FHA Loans and Mortgage Insurance

I guess this was sort of inevitable. FHA is an entity that gave little credence to credit scores and has traditionally been more forgiving when it came to loan approval guidelines. Then you add in a little mismanagement, some subprime sludge and a dash of politics and you’ve got a pot of gold that just ran dry.

FHA Extending the Property Flipping Waiver

For buyers, this means a flood of newly renovated properties available for purchase. For the neighbors who are enduring the impact of overgrown and neglected homes in their area, they can look upon the investors as a property rescue squad of sorts. The collateral advantages are also passed along to other sellers. Improved properties impact the value of their comps and therefore beefs up their appraisal (and curb!) appeal.

Yogi Berra and FHA Loans

On top of that…the projected, new-all-over-again proposal will be subject to a 30-day comment period post-publication in the Federal Register.

And then after that, (once the flood of comments are evaluated), there may be the possibility that it could happen that there might be a potential change to the seller-paids as we know and love them today. I can’t imagine why it’s so confusing. (Insert sarcastic tone here.)

At the end of the day we’re still a month (or months) away even if anything will change on seller paid contributions.

Florida Mortgages and The Loch Ness Monster

Conventional loans with 5% down do exist and are still the gold standard as far as I’m concerned. With no upfront costs and a much lower monthly mortgage insurance payment to contend with, you still come out better off even with the extra 1.5% down.

At the end of the day, if your client is planning on occupying the property themselves, the conventional is truly their best bet across the board. Nessie does exist and so do great home financing solutions.

Two FHA Loans Can Be Better Than One

Hey all you Realtors out there…I think you know I’ve always had a great deal of respect for how difficult your job is. You really bear the lion’s share of responsibility for getting a real estate transaction underway: § You unravel client wish lists to ascertain what they’re really saying § You conduct comprehensive searches… Continue Reading Two FHA Loans Can Be Better Than One