Archive for December, 2009

FHA Update – Delays of HVCC Standards

From FHA Mortgage News:
Enactment of ML 2009-28, Appraiser Independence, will be delayed until February 15, 2010. ML09-28 This bill was originally planned for a January 1, 2010 implementation and has two parts:  a) prohibition of mortgage brokers and commission-based lender staff from the appraisal process, and b) appraiser selection in FHA Connection.  The effective date [...]

FHA Loans After A Short Sale

For many people who have had to short sell their home for whatever reason, one of the most common questions is “how long before I can get a mortgage again?”
HUD has recently announced with an official Mortgagee Letter (09-52) that depending on whether or not you were current at the time of the short sale [...]

FHA Loans After A Foreclosure

For those homeowners who are in distress and are unable to short sell their home or get a loan modification, the most common end result is foreclosure.  As the foreclosure crisis continues on and many homeowners have either went through the foreclosure process or are facing foreclosure, one of the common questions that they ask [...]

U.S. Home Prices Stabilize

Charleston, W.Va., had the biggest year-over-year rise in median home value in October, according to Zillow. The Zillow Home Value Index measures the median value of all homes in an area. New Orleans and Wilmington, Del., saw the next biggest price appreciation.
The list is comprised of cities with populations of more than 20,000. Other cities that [...]

PARENTING TIME

New Guidelines for Reverse Mortgage Counselors

Reverse mortgage counselors have some new guidelines for qualifying to work with homeowners. The Federal Housing Administration (FHA) guidelines come after complaints that some housing counselors aren’t qualified to discuss reverse loans.
Seniors who want to borrow reverse mortgages must meet with a counselor to discuss their options. Reverse home loans allow people 62 and older to borrow some [...]

FHA Down Payment May Rise Soon

More cash and better credit — that’s what it may take secure an FHA mortgage in the coming months, according to changes announced this week by the U.S. Department of Housing and Urban Development.

With the FHA’s reserves now below government-mandated levels, the agency is considering ways to minimize risk and exposure. FHA borrowers may soon [...]

2010 FHA Reverse Mortgage Loan Limits

In a bit of good news for seniors who may be considering a FHA reverse mortgage, HUD has announced that they will extend the loan limits for 2010 at 150% of the regular conforming loan limit. This means that the nationwide reverse mortgage loan limit is $625,500 through 2010.
HUD made the official announcement in Mortgagee [...]