Tag Archive | "manager"
Oakley content to keep council meetings offline
… $508,000 that City Manager Bryan Montgomery owed on a home loan in exchange for an ownership stake in the house worth about $141,500. "It… ., but if I could watch from the convenience of my home , I would for sure!" he said in an …
Continue reading...The Extension and Expansion of the First Time Home Buyer Tax Credit Is Good for Arizona
Friday, November 6, 2009
This morning, President Barack Obama signed into law H.R. 3548 bill, The Unemployment Compensation Extension Act that includes the extension, modification and expansion of the first time home buyer tax credit.
Continue reading...FHA Down Payment Requirement Could Increase to 5%
Friday, October 16, 2009
If you are planning on buying a house and taking advantage of FHA’s low down payment requirement of 3.5%, you may want to do it now. Last year, the minimum down payment requirement for FHA loans was increased from 3% to 3.5% as part of the Housing and Economic Recovery Act
Continue reading...FHA Loan Approval in Arizona Just Got Faster
Wednesday, October 14, 2009
Recently, many potential homebuyers in Arizona have been frustrated by how long it takes to process and close an FHA loan. Many brokers and bankers are too bogged down or understaffed to handle the influx of volume of FHA loan applications that have become increasingly more popular. In addition to this, many FHA lenders have continued to tighten their credit policies in order to reduce exposure. As a result, many FHA borrowers have to spend more time meeting all of the additional requirements in order to satisfy the banks. Aside from the frustration felt by the Arizona homebuyers using FHA financing, these factors have also contributed to listing agents shunning FHA buyers . Fortunately, there is a solution. Our office of Academy Mortgage located in Mesa, Arizona has recently issued a “Ten Day Close Guarantee”. Our website, www.tendayclose.com , states “If we do not close your loan in 10 business days, we will credit you $100 for every additional day that we do not have your loan documents at title”. So far, our “Ten Day Close” program has been very successful and has caught the attention and appreciation of many Arizona homebuyers and real estate agents. Feel free to contact me with questions.
Continue reading...New California FHA Streamline Rules
Wednesday, October 14, 2009
California FHA Streamline loans will have dramatic new rules. Effective with case numbers assigned on and after November 17, 2009, several revisions to the FHA Streamline Refinance Program will go into effect. For those that may think doing FHA home loans in Los Angeles , Orange and Ventura Counties is easy, read below! Seasoning -At the time of loan application, the borrower must have made at least 6 consecutive payments on the loan being refinanced. Payment History -For mortgages with less than a 12-month payment history, all payments must have been made within the month due. -For mortgages with a 12 month or greater payment history, the borrower must have: -No more than one 30-day late payment in the preceding 12 months, AND -Made all payments within the month due for the 3 months prior to the date of the loan application. Tangible Net Benefit -Reduction in the total mortgage payment (PITI and HOA) of at least 5% for fixed to fixed. Fixed to 1-year ARM allowed, provided rate is at least 2% below rate on existing loan.
Continue reading...Why Mortgage Brokers Are Concerned About HUD Delegating FHA Approvals To Lenders
Sunday, October 11, 2009
In a series of Mortgagee letters released by the FHA in September 2009, one particular announcement has caused major concern among mortgage brokers and small correspondent lenders about their ability to continue offering FHA mortgage loans due to the new licensing structure mandated by HUD. Tony Gallegos address the main talking points and generally fears, as well as gives his own personal opinions about the future relationships between large lenders, brokers and FHA mortgages. Message From Tony: Over the last week, I have been bombarded with questions and concerns regarding the recent announcement by the FHA delegating authority to approved direct endorsement (DE) lenders to approve mortgage brokers to originate FHA loans.
Continue reading...What are the Utah Housing Income Limits?
Thursday, July 2, 2009
The income limits for Utah Housing vary depending on household size and area. Certain “Targeted” areas are found in Ogden, Logan, and Salt Lake.
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Saturday, November 26, 2011
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