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Tag Archives: financing
One in four Reno houses purchased for cash
Today’s Wall Street Journal had an interesting piece on cash buyers and how they’re breathing life into some of the nation’s most battered housing markets. See Cash Buyers Lift Housing. According to the WSJ piece, cash buyers represented more than … Continue reading
FHA condo financing requirements
Just received the following info emailed to me from a mortgage loan officer from Bank of America. The information pertains to the guidelines that condominium complexes must meet before BofA will loan on them via FHA financing. So if you’re … Continue reading
FHA lending changes
I received the handout below from a lender friend of mine. I realize I have recently posted changes to FHA’s lending policies, but this handout concisely summarizes the recent changes quite nicely. Plus, it doesn’t hurt repeating in case it … Continue reading
FHA allows a new purchase 3 years after a short sale
I’ve just received the following email from one of my local lender contacts. This is an interesting development regarding FHA underwriting guidelines. Check it out… If your buyer had a short sale 3 years ago, and can document that the … Continue reading
FHA reverses 90-day anti-flipping rules
Starting today the Federal Housing Administration is revising its long-standing 90-day anti-flipping rules. For much of the past decade the FHA’s 90-day anti-flipping rule went like this: if the seller had owned a property for less than 90 days, then … Continue reading
FHA announces lending policy changes
The Federal Housing Administration (FHA) has announced a set of policy changes to strengthen its capital reserves and manage its risk. The FHA’s proposals includes: increase the mortgage insurance premium (MIP) update the combination of FICO scores and down payments … Continue reading
Interest rates set another low, but can you afford them?
If you haven’t heard yet, mortgage rates dipped to another new low. Yesterday Freddie Mac stated that the average rate on a 30-year loan was 4.71%, the lowest rate since the agency began its weekly tracking of long-term interest rates … Continue reading
FHA loans: get ’em while you can
Lots of recent news regarding FHA financing. In a word it’s going to be tougher to obtain. Due to rising FHA loan defaults, FHA cash reserves will fall below mandated levels by the end of the month. So changes are … Continue reading
