Streamline 203K FHA Loans – The Basics Part 1 can be found here.
Streamline 203K loans can be used to finance many different types of repairs and improvements. Many originators are surprised by some of the repairs that are eligible to be financed.
One of the most exciting opportunities today for loan officers and real estate agents alike is the opportunity to sell off the glut of foreclosed homes on the market. A big problem with these potential deals is that most people who are losing their home because they can’t make the payments usually lack the money for routine maintenance as well. Once foreclosed upon, those homes hit the market needing some serious sprucing up.
It seems that the foreclosure prevention programs included in the Housing Rescue Bill probably won’t cost FHA very much or drag bureaucrats further into citizens lives after all. FHA won’t be taking part in as many of those weird shared equity, foreclosure bailouts as we expected. But not for the reason you might think.
To clarify, I should say rental income from converting a borrower’s existing home to a rental can only be counted under very limited circumstances.
HUD has just issued Mortgagee Letter 2008-25 “Converting Existing Homes to Rentals-Underwriting Instructions”. Due to the number of people who are walking away from their present home as soon as they close on a new one, HUD has issued this Mortgagee Letter which states: Read the rest of this entry
As most people who have read this blog for long know, I am a huge fan of the training materials on FHA produced by Chip Cummings. Chip just returned home from the Atlanta HUD Home Ownership Center where he was actually training FHA on how to do FHA!
I use the “ABCs of FHA Lending” manual every day myself. With FHA seeming to change daily lately, keeping up with all the changes in a handy reference is very important.
Word on the street is that the near collapse of the capital markets on Wednesday, and the proposals put forth today in order to bail out Wall Street have quickly shifted HR 6694, the bill reinstating the use of seller paid down payment assistance programs with FHA mortgages, onto a very cold back burner! It now appears very unlikely that the bill will have any chance of being passed soon. What a roller coaster.
H. R. 6694 was passed out of the Financial Services Committee yesterday with strong support from both parties. The bill will probably be voted on by the entire House of Representatives soon. However, this is just the very first step in a long journey before the Bill is finally passed and there is not much time left before the October deadline when H. R. 3221 takes effect and seller assisted down payment programs are banned.
According to the good folks at the Nehemiah Corporation, Rep. Barney Frank’s committee will be meeting on September 16th to push H. R. 6694, the bill which will return seller assisted down payment programs to the market provided the Senate can pass it as well, out to the entire House of Representatives.
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