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 [...]
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 [...]
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 [...]
Life After Bankruptcy
March 14, 2010 by Jeff Thomas · Leave a Comment
Fairfax, Virginia – Bankruptcy is an uncomfortable subject for a variety of reasons. I have been talking with clients since the economy and housing crisis began over two years ago about bankruptcy. But because I am in the mortgage business and filing for bankruptcy affects one’s ability to get a mortgage I get tons of [...]
Home Buyer’s Tax Credit About to End
February 28, 2010 by Jeff Thomas · Leave a Comment
Fairfax, Virginia You’re probably up to your neck by now in forms and paperwork as the April 15th income tax deadline approaches. Maybe you’ve already completed your taxes, paid your bill, or are awaiting your refund check. Either way, now is the perfect time to revisit the extended and expanded Home Buyer’s Tax Credit.Why? Because [...]
Those Who Wait Will Pay Thousands More This Spring
February 3, 2010 by Jeff Thomas · Leave a Comment
Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA). Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit [...]
90-Day Seasoning Waiver Expanded
January 18, 2010 by Jeff Thomas · Leave a Comment
90-Day Seasoning Waiver Expanded Fairfax, Virginia: This update from FHA Virginia Loans was released on Friday January 15th, 2010, as an excerpt from the CFR (Code of Federal Regulations) without a corresponding Mortgagee Letter and contains information about FHA’s policies regarding the waiver of the 90-day seasoning required for sellers. Here are the 6 things [...]
2009-2010 Tax Credit Video
December 9, 2009 by Jeff Thomas · Leave a Comment
The Senate voted to extend the $8,000 first-time home buyer tax credit for home buyers in the Fairfax, Virginia and Alexandria, Virginia areaa. Additionally, the new bill also includes a $6,500 credit for existing homeowners who have been in their current residence for at least five years. The tax credit has been extented to November [...]
Why are FHA loans so popular?
November 24, 2009 by Jeff Thomas · Leave a Comment
Why is FHA so popular today? Credit score: FHA has always been a friend to the borrower with bruised credit. But up until roughly 1999 credit scores were not that integrated into the mortgage lending process. And FHA lenders were still manually underwriting loan files up intil the past few years. FHA does not have [...]
FHA Streamline Loan Program Changes
November 20, 2009 by Jeff Thomas · Leave a Comment
Federal Housing Administration (FHA) has implemented significant changes for streamline refinances . These changes will affect all FHA streamline loans across the country and in the northern Virginia area, Vienna, Virginia, Alexandria, VA, Fairfax and the surrounding cities and county’s. These changes take place on all FHA case numbers ordered on Wednesday, November 18, 2009 [...]
Many Changes to FHA Since 2000
November 5, 2009 by Jeff Thomas · Leave a Comment
With over 1,000 changes to FHA programs since 2000, it is important to work with someone that understands how the “new” FHA loan works. In the last 5 years there have been significant changes made to FHA guidelines designed to make it much easier to originate these loans. but that has not actually been the case. [...]
FHA Streamlined 203(K)Loan
October 23, 2009 by Jeff Thomas · Leave a Comment
If you’ve been passing up on buying a home because of the expense of anticipated cosmetic repairs, you’re missing out on a great opportunity. Sure, it used to be that if you bought a home and then applied for a home equity loan to pay for repairs, the result would be two separate loans (or [...]
