HUD Announced the much awaited changes to the FHA Mortgage Insurance Premiums (MIP) and Up-Front Mortgage Insurance Premiums (UFMIP) based on LTV and Credit Score. With all the talk about FHA doing what it can to help home-buyers I find this to have strange timing. This will definitely put a lot more cash into the […]
In my opinion the FHA Manufactured Home One Time Close Construction Permanent Loan is one of the most difficult transactions to put together. It layers all of the most complex loan types imaginable you have a Construction To Permanent Loan combined with an FHA loan and then mix in Manufactured Home as the property type and […]
4155 may sound like the price of a used car but it is actually the FHA bible. Most people in the mortgage business say it as “Fourty-One, Fifty-Five” as opposed to the Four Thousand One Hundred Fifty Five. This is the document number assigned to the federal housing administration (FHA) handbook for single family mortgage loans.
These […]
We have recently found out that Taylor Bean and Whitaker is still accepting FHA loans below a 580 credit score with a manual underwrite.
There underwriting times are very slow for this reason because they are getting a lot of loans they cannot approve. If you have an FHA loan below a 580 credit score and […]
Although FHA guidelines do state that Overtime pay should have a two year history, a Direct Endorsement Underwriter can make an exception to use overtime with only a 1 year history. A direct endorsement underwriter can also take previous job history and recent transfers into account when calculating overtime for someone who doesn’t have a full […]
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R P Funding is a new, locally owned, FHA Direct Endorsement Lender. Get in on the ground floor with […]
One of the many great features of an FHA Mortgage Loan is what it can do for borrowers in bankruptcy. While conventional loan programs turn their back on borrowers with bankruptcies, FHA will allow a borrower who has been in Chapter 13 bankruptcy for only 12 months for refinance their home and buyout the bankruptcy […]
FHA has the best home equity program available. It allows you to borrower up to 95% of your homes value, turning equity into cash, and only has .5% mortgage insurance. For more information on FHA Home Equity Loans check out Home-Equity-Loan-Tips.com.
A home equity loan can be a great way to save interest by paying off […]
Marketing FHA Loans is a hot topic right now. Everyone knows FHA is “where its at” but most people are not sure how to market FHA Loans. I have been marketing FHA Loans for the past 10 years and let me tell you, business has never been better. The techniques I have been using for […]
I think its crazy how long some companies are taking right now to underwrite loans. Hire more people! Do they not realize how many loans they are losing by advertising 30 day underwriting times? I don’t know how anyone convinces a borrower to hang around for 30 days while a file sits in line for […]