Luis Pezzini : FHA

90 Day FHA Hold Suspended

Luis Pezzini — Fri, 29 Jan 2010 18:59:00 GMT

In an effort to stabilize home values and improve conditions in communities where foreclosure is high HUD secretary Shaun Donovan announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. The waiver will take effect FEBRUARY 1St, 2010 and is effective for 1 YEAR, unless otherwise extended or withdrawn by the FHA commissioner.

To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions: • All transactions must be arms length, with no identity of interest between the buyer and the seller or other parties participating in the sales transaction. • In cases in which the sales price of the property is 20% or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions. • The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Time to buy in Los Angeles?

Luis Pezzini — Wed, 21 May 2008 18:02:00 GMT

I honestly think it is. You owe it to yourself to at least to find out what's out there. There are great REO's properties, these are bank owned properties, get a free list in Los Angeles www.ForeclosureListLA.com.

Also did you know FHA is alive and kicking... 3% down that's hard to beat. Call us and get qualified.

Thanks,

Luis Pezzini

310-275-2076

Is it time to buy in Los Angeles?

Luis Pezzini — Wed, 21 May 2008 18:02:00 GMT

Also did you know FHA is alive and kicking... 3% down that's hard to beat. Call us and get qualified.

Thanks,

Luis Pezzini

310-275-2076

Why bother with FHA?

Luis Pezzini — Tue, 22 Apr 2008 14:50:00 GMT

For my people it is the only way they will be able to purchase a home in their lifetime. So, if you are planning to purchase a home in the next year it would to your benefit to find out as much as possible on FHA and any other programs that might be available to you. Most of these programs are not permanent so it is important to act quickly as things change.

So what is FHA?

The Federal Housing Authority AKA FHA, is a government agency established in the 1930, 1934 to be exact, it was created as a means to improve homeownership by providing insurance protection to the lenders who provide mortgages to homeowners.

It is important for you to understand that FHA is an insuring agency; it does not make actual loans.

So what kinds of loan does it insure?

The most common and popular of the program are the following three:

1) 203(b) they are 10,15,20,30 year fixed rate periods.

2) The 203(h) is designed to help victims of major disaster who have lost

their homes, and are in the process of rebuilding or buying a new home.

3) 203(k) is focused for repair and rehabilitation of single family properties.

The bottom line is that thanks to these loans you may be able to purchase your next home as the required credit score is very loan, the minimum credit score is currently 580. Refinance is also available as long as you have 85% loan to value.

There are many other advantages in using FHA; they make it possible to get a loan in many cases where conventional lenders would walk away. It is important that you understand that not all lenders are not necessarily FHA approved, if they are not approved they can not provide the FHA option. All lenders, mortgage brokers must go through a lengthy, timely and expenses process to get approved with FHA.

As you interview prospective lenders ask if they are FHA approved.

Luis Pezzini

Theloansurveyor.com

SunsetStripRealty.com