Don’t feel skunked if an REO or Short Sale is right on your street….but if you are trying to sell your house…you certainly will feel it. It’s just a fact of the times. Be brave.
Thank goodness for the machine turning into loans for people http://www.hud.gov/
Check out the “hope for homeowners fact sheet“! Most important- people want to know some options. Things are changing pretty fast…here is a quote from the article…
“The President has signed into law the Hope for Homeowners program. This program will continue FHA’s existing and successful efforts to provide aid to struggling families trapped in mortgages they currently cannot afford. Certain borrowers facing difficulty with their mortgage will be eligible to refinance into FHA-insured mortgages they can afford.
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Hope for Homeownership Fact Sheet |
read articles HUD Secretary: FHA has helped 300,000 families find relief with government-backed mortgages
Having helped a seller with a short sale gave me in the line of fire experience with the ups and downs of working with sellers( the bank) that never sold before…
It had a good final result and it sold- we had 4 escrows and 1 finally closed. The difficult part was “Realtor-Agents” trying to do both and not being super great at either. It took a lot of hand holding with escrow, and patience.
All I can say is thank goodness lenders didn’t get to cut out the middle man…..woman REALTORS! We are really like teachers….helping families get moving into a home. It takes education, preparation and hand holding.
For now the G0v is trying to hold out a hand….it has to. Lets hold our hands together.
FHA HUD Real Estate realtors Short Sale
HURRY-for only one more month- FHA will give anyone with a job and 3% down a heck of a great deal no matter what their credit score is. FHA is back in the drivers seat and it’s NOT going to be “one size fits all” anymore. Sorry, low fico score owners….your window is about to close!
1st gear was a fast start- it was the only place to get a loan with 3% down.
2nd gear-FHA moved into first place as other money tried to adjust to the reeling screetching stop of loans. The program was the way things used to be, one size fits all. Everyone with pay stubs proving their job got the same deal, same down, same rate, same rules. This left out the self employed, stated income borrowers, including realtors. Something will turn up sooner or later for us.
Wow, this allowed people with low credit scores to get a home with FHA money.
Home buyers are trying to find their place to jump in. Hurry because its about to stop mid July.
3rd gear-FHA is going to reward higher fico scores and shift into risk-based systems of fico scores and down payments. Kind of like a normal lender before sub-prime, right? Yes.
And FHA is planning to modernize the agency and win back the market share. It started with higher loan limits for California and the East Coast and it won us 729,750. up from 417K.
Realtors should be screaming to the people that have low credit scores.
The buyers should say “Honey-put down the paper, lets buy before July.”
The sellers should follow the realtors advice and prepare for famous Killer appraisals-if it’s FHA it better not have peeling paint anywhere pre -1978 lead based (so-paint) and no crack in any windows (so-replace) and carpet if needed. My photo is to illustrate upside down and peeling paint.
Facts in this article came from LA Times Sunday May 20, 2008 buried on page 7 section K by Kenneth R. Harney of the Washington Post. His article reports on the May 8th speech from Brian Montgomery, the top FHA official speech at the National Association of Real Estate Editors. Author may be reached at kenharney@earthlink.net This should have been front page news. Lets blog it into urgent!
appraisers Brian Montgmomery Federal Housing Authority FHA Gardena and Palos Verdes Hermosa Beach Kenneth R Harney Lomita Manhattan Beach National Association of Real Estate Editors Redondo Beach TorranceWake up America, Your country is shaking as the dragon of the FHA awakens and stretches. Lenders that did them years ago are coming back into the sunlight of
day and this is after the other Realtors from the 1990`s are selling foreclosures in droves. Some agents say Hey, let me into that market! You have to be kidding the other agents say back. I paid dearly for this place. I gave up family time, life energy and everything else as I ran with the tail of a tornado. Its a new day and FHA is the lender of the hour with a 3% down no nonsense loan. 15 year or 30 years and that is the top lending deal for 2008. The new price point is 729,750. in Los Angeles. So you can actually buy a home, That is if you have a job and pay stubs and money for gas for your car. Don’t give sour grapes to the dragon, this may be the sweet sleepy just woke up time that the dragon is nice.
1990s FHA forclosures realtorsI never pictured this before. FHA seemed like a bunch of guys in a smoke filled room with Fannie Mae some old grandma with an apron and nylons crumpled around the ankles.
The Federal Housing Administration www.hud.gov/offices/hsg/fhahistory.cfm.
Attractive seemed like a joke when I heard it. So I had to ask. Here goes.
1. Buyers 3% down
2. No deduction of 5% in our downturned market
3. 30 or 15 year fixed up to 729,750.
4. Gift ok if not seller or agent
5. Some condos were FHA approved by builders
6. Website www.hud.gov to see if the condo you want is FHA approved
7. Impound accounts ( I have heard that a seller can pay closing costs recurring and non recurring
8. What goes around comes around and so did FHA
9. You get what you pay for and the FHA is going to make sure it’s only a house
10. There is little liquid money out there…and the feds are coughing up some “paper stuff” to help the buyers buy a home with what paper money is left after all the Big Deal Businessesbail outs, we know they are in trouble and we better get some house while we can. Will interest go up? Y E S it will.
Fannie Mae FHA
