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USDA loans are being put on hold for awhile. Rural Development, part of the Guaranteed Rural Housing (GRH) program, sent out a letter last week stating that funds will be gone by the end of April 2010.
There isn’t even the possibility of “conditional commitments” because no one is sure when or if there will be [...]

HomePath loans are great options for those buyers or investors looking to purchase a foreclosed home owned by Fannie Mae. Here’s the rundown:
Eligible Properties:

All properties designated by Fannie Mae at www.homepath.com as eligible are good to go
Primary residences
Second homes
Investment properties

*Notice that there are NO condos, cooperatives or manufactured homes allowed by Fannie Mae for a [...]

Say goodbye to FHA anti-flipping requirements for a year. In an effort to expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties, HUD has announced a temporary waiver of the 90-day flipping rule. The waiver takes effect February 1, 2010, and lasts for one year. Unless the powers that be decide to [...]

The Federal Housing Administration (FHA) is raising the minimum down payment for borrowers with credit scores below 580. Any borrower with a score lower than 580 will be required to make at least a 10% down payment, compared with the current 3.5% requirement. The intent is to shore up the FHA’s finances.
The FHA will also [...]

Many of you have heard that FHA condo spot approvals are now going away. While this isn’t entirely true, there are some big changes coming and they start February 1st – next Monday!
Here is an attempt to describe the changes and the impact they’re going to have:
Lenders will no longer be doing spot approvals. Instead, [...]

FHA has a problem. There is a Congressionally mandated reserve amount for covering bad loans that is fast approaching. 17% of FHA loans are in foreclosure, compared with 13% of the entire market. Thus, FHA’s cash reserves as a percentage of their loan portfolios has declined below acceptable levels. As a result, change is coming:

FHA will [...]

Everyone is STILL talking about HVCC, the new Home Valuation Code of Conduct, and how it affects appraisals. Fannie and Freddie put this into effect earlier this year and the negative repercussions have been striking, especially in extremely depressed markets with lots of foreclosures and short sales.
The issue is low valuations and the new rules [...]

Green mortgages are coming – Energy Efficient Mortgages (EEMs) might finally have their day!
Beyond standard incentives for energy measures like better insulation, efficient furnaces and the like, the Department of Housing and Urban Development (HUD) is beginning a huge push for efficiency in homes.
A new generation of energy-efficient mortgages is being rolled out, starting with FHA [...]

What is FHA and What Does it Do?
The Federal Housing Administration, commonly known as FHA, provides mortgage insurance on loans made by FHA-approved lenders. It is the largest insurer of mortgages in the world, with close to 35 million insured properties.
FHA provides this insurance to protect lenders against losses due to foreclosure, which allows borrowers [...]

Green loans save you money and make your home more comfortable.
Energy efficient mortgages (EEMs) lower your home’s utility costs by allowing energy-efficient modifications such as weather stripping or extra insulation to be added to the home. Backed by the government and available if you are buying or selling, or refinancing and remodeling, they are a [...]