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FHA’s ‘Back To Work’ Program

Blog Contributor FHA Programs, Helpful Tools 6 Comments

By Derek Sandoval Through FHA’s “Back To Work – Extenuating Circumstances Program,” borrowers who have gone through bankruptcy, foreclosure, deed-in-lieu, or short sale, may be eligible for an FHA-backed mortgage sooner if they can prove their financial hardship was the result of an economic event, such as job loss or a significant decrease in income. In this video, Noel Brownell …

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New FHA Mortgage Premiums: Game Changers or Just a Change?

Blog Contributor Business Challenges, FHA Programs 2 Comments

By Jennifer Klein and Derek Sandoval FHA mortgage insurance premiums rose on April 1, 2013. Placer County Association of REALTORS® YPN members Jennifer Klein and Derek Sandoval discuss exactly what has changed as well as what these changes mean for real estate professionals and those applying for a loan. Jennifer Klein is a REALTOR® in Northern California who is experienced …

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FHA Audit Results Are In…

Blog Contributor Business Challenges, FHA Programs, Helpful Tools, YPN News 1 Comment

By Dave Robison The Federal Housing Administration’s reserves are high, their defaults are low, and the average borrowers credit scores are 720. So why did FHA recently change premiums, etc.? Because of the annual audit. FHA just had its annual audit that they reported to Congresss.  Their worry was how the audit was  going to turn out. They changed many …

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HUD Seeks Public Comment: This Means You

Blog Contributor Business Challenges, FHA Programs, YPN News 6 Comments

By Nobu Hata The skinny: The Department of Housing and Urban Development is seeking public commentary through Aug. 14 on three “measures” that “reduce financial risk and preserve affordable mortgage financing for responsible consumers.” The measures: 1.     Update the combination of credit and down payment requirements for new borrowers.  New borrowers seeking FHA-insured financing will be required to have a …

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No Tax Credit? No Problem!

Blog Contributor FHA Programs, Sales & Marketing 2 Comments

By Michelle Flaherty Has the incentive for first-time home buyers to break into the market just gone away? My non-scientific market research has shown me that it has not.  My buyer clients are still excited about the house hunting process, low interest rates, and attractive offerings at low prices – and I’m hearing the same from my peers. In fact, …

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FHA Condo Financing & Stunting Real Estate Recovery

Blog Contributor Business Challenges, Condominiums, FHA Programs 9 Comments

By Laura Rubinchuk

When I heard about the new FHA DELRAP/HRAP guidelines for condo financing, my gut reaction was, “Well, I might as well go find another job.” Some of the subjective guidelines for the new approval process will greatly affect my market:

-Proximity to a noise (i.e. busy streets, highways) -Proximity to a gas station -Percentage of commercial space