Posts Tagged ‘fha’

PriceMyLoan (PML) has announced that they have completed their interface with the Federal Housing Administration’s (FHA) TOTAL Mortgage Scorecard loan approval platform. Lenders using PriceMyLoan’s automated underwriting and pricing engine now have direct access to FHA eligibility and credit scoring, providing a more efficient and cost-effective method for approving FHA loans.Read more

Happy New Year! I hope each of you had a great holiday. As an industry we can begin the New Year with optimism for continued economic recovery and a more stable housing finance system.
As I mentioned in the last edition, there continues to be change coming from FHA, and I want to reiterate how much we appreciate your partnership as you work to implement these changes.Read more

A short sale is a transaction where a seller sells the property for less that what was owed. Short sale is increasingly becoming a common option to sell a house in San Jose and rest of the Bay area. If you went through a short sale you could have this question – Do I now qualify for a loan? FHA recently came with a guideline on this question. Below are the highlights:

You are not eligible for a new FHA mortgage if you pursued a short sale agreement on your principal residence simply to

• Take advantage of declining market conditions, and
• Purchase, at a reduced price, a similar or superior property within a reasonable commuting distance.

However you could be  considered eligible for a new FHA-insured mortgage if

• You were current on their mortgage and other installment debts at the time of the short sale of your previously owned property, and
• The proceeds from the short sale serve as payment in full.

If you were in default on your mortgage at the time of the short sale  you are not eligible for a new FHA-insured mortgage for three years from the date of the short sale. Lenders may make exceptions to this rule under certain circumstances.

This guidance is effective immediately.

Related post - FHA Loan requirements for San Jose and Bay Area

If you had a short sale and would like to find out what are your options with regard to buying a new home contact me. I will be glad to explore all options for you.

Photo courtesy www.Photoxpress.com

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We write this as professionals who have had numerous clients in the mortgage broker industry for many years, and as mortgage professionals who are very familiar with the Federal Housing Administration’s (FHA’s) current regulation of the industry. The announcement from the U.S. Department of Housing & Urban Development (HUD) stated that mortgage brokers:Read more

A HUD news release, dated July 15: David Stevens Sworn in as HUD Assistant Secretary for Housing and FHA Commissioner: HUD Secretary Shaun Donovan said, “David’s knowledge in real estate, housing and the mortgage industry will help us overcome the current challenges we face, he will implement changes that protect FHA and will enhance its risk management capabilities to protect its future viability.” (Read more