FHA

What credit score do I need to get a mortgage?

Buyer Help

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The minimum FICO credit score needed to qualify for a mortgage changes frequently. As of February 2011, the general answer is … buyers need a FICO credit score of about 640 to qualify for a home mortgage. BUT…  there are exceptions. Bottom line: if you have a score under 640 you might still qualify for [...]

8 February 2011 Read the full article →

FHA tightens credit score minimums

Mortgages

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By and large, FHA borrowers must now have a minimum FICO credit score of 640.  There are exceptions, especially for borrowers already in escrow with an executed contract and a scheduled closing date… But the credit tightening that’s hampered the rest of the mortgage industry has now hit the FHA loan program too. source: Andrew [...]

16 November 2010 Read the full article →

FHA loan costs going up Oct 4, 2010

Mortgages

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(image credit, StockExchange user svilen001) There are  changes coming to the FHA’s upfront and annual mortgage insurance premiums which are effective on all case numbers obtained October 4, 2010 and later. The costs of the upfront mortgage insurance premium (UFPMI) and the annual mortgage insurance premium (PMI) are going up.  In plain English, it’ll be [...]

28 September 2010 Read the full article →

FHA Short Refinance program

In The News

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The FHA has announced a new program in the ongoing battle to fix the foreclosure crisis.  See details on the FHA website for this FHA Short Finance program for underwater homes. The main points of the new program – Existing loan to be refinanced is not FHA insured; Must owe more on their mortgage than [...]

14 September 2010 Read the full article →

Buy for less than you pay in rent?

Buyer Help

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The conventional wisdom (and a lot of mortgage companies’ advertising) currently says that you can buy a house for cheaper than you can rent an apartment in the Greater Phoenix area.  Is it true? Mmmmm…  Yes and no. Case in point: First time home buyer, starter home in the south end of the 85016 ZIP [...]

4 June 2010 Read the full article →

FHA.com is not the FHA

Buyer Help

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File this in the category of Stuff You Should Know. The website at FHA.com is not run by the FHA (Federal Housing Administration) or by HUD (Housing and Urban Development) or by any other governmental agency. It’s run by a (presumably for-profit) group that collects information from users including their social security number, credit information, [...]

8 May 2010 Read the full article →

90 Day Fix and Flip Rule

Buyer Help

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You know how fix and flipping works in a cynical world, right? Basically. . . . investors buy a craptacular house at foreclosure auction or elsewhere and do no substantive repairs. They slap a thick coat of paint on everything and install cheap new carpet, then resell it as “Remodeled!” with a seriously  jacked up [...]

1 April 2010 Read the full article →

FHA Defaults: Maricopa County only 49% worse than national average

Op Ed

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Neighborhood Watch.  I found an interesting website, called Neighborhood Watch and maintained by HUD, which allows users to slice & dice HUD (and FHA) data in a variety of ways. Here are some ‘tip of the iceberg’ examples:  (click any chart to enlarge) How does Maricopa County compare with the rest of Arizona? Hmmm.  I [...]

13 January 2010 Read the full article →

Is That Condo FHA Approved?

Buyer Help

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Buyers using an FHA mortgage who are shopping for condos (or patio homes, or townhomes) need to be aware there’s a list of FHA-approved communities. If the community is not on the FHA-approved list, your FHA mortgage money might not be good there. Bookmark this website and check for FHA-approved status before you fall in [...]

7 January 2010 Read the full article →

The End is Near for the $8,000 tax credit

First Time Buyers

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Most lenders are taking upwards of 40 days to close an FHA loan, which most first-time buyers are using.  Today we’re 39 days away from November 30th – the date by which a first-time buyer must CLOSE on his/her new home in order to receive their tax credit.  Adding in a couple extra days for [...]

22 October 2009 Read the full article →

How Much for Closing Costs?

Buyer Help

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I asked one of our favorite lenders the question many, many buyers are asking their Realtors: “How much do I need to cover closing costs?” Here’s his answer. Purchase Price Amount to Cover Closing Costs $75,000 – $100,000 6.00% $105,000 – $145,000 5.00% $150,000 – $185,000 4.00% $190,000 – $255,000 3.00% $260,000 – $305,000 2.50% [...]

19 September 2009 Read the full article →

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