FHA
New FHA Flipping Regulations
December 27, 2011 by Jeff Thomas · Leave a Comment
Fairfax, VA – FHA lenders had reason for cheer and mirth at the end of last week. “In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Acting FHA Commissioner Carol Galante will extend FHA’s temporary waiver of the anti-flipping regulations.” With certain exceptions, FHA regulations prohibit insuring a [...]
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 [...]
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 [...]
More FHA Changes Are On The Way!
February 16, 2011 by Jeff Thomas · Leave a Comment
FHA Refinance Changes Fairfax, Virginia: With Mortgagee Letter 11-11, FHA announces changes to refinance transactions. This ML provides guidance on the changes as well as clarification on existing refinance guides and it will be worthwhile to read this ML in its entirety as a refresher. Here are the 8 things you need to know about [...]
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 [...]
‘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, [...]
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 [...]
FHA seller concession rules
June 2, 2010 by Jeff Thomas · 2 Comments
The Federal Housing Administration (FHA home loans in Virginia) is eliminating one of the mainstays to its program sometime this summer. Gone will be the 6 percent seller concession and in will be the 3 percent seller concession. The reason for eliminating the concession according to FHA is the 6 percent seller concession exposes them [...]
Market Snap Shot for Fairfax, Virginia
March 2, 2010 by Jeff Thomas · Leave a Comment
Market Snap Shot for Fairfax, Virginia Mortgage Interest Rates and Local Real Estate By Sigma Research By Tuesday, March 02, 2010 Treasuries and mortgages started weaker this morning with the stock index futures pointing to a nice open in equities at 9:30. No real data this morning, the only thing on the schedule is Feb [...]
