September 22nd, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - Baton Rouge Real Estate: Bad News For Efforts To Save Down Payment Assistance?
Source: FHA Loan Advice.com
Word on the street is that the near collapse of the capital markets on Wednesday, and the proposals put forth today in order to bail out Wall Street have quickly shifted HR 6694, the bill reinstating the use [...]
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September 12th, 2008 by http://fhaappraiserbatonrouge.info
HUD’s new mortgagee letter (ML) clarifies the new down payment requirements pursuant to the July Housing Bill. All minimum downpayment calcs are now the same, regardless of state. The new maximum FHA loan amount will be 96.5% of the purchase price or appraisal whichever is less. This means our buyers will have to come in with more cash.
The upfront private mortgage insurance can be financed above that but in no cases can the loan exceed 100% of value. This will be effective on case numbers pulled 01/01/09 or after. No rounding is required for your loan amount and 6% seller contributions will still be allowed. Gone are the days of 2.25% down and .75% in allowable costs. For specialty loans like the 203(K) rehab loan and EEM’s (energy efficient mortgages), the guidelines stay the same. EEM’s will have different requirements. That info will be coming out in a subsequent ML, but look for something like energy efficient improvements are added dollar for dollar to the loan amount regardless of loan to value.
When doing a refinance watch out for the 100% maximums. They will apply even to FHASecure and even after applying financed private mortgage insurance your loan to value cannot exceed 100%.
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September 10th, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - Baton Rouge FHA Down Payment Assistance: Deal Made To Save Down Payment Assistance?
Source: Carl Pruitt
It appears that a deal has been made to save FHA down payment assistance programs with seller participation. I have always said we should fight not to throw out the baby with the bath water when it comes to [...]
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September 9th, 2008 by http://fhaappraiserbatonrouge.info
Let’s take a look at some basic questions and some common confusions about those appraisals:
What is an appraisal?
Are there different kinds of appraisers?
Why get an appraisal?
The different types of home appraisals
Who owns an appraisal?
What’s the difference between appraisal and assessment?
How long is an appraisal good for?
Appraisal? Home Inspection? And the difference is?
The final estimate of value
Don’t like the appraisal? Not fair, not accurate? What you can do
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September 9th, 2008 by http://fhaappraiserbatonrouge.info
In July, says the company, “foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 272,171 U.S. properties during the month, an 8 percent increase from the previous month and a 55 percent increase from July 2007. The report also shows one in every 464 U.S. households received a foreclosure filing during the month.
“Bank repossessions, or REOs, continued to be the fastest growing segment of foreclosure activity in July, posting a 184 percent year-over-year increase — compared to a 53 percent year-over-year increase in default notices and an 11 percent year-over-year increase in auction notices,” said James J. Saccacio, chief executive officer of RealtyTrac. “The sharp rise in REOs, combined with slow sales, has resulted in a bloated inventory of bank-owned properties for sale. RealtyTrac now has more than three quarters of a million properties in its active REO database, a number that represents approximately 17 percent of the inventory of existing homes for sale reported in June by the National Association of Realtors.”
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