can the loan exceed 100% of value. This will be effective on case numbers pulled 01/01/09 or after. No rounding is required for your loan amount and 6% seller contributions will still be allowed. Gone are the days of 2.25% down and .75% in allowable costs. For specialty loans like the 203(K) rehab loan and EEM’s (energy efficient mortgages), the guidelines stay the same. EEM’s will have different requirements. That info will be coming out in a subsequent ML, but look for something like energy efficient improvements are added dollar for dollar to the loan amount regardless of loan to value.
When doing a refinance watch out for the 100% maximums. They will apply even to FHASecure and even after applying financed private mortgage insurance your loan to value cannot exceed 100%.
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September 10th, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - Baton Rouge FHA Down Payment Assistance: Deal Made To Save Down Payment Assistance?
Source: Carl Pruitt
It appears that a deal has been made to save FHA down payment assistance programs with seller participation. I have always said we should fight not to throw out the baby with the bath water when it comes to [...]
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