August 26th, 2008 by http://fhaappraiserbatonrouge.info
The Center for American Progress argues that it’s the 1930s again, at least in terms of real estate.
The statement below makes you wonder: Wasn’t the FHA mortgage program supposed to mitigate the foreclosure mess — not end it, not help everyone, but just make it a little less awful?
That’s what the FHA did during the 1930s when the program was first established. But that was also a time when government didn’t worry about a “moral hazard” or philosophical purity, it worried instead about re-starting the economy after the Hoover years.
Standard & Poor’s Ratings said yesterday that banks “perhaps are just halfway through the credit downturn.” Really? Perhaps?
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July 17th, 2008 by http://fhaappraiserbatonrouge.info
The latest figures from HUD show that despite big claims for the period from June 16 through June 30 the FHA refinanced just 198 delinquent conventional mortgages. This is down 22 percent from the first 15 days of the month when 254 delinquent conventional borrowers were helped.
Given the incredible need for assistance by those hoping to avoid foreclosure, and given the fancy news releases and conference calls, it seems remarkable that HUD continues to have so little impact where it is most needed.
Here’s what HUD also says:
Due to the spectacular rise in activity, especially since March, it is necessary to re-estimate business activity for fiscal year 2008. It is now projected that there will be at about two million single family applications and roughly one million insurance endorsements — substantially higher than the estimates made last September.
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June 23rd, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - Carl Pruitt - FHA Sends Letters Direct To Homeowners
Source: Expert FHA Loans Consultant, Carl Pruitt
On Thursday June 19, 2008 HUD issued a press release indicating that they were sending out letters to 675,000 “at risk” homeowners. As has been the case with most of HUD’s efforts for troubled borrowers, the gist [...]
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June 21st, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - FHA Guidelines - Fees To Non-FHA Approved Mortgage Brokers
Source: Carl Pruitt
On Oct. 30, 2007, I published a post entitled “FHA Mortgage Co-brokering: Watch Out!” in which I warned of potential violations of FHA’s policy regarding payments to non-approved mortgage brokers. HUD made an announcement that day outlining their policy, but it [...]
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June 17th, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - Guidelines FHA: FHA Waives Anti-Flipping Rule
Source: FHA Loans Expert, Carl Pruitt
In response to my post “Warning: Why HUD May Stop Your Loan From Closing“, HUD has now waived their anti-flipping rule in certain circumstances. (Just kidding about them responding to my post, but they have taken action.)
You can find all the [...]
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June 13th, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - Guidelines FHA: FHA Guidelines On Bankruptcy Rules
Source: FHA Loans Expert, Carl Pruitt
One of the most touching experiences loan officers go through when we conduct marketing campaigns seeking FHA mortgage prospects are the borrowers who call us wanting to buy a home for their family but they just have too much bad [...]
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June 11th, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - FHA Guidelines: FHA Down Payment Assistance On The Chopping Block?
Source: FHA Loans Expert, Carl Pruitt
HUD is once again about to propose the rule banning down payment assistance programs and open it up for a 60 day comment period. You can find more about that at the link above.
HUD continues to use [...]
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May 21st, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/
FHA Guidelines:New Risk Based Mortgage Insurance Guidelines
Source: FHA Loans Expert, Carl Pruitt
The new FHA risk based mortgage insurance guidelines are set to take effect on July 14, 2008. They were originally set to take effect on January 1, but FHA held off due to public comments. The new guidelines appear to answer most [...]
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March 29th, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ -
FHA Guidelines:Minimum Credit Scores on FHA Loans?
Source: FHA Loans Expert, Carl Pruitt
One of the primary market benefits of an FHA loan has always been that credit scores were not a factor. A borrower with great credit scores could definitely have their loan approved more easily, but someone with some credit [...]
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March 6th, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ -
FHA Loan Limits Officially Raised, Plus Down Payment Assistance Is Continued
Source: FHA Loans Expert, Carl Pruitt
Just a short post to let you know that HUD has acted faster than I have seen them do anything in the last 20 years. The higher loan limits are now official and its time for [...]
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