FHA “Flipping” Rule Has Been Waived

June 9, 2008: FHA’s Assistant Secretary for Housing - Federal Housing Commissioner, Brian D. Montgomery signed the
Waiver of Requirements of 24 CFR 203.37a (b)(2) which waives the requirement of the seller of a property holding…

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New Risk Layering Added to FHA Mortgages

Effective July 14, 2008 FHA mortgage loans will charge new mortgage insurance premiums based on a combination of credit scores and percentage down. Currently all FHA mortgage loans enjoy the same premiums.

Right now, an…

Posted in Buying a Home, Charlotte Area Info, Credit Tips, Mortgages, Refinance 1 Comment »

What FHA Can Do With No Alternative Credit

Earlier I began a 3 part series on Alternative Credit for FHA mortgage loans. Recently HUD released a memorandum letter to all lenders describing the types of Alternative Credit they are looking for. This…

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HUD has released a Mortgagee Letter (#2008-11) to clarify Nontraditional Credit Verification and Evaluation. In this letter HUD addresses using alternative credit references, when they can be used and how they should be verified.

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Federal Government Providing DownPayments?

With the Economic Stimulus Package checks being mailed out, many potential home buyers may be getting the down payment they needed to buy a home! And if you ask me, you can’t find a better use for the…

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