Good news for home buyers – particularly those without a lot of down payment cash on hand. Wells Fargo and Quicken, two of the largest FHA-approved lenders, have backed off their “overlay” requirements on FICO scores of potential home buyers. Lender overlays are qualifications that have been more stringent than FHA’s own requirements – something [...]
Thursday, May 13, 2010
Sellers if your mortgage is FHA insured the process for a short sale is very different. Make sure you work with an agent who knows the difference and can guide you through the process. FHA guidelines require a seller to get their home approved into the FHA Pre-Foreclosure Program prior to listing the property. Sellers [...]
Wednesday, April 29, 2009
Federal Housing Administration loans can be a very good deal for home buyers, especially those who don’t have a lot of cash or whose credit rating isn’t stellar, experts say. FHA loans now account for 20 percent of new mortgages, up from 3 percent in 2006. What’s more, the number of authorized FHA lenders has [...]
Tuesday, April 7, 2009
Beginning April 1, 2009 FHA (Federal Housing Administration) has added to its appraisal guidelines. With 67% of homes purchased in the Reno-Sparks area in the first quarter of 2009 utilizing FHA financing, there are some key things buyers should know about these changes. FHA appraisers are required to include a Market Conditions Addendum stating whether [...]
Sunday, April 6, 2008
Last week the Senate began debating the $15 billion bipartisan housing relief package that might get a final vote this week. Here are the highlights….. Modernize the Federal Housing Administration’s (FHA)loan insurance program. Help borrowers trying to refinance. Tax credits for buyers who buy foreclosed homes. Bigger tax break for homebuilders. Money to aid areas [...]
Wednesday, February 2, 2011
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