Saturday, July 19, 2008

Someone will have to examine the FNMA rule listed below:

"We believe the likelihood of fraud or misrepresentation increases when the lender is not able to confirm that the property seller in a purchase money transaction (or the borrower in a refinance transaction) is the owner of the subject property based on publicly available information."

That is interesting when you look at short sales and real estate investments in FLorida. There have been a series of real estate short sale blogs discussing FNMA rules recently and I am trying to learn if FNMA short sale Flip rules have changed.

Can someone post a comment and let me know if FNMA short sales are any different than the Fannie Mae short sales we did years ago? I will check back and see if FNMA short sale people have said anything.

Florida short sales are another subject. The FNMA MyCommunity Mortgage was popular some time ago. Many of those My Community FNMA loans are now foreclosures or short sales I suppose. One thing that has changed is FNMA short sales and getting a new FNMA loan is only 2 years now.

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Tuesday, July 15, 2008

I was studying the new FHA MIP MATRIX over at sci-fi housing and I realized that the FHA mortgage had a variable rate for the MIP cost. The LTV and FICO score will now determined the FHA MIP cost. That seems like risk based pricing has hit the FHA mortgage loan pretty hard. Will the FHA MIP be on everyones mind for a while? I don't know the answer to that, but if you want to get an FHA loan you'll have an MIP payment that varies depending on FICO score and loan to value.


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Wednesday, July 09, 2008

If it is all the same to you, I'll keep my good faith estimate and truth in lending statement with the current fha apr. Should you object to the higher (or lower) interest rate (or APR) then I will ask for a current fha apr to companre the TIL disclosure.

Say current fha apr and say it for the benefit of those seeking annual percentage rates on mortgage loans.

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Friday, July 04, 2008

The FHA loan buyer was searching for the APR on his loan prior to applying. He looked in the paper for the FHA APR and couldn’t find it. Next he asked the kind people in the FHA mortgage office what the FHA APR was. They were dumbfounded by the APR question with regards to FHA.

Then someone asked: “Are you current on your loan?” and the gentleman said “Yes, I am current on my FHA mortgage loan and I would like to know the APR”.

Well the answer was right before everyone’s eyes. There in the middle of the FHA mortgage market was the current fha apr for all to see.

For more information regarding today’s FHA APR and the current FHA APR, check the FHA rates at your local mortgage company.