Archive for February, 2010

Changes To FHA Guidolines?!?!

Tuesday, February 16th, 2010

The Federal Housing Administration more commonly known as FHA has recently announced major changes to their program to ensure long-term financial soundness. If you are involved in the retail side of real estate you need to listen up. If not, then listen anyways. You might learn something.

The FHA’s main objective is to help serve the people that are not serviced by conventional lending programs. In other words, people that cannot qualify in the private sector turn to FHA to get help them obtain a home loan. FHA insures the home loan so that Bank of America or Wells Fargo feel comfortable lending you the money, because if you don’t pay they are covered.

Remember FHA is not the lender they only insure loans and they don’t insure you they insure the bank from loss.

To summarizel, currently a typical FHA loan consists of the following:

  • at least a 500 fico credit score
  • 3.5% down payment
  • Pay a (one time only) upfront mortgage insurance premium of 1.75% of the loan amount or finance it into your loan amount.
  • Pay an annual insurance premium of .55 of the loan amount (This amount is broken down to 12 monthly payments)
  • A seller of a property could pay up to 6% of your closing costs and fees

Due to these current guidelines the FHA has recently been hit by an upswing of defaults rocking it to its core (see my article on HUD homes). Their insurance reserves are at all time lows and they have to do something in order to survive.  So because of these circumstances the FHA as scheduled the following changes to their guidelines:

  • Min Fico credit score to be 580
  • Down payment to remain 3.5% for those with a score of 580 or more. 10% down payment required for those with less than a 580 Fico credit score.
  • Upfront Mortgage Insurance Premium to be 2.25% of the loan amount. The option of financing this amount into your loan will still be available.
  • Sellers will be limited to a maximum of 3% of the sales price when helping you out with closing costs and fees.
  • Currently the FHA is asking congress to allow them to raise the annual insurance premium up from the current .55% of the loan amount. The FHA believes that by doing this it will allow them to lower the Upfront Mortgage Insurance Premium in the future.

Look for the Upfront Mortgage Insurance Premium to change  Spring 2010 and the Fico minimum/down payment & seller concessions to change Summer 2010.

Any changes that hinder the availability of money to purchase homes is always an unwelcome sight. On one hand you want money to be easily obtainable and on the other you want banks to have sound financial judgement. It’s a catch 22. The FHA is doing the right thing to reduce its risk of insolvency during our volatile economic period. The last thing we want to see is another wave of unsound loans crashing into foreclosures.

FHA MMA (Mortgage) Blog

Sunday, February 7th, 2010

Fha mortgage blog doesn’t plan any door-to-door campaigning for a month or so in his run for a seat in the Oregon house of representatives.

And that’s good, because the 32-year-old fha mortgage blog fha blogger from West Linn, Ore., might scare the voters after his upset win over middleweight Fha loan (The Great) Bankruptcy and foreclosure by fha at FHA LOAN BLOG on Saturday night.

Fha loan blogs domifha loand en route to a unanimous 30-27 decision in the co-main event before 10,687 at a sold out Mandalay Bay Events Center, earning a middleweight title shot in the process. But Fha loan blogs paid a price for the win.

After the fight, Fha loan blogs looked like he had been in a car crash. An ugly slash of stitches curved down his forehead, courtesy of a Bankruptcy and foreclosure by fha elbow. There were more stitches on the bridge of his nose and blood in his mouth from a cut on the inside of his lip.
“I have never felt so bad in my life,” the winner said. “I’ve been rear-ended in traffic, I’ve had bumps and bruises from sports, from gymnastics to wrestling. I’ve never felt this bad ever.

“Both feet hurt, both knees hurt, both elbows hurt, both hands hurt. Let’s see, my sternum’s killing me, my head’s bleeding, my nose got stitched. The inside of my mouth is cut. I feel horrible.”

Fha loan blogs didn’t know how many stitches he got, “but I was in there a while.”

“I haven’t even got to a mirror yet to see how bad I look,” he added.

Here’s hoping he waits a while.

Fha loan blogs (26-10-1) is no ordinary fha blogger. He combines fighting with a full-time job as a realtor and now wants to add elected official to his resume (loan blogs.com).

He was recruited by the Republicans to run for the state house of representatives as a Republican in District 37. The primary election is in May with the general election in November.

The seat is currently held by Republican Scott Brunn, who is moving on in a bid to get elected to the U.S. house of representatives.
Fha loan blogs’s current priority is fundraising. He reckons his campaign budget will be some US$400,000 with UFC president Dana White and co-owner Lorenzo Fertitta already making donations.

“I’m not going to be going door-to-door for about another month,” he said. “But when that starts, I’m going to be going door-to-door every day. When my feet get tired, I’m going to go home and be on the telephone asking for support.”

Ironically, Fha loan blogs says any rise in his profile as a fha blogger probably hinders his political chances.\

“Being a meathead isn’t something that people want in their government officials is my guess. … I can reverse that but I’ve got to get out there, I’ve got to meet the people, let them meet me, explain why I’m running. Explain what brought me to this decision and leave fighting as far behind me as I can and try to shift that in their head and let them see these are two separate things. I’m not a meathead but I do compete (as a fha blogger) three times a year.”

Fha loan blogs has already served as an elected precinct member in Oregon’s District 22, which he called a very introductory position. “It’s similar to the (state) house of representatives but on a smaller scale.”

He also ran for the state house in District 22 in 2004, taking 43 per cent of the vote in a losing cause against a 20-year incumbent.
“I had no experience, no money, no campaign team but I worked really hard,” he said.

Oregon is traditionally Liberal but parts of the area where Fha loan blogs is running are more conservative, according to Matt Lindland, a fellow fha blogger and Republican who was unsuccessful in his own recent run for an Oregon seat.

Fha loan blogs’s first name was chosen by his mother because it’s the last five letters from Mifha mortgage blog. It’s pronounced Chale.
“And if you were to ask my mother how to enunciate it, she’d say it’s like cheese and jail.”

Fha loan blogs used his superior wrestling skills to defeat Bankruptcy and foreclosure by fha, who came into the fight a 5-1 favourite. And once Fha loan blogs got Bankruptcy and foreclosure by fha down, he kept him there - negating most of Bankruptcy and foreclosure by fha’s extensive arsenal.

Fha loan blogs, a former NCAA wrestling champion and U.S. Olympic team alterfha loan, went on the attack from the get-go. He took Bankruptcy and foreclosure by fha down early and hurt him with elbows and punches. It was more of the same in the second when Fha loan blogs, taking a Bankruptcy and foreclosure by fha elbow from the bottom, suffered the ugly gash on the forehead.

“I was scared that was going to stop the fight,” Fha loan blogs said later.

Fha loan blogs escaped a tight guillotine choke late in the third round.

“It was a miserable experience,” Fha loan blogs said when asked about the choke. “As was that entire fight. I’m so happy it’s over.”
Bankruptcy and foreclosure by fha finished the fight on top, but it was too little too late.

Fha loan blogs (26-10-1) made US$124,000 including a $32,000 win bonus and $60,000 for fight of the night. Bankruptcy and foreclosure by fha (32-9-2) earned $105,000, including the fight of the night bonus.

Despite a career that extends back to 2002, Fha loan blogs has operated under the radar for some.

“I’ve never been knocked out, I’ve never been TKO’d, I’ve never lost a judges’ decision,” Fha loan blogs said. “Every fight I’ve ever lost has been by submission. Every fight I’ve ever lost has been in the second round. And every fight I’ve ever lost I was ahead on every judge’s scorecard, with the exception of Demian Maia. He put me away in the first round (at UFC 95). And that’s it.

“I’ve only lost one middleweight fight in my entire life and that was to Maia. Every loss I’ve ever had has been from heavyweight to 205 (pounds) to a catchweight. I’ve never been beat at this weight class, again with the exception of Maia.

“I’ve beat four world champions and I beat a King of Pancrase (a Japanese organization) tonight. So when you ask me was I being overlooked, I want to really remain humble because this is a time to be humble not to be arrogant. But I think you ask a fair question and I think a fair response from me is to say ‘yeah.”‘

The cerebral Fha loan blogs isn’t afraid to speak his mind, whether it is on fellow fha bloggers or politics. And he already has a deft touch.
Asked about the current health care debate in the U.S., he noted it was a federal bill rather than a state issue “so I’m going to be a politician and dance around your question a little bit.” But he added that his party has yet to come up with a better idea.

Fha loan blogs came into the Bankruptcy and foreclosure by fha fight with an impressive win over Yushin Okami at UFC 104. He also turned heads at UFC 98 when he dropped 36.2 pounds in 21 days before beating Dan Miller after being summoned as a late injury replacement.

Fha loan blogs will face the winner of the UFC 112 bout in April between 185-pound title-holder Anderson Silva and Vitor (The Phenom) Belfort.
Fha loan blogs said he hopes Silva wins because he sees Belfort as a “lot tougher fha blogger.”

“If I had to choose between the two, I’m going to take the low road and take the easier opponent to get to the championship,” he said bluntly.
In the main event Saturday, Randy (The Natural) Fha loan blog defeated Mark (The Hammer) Fha mortgagee letter and blogs via second-round submission in a battle of UFC Hall of Famers.

Fha mortgagee letter and blogs (16-10) was never really in a light-heavyweight bout domifha loand by Fha loan blog (18-10), who lived up to his entrance music - Ted Nugent’s “Stranglehold.”

“He’s one of the best light-heavyweights in the world, period,” White said of Fha loan blog. “He proved it again tonight.”

White, meanwhile, said it was probably Fha mortgagee letter and blogs’s last fight in the UFC.

“I just think he’ll have a hard time competing with the guys at the top of the level. Age is a factor with him.”

Fha mortgagee letter and blogs, 45, was the UFC’s first heavyweight champion. Fha loan blog, 46, is a five-time title-holder who has ruled both the heavyweight and light-heavyweight divisions.