Saturday, September 4, 2010

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From the category archives:

Mortgage Programs

California FHA Streamline Refinance Without Appraisal Guideline Update 2010

by Jonas Kruckeberg June 17, 2010

California FHA Streamline Refinance guidelines received a boost recently, a boost in the right direction for most borrowers. Turns out for the past 7 months, since November 17, 2009 the majority of FHA lenders have misinterpreted their investors’ needs for proper documentation.
Since November, Streamline FHA refinances have had traditional guidelines – prove income, provide [...]

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Understanding the FHA Mortgage Insurance Premium (MIP)

by Jonas Kruckeberg March 28, 2010

The FHA Mortgage Insurance Premium is an important part of every FHA loan.
There are actually two types of Mortgage Insurance Premiums associated with FHA loans:
1.  Up Front Mortgage Insurance Premium (UFMIP) – financed into the total loan amount at the initial time of funding
2.  Monthly Mortgage Insurance Premium – paid monthly along with Principal, Interest, [...]

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Why Do I Need To Pay A VA Funding Fee?

by Jonas Kruckeberg March 28, 2010

The VA Funding Fee is an essential component of the VA home loan program, and is a requirement of any Veteran taking advantage of this zero down payment government loan program.
This fee ranges from 1.25% to 3.3% of the loan amount, depending upon the circumstances.
On a $150,000 loan that’s an additional $1,875 to almost $5,000 [...]

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California USDA Home Loans

by Jonas Kruckeberg March 2, 2010

California USDA Home Loans are in high demand in Riverside County especially in the cities of Menifee, Temecula, Murrieta and Sun City, just to name a few. For a home buyer USDA Home Loans has everything you’d ever want in a loan program.
USDA Home Loan Highlights

100% Financing
No Down Payment
No Mortgage Insurance
No Cash Reserve Requirements
No [...]

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Closing Cost Assistance and Appliance Incentive for California Fannie Mae Homes

by Jonas Kruckeberg February 2, 2010

Fannie Mae is offering a 3.5% incentive* for California home buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:

Closing costs;
The purchase [...]

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FHA Will Survive

by Jonas Kruckeberg January 21, 2010

When the Government poops on us, turn it into fertilizer, right?
FHA announced yesterday, January 20, 2010 some additional policies:
WASHINGTON – Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to [...]

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FHA 90 Day Flip Rule is Waived

by Jonas Kruckeberg January 19, 2010

Just when you thought there was no where to turn – Home Buyers, Home Sellers, Home Investors – HUD just gave a nice boost for California FHA insured mortgages.   The 90 Day Flip Rule that hindered FHA buyers and certain home sellers from going into contract together has been temporarily waived for 1 year.
Starting [...]

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