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Checking Out Your FHA Buyers’ Rental Income
HUD has just published some new guidelines that will nix some sales effective immediately if there is any suspicion that the buyer is participating in a Short Sale deal and is simultaneously renting...
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FHA Eliminates 90-Day Seasoning Requirement!
You heard me right – FHA has ELIMINATED their 90-day seasoning requirement. This is HUGE for investors, especially those of us who are smart enough to be doing short sale flips. Here is a link to the...
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FHA Hopes to Make Up Some Losses
The FHA is smarting from the losses they are sustaining right now. The Mortgage Bankers Association reports that over 18% of FHA borrowers are behind by at least one payment. FHA is also...
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FHA Reform Passes in the House
HR5074, FHA Reform Act, has passed the House of Representatives. The aim of the bill is to allow the FHA to raise annual mortgage insurance premiums and to stabilize its finances. The FHA will also...
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New FHA Loan Rules in the Works
The FHA is considering rules to tighten lending in order to increase its capital reserves. If the new rules go into effect no one with a credit score under 500 will be considered for an FHA loan....
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FHA Due to Increase Premiums
Congress has approved an increase of single family mortgage insurance premiums for loans made through the Federal Housing Administration. The fee has been tripled from .55% to 1.55% of the amount...
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GSEs Predict Basically Flat Housing Market
Fannie Mae and Freddie Mac have issued their latest housing forecasts. The Fannie Mae forecast expects existing home sales to reach 5.14 million which is .2% below the 2009 totals. It expects 2011...
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Credit No Man’s Land
About one- third of all Americans have credit scores under 620. Anything under that level is considered sub-prime. Technically, scores between 580 and 620 qualify for FHA loans with certain...
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FHA Extends Its Current Flipping Policy
For many years the Federal Housing Administration has prevented buyers from taking out FHA loans for homes that are quickly flipped by Investors. In 2010 they relaxed the 90 seasoning rule to help...
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Congress May Chop Federal Foreclosure Programs
Rep. Spencer Bachus (R-Alabama), chair of the House Financial Services Committee has announced that there will be a hearing on four bills that would eliminate the major Obama Administration...
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Mortgage Climate Does Not Bode Well for Housing Market
CNBC housing reporter, Diana Olick, says that the mortgage market is “choking” the recovery. A new report on apartment vacancies in Q1 2011 shows that apartment vacancy rates are in steep decline and...
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REO Inventory 54.2% Higher than Last Year
REO Inventory 54.2% Higher than Last Year A recent HUD REO Inventory report shows that the FHA is holding about 25,000 more homes now than it was a year ago. In February 2010 FHA held 44,605...
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Unemployed Homeowners Get Extended Forbearance
With no end in site for high rates of unemployment the government has extended benefits to unemployed homeowners with mortgages that are going unpaid. A HUD press release dated July 7, 2011 that...
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Is the FHA the Next Agency in Need of Bailout?
A new report by Joseph Gyourko, University of Pennsylvania Wharton School Martin Bucksbaum Professor of Real Estate, Finance, and Business & Public Policy concludes that the FHA is in serious...
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FHA Extends Allowance of Flipping Houses Another Year
FHA has traditionally (and incorrectly) considered flipping houses—the practice of Investors immediately reselling a distressed property for more money—to be a red flag for abuse. The practice does...
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What Big Factors Hold Back the Housing Market?
According to a Bloomberg interview with Bank of America/Merrill Lynch economist, Michelle Meyer, several major factors are holding back the housing market. In particular she notes that while FHA...
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FHA Seeing a Spike in Foreclosures
The LPS April Mortgage Monitor detected a large jump in foreclosure starts for FHA mortgages. Overall foreclosure starts were down -2.6%, but FHA foreclosure starts escalated by a whopping 73% during...
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