Loan Information
What’s Labor Got to Do with It?
February 14, 2012 by Jeff Thomas · Leave a Comment
The Impact of the Job Market on the Housing Market Being unemployed, under-employed, or afraid of losing a job is never easy. One of the first things many people do in these situations is batten down the hatches and minimize their spending. Certainly, the last thing on their minds is making a major purchase like [...]
2012 Is Here
January 6, 2012 by Jeff Thomas · Leave a Comment
Forecasting What May Be Ahead for Home Loan Rates Fairfax, VA – The good news–despite what the Mayan calendar may say–is that the world probably won’t be coming to an end in 2012. But like 2011, this coming year may bring some significant challenges here in the US and around the world. Read on to [...]
FHA Loan Limits
November 21, 2011 by Jeff Thomas · Leave a Comment
Effective Friday, November 18, FHA has raised loan limits to $729,750. Fairfax, VA – You can check individual counties for limits using this link: FHA Loan Limits Fannie & Freddie’s loan limits remain at $625,500! FHA requires 3.5% down with a higher loan limit. Conventional loans, 5% down with a lower loan limit. Does this [...]
The Scoop on Inflation And Its Impact on Home Loan Rates
November 4, 2011 by Jeff Thomas · Leave a Comment
Fairfax, VA CPI, PPI, PCE…sounds like a nice bowl of alphabet soup. But did you know that what lies behind these letters impacts not only YOU every single day…it also bears a very heavy influence on the direction of home loan rates? So pull up a chair, grab a spoon, and let’s dig in to [...]
Preparing to Buy Again after BK, Short Sale or Foreclosure
September 6, 2011 by Jeff Thomas · Leave a Comment
Fairfax, VA – You will most likely need to wait. Unless you can find a local program that allows a BK, small bank, or credit union that will hold the mortgage on their books.The BK guidelines have become more strict over the past couple of years since the losses started to mount for FHA, VA and [...]
What happens to my loan if the government shuts down?
July 19, 2011 by Jeff Thomas · Leave a Comment
Fairfax, VA – When was the last government shutdown? 1995 was the year. What happened? It was very painful to get through, but no one panicked. And we shouldn’t panic this time. I can assure you 1st Commonwealth Bank of Virginia has prepared all of the loans in our pipeline and we preparing for a [...]
When the property is an FHA “flip”
July 19, 2011 by Jeff Thomas · Leave a Comment
Fairfax, VA – When the property in question is an FHA flip. Seller has been on title for less than 90 days. If the sales price is 20% or more above seller’s acquisition cost and the increase in value is due to improvements/renovation to the property: 1. The appraiser is required to verify the repairs [...]
Property Devastation – Don’t Let It Mean Financial Devastation
April 8, 2011 by Jeff Thomas · Leave a Comment
Fairfax, Virginia: Last month, the world watched in horror as another tsunami brought immense devastation, this time to Japan. In light of the tragic earthquake and subsequent tsunami, I wanted to discuss a topic that’s important to all homeowners: homeowners insurance. Let’s start with some important questions: Do you know what a typical homeowner’s insurance policy [...]
More FHA Changes Coming Soon!
February 15, 2011 by Jeff Thomas · Leave a Comment
Annual MIP Increases February 15, 2011Fairfax, Virginia: With Mortgagee Letter 11-10, FHA announces an increase to the Annual Mortgage Insurance Premium on standard FHA loan programs and a change that affects case numbers.Here are the 7 things you need to know about these changes: 1. These changes are effective April 18th, 2011. 2. The Annual [...]
Will Rates Go Lower?
November 8, 2010 by Jeff Thomas · 1 Comment
What More Quantitative Easing Could Mean Fairfax, VA – Historic, low home loan rates have been about the only thing stable in the economy these days. This low level mark breeds complacency, especially with the buzz in the air that rates may go even lower. But the question hangs in the air like humidity on [...]
‘Tis the Season For Great Home Loan Rates
September 10, 2010 by Jeff Thomas · Leave a Comment
Fairfax, VA – This summer has brought some of the best home loan rates on record. If you’ve been wondering whether you could benefit from today’s low rate environment, read on. There are two programs that may help you. What about My Home’s Value? Not only were home loan rates at their lowest in August, [...]
Combined Loan-to-Value Requirements for Refinance Transactions
August 19, 2010 by Jeff Thomas · Leave a Comment
Fairfax-VA. The ML 2010-24 is guidance for Combined Loan To Value (CLTV) refinance transactions – only. The new policy and guidelines are more restrictive than the old FHA policies guidelines. In the past FHA policies did not have a restriction on minimum equity limits (LTV and CLTV in loan talk), but Wall Street and the [...]
Federal Housing Administration Reform Act
August 11, 2010 by Jeff Thomas · Leave a Comment
Fairfax, VA – The House of Representatives approved the Federal Housing Administration Reform Act. The purpose of FHAR is to bring stability to the FHA lending program. Currently, FHA loans make up about 30 percent of the loans originated in the US. This is a far cry from early to mid 2000’s when real estate [...]
FHA loans – Changes are here
August 2, 2010 by Jeff Thomas · Leave a Comment
Fairfax, VA – With the increased role FHA has taken in the lending world since 2007, FHA has experienced an increase of foreclosures which caused FHA to tighten lending guidelines, increase down payment requirements and institute minimum credit score requirements to qualify for an FHA loan. Here are some changes that have been made or are on [...]
First-time homebuyer tax credit extended
July 14, 2010 by Jeff Thomas · Leave a Comment
The Homebuyer Assistance and Improvement Act of 2010 extends the closing date requirement for the first-time homebuyer tax credit from June 30, 2010, to September 30, 2010. This gives qualifying individuals who, prior to May 1, 2010, entered into a binding written contract to purchase a home, an additional three months to close on the [...]
