To Boost Sales Of Foreclosures, FHA Suspends Anti-flipping Rules

Call it three birds with one stone: The federal government hopes to help low-down-payment home buyers, investors who fix up foreclosures, and communities burdened with too many bank-owned and foreclosed homes -- all with one potentially far-reaching policy change. The Federal Housing Administration is revising its long-standing anti-flipping rules starting Feb. 1 and just might score a hit with all three target groups. For years, the FHA has had a strict prohibition: It wouldn't insure a mortgage on a house if the seller had owned it for less than 90 days.

To read the entire article, please visit: http://www.washingtonpost.com/wp-dyn/content/article/2010/01/28/AR2010012804704.html

HUD FY2011 Budget Focuses On Fiscal Discipline, Investing In People And Places

Housing and Urban Development (HUD) Secretary Shaun Donovan today unveiled the Department’s fiscal year 2011 budget proposal, following President Barack Obama’s presentation of his Administration-wide budget. The HUD budget focuses on fiscal discipline, creating jobs and builds on the administration’s first year accomplishments by proposing reform in HUD’s housing and community development programs to make them more streamlined, efficient, and accountable.

To read the entire article, please visit: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-026

Yet Another Try At Foreclosure Rescue

Under fire for the low number of people receiving long-term mortgage help, the Treasury Department on Thursday announced new guidelines that will require applicants to provide all paperwork before getting a trial modification. The new policy will make it harder for troubled homeowners to start the process, but it should make it easier for them to qualify for permanent assistance under President's Obama foreclosure prevention plan

To read the entire article, please visit: http://money.cnn.com/2010/01/28/news/economy/loan_modification/index.htm

Obama's Loan Modification Plan

To everyone who was paying attention, many homeowners needed more bailout help in 2009 than the Wall Street bankers. Help did finally arrive in Obama’s Loan Modification Plan. It shared several names including HARP and the 125 Plan. What’s news is the administration’s Loan Modification Plan allows homeowners to refinance their current mortgage payments up to that of 125% of the present property value of the property. This is critical with many properties losing most or all of their equity over the last year. It now let’s mortgage holders refinance their current mortgage payments up to an amount equal to 125% of the present property value.

To read the entrie article, please visit: http://www.release-news.com/index.php/finance/1205-new-section-of-obamas-loan-modification-to-help-provide-mortgage-relief-for-homeowners

FHA Relaxes Resale Requirements!

So on the lending front many things have changed. The FHA loan program which is driving the majority of sales in todays market has adjusted multiple times and recently there has been another adjustment, which might just make it more attractive for purchasers to take a chance on a foreclosed property in disrepair. For years the FHA required purchasers must put 3% of the sales price into the deal. Yet limited their responsibility to that, meaning any additional fees the seller was required to pick up the slack on behalf of the purchaser.

To read the entrie article, please visit: http://www.examiner.com/x-1606-DC-Real-Estate-Examiner~y2010m1d21-FHA-relaxes-resale-requirements

FHA Withdraws Approval of Three Lenders and Suspends a Fourth

The Federal Housing Administration’s Mortgagee Review Board (MRB) has announced that it is immediately and permanently withdrawing the FHA approval of three mortgage lenders and is suspending a fourth. The MRB withdrew the FHA approval of Strategic Mortgage Corporation (Strategic), ProMortgage Inc., and Americare Investment Group Inc. (doing business as Premier Capital Lending. Additionally, the MRB has suspended the FHA approval of Home Mortgage Inc. (HMI) of Burr Ridge, Ill. “FHA takes its oversight role very seriously and will move swiftly and decisively to protect borrowers from unscrupulous lenders,” said FHA Commissioner David Stevens.

To read the entrie article, please visit: http://nationalmortgageprofessional.com/news15639/fha-withdraws-approval-three-lenders-and-suspends-fourth

HOUSING: FHA Loosens Loan Modification Rules

Homeowners can now apply for a federally backed mortgage modification program before they get behind on mortgage payments, the Federal Housing Administration announced Friday. A change in the rules will allow homeowners who experience a sudden loss of income or other financial distress to apply for a loan modification though the Housing Affordable Modification Program before they miss a payment. Previous rules only admitted homeowners who were at least 60 days behind.

To read the entire article, please visit: http://www.nctimes.com/business/article_7f904588-6841-553a-b3ce-51844aa6941e.html

New FHA Loan Requirements Won't Negatively Affect Most

The Federal Housing Agency has announced changes to its lending practices for loans most popular with first time home buyers, but local experts said this will mean little change to most potential buyers. "With all the big banks we read about that are having problems and everything else, they want to make sure that these lenders and FHA, which is more of an insurance program for loans, is around for a long, long time," said Hart Weatherford, president of Nashville based Farmington Financial Group.

To read the entire article, please visit: http://www.newschannel5.com/Global/story.asp?S=11861022

FHA Changes Rules

FHA backed mortgages which have increased dramatically in the Sacramento area during the past few years and have allowed many first time buyers get into a home will be harder to obtain. The changes announced this week by the Federal Housing Administration also included a provision which may accelerate the recovery of the Sacramento real estate market. The FHA makes it possible for buyers to get a mortgage with a down payment of just 3.50 percent compared to the standard 20 percent for a conventional loan.

To read the entire article, please visit: http://www.rocklintoday.com/news/templates/realestate_california.asp?articleid=8523&zoneid=48

Picking The Sweet Spot In Real Estate

First the housing market tanked, eventually sending home prices down 30% from their 2006 peak. Then came warnings that commercial real estate would be the next shoe to drop -- and that the problems could dwarf those in the residential market. Lately the signs of distress have become starkly visible: Prices of commercial property such as apartment buildings, malls, and offices have fallen more than 40% over the past two years. Rents are down, and vacancies are at their highest levels in more than two decades.

To read the entire article, please visit: http://money.cnn.com/2010/01/12/pf/investing_reits.moneymag/index.htm