Most lenders right now will cap the maximum number of financed properties at 4. But Fannie Mae recently relaxed there guidelines to 10 properties total. Problem is most lenders still have the cap at 4. Can you get a loan if you have more than 4? The answer is yes, but there are some tough…
I took the NMLS Licensing test on Friday, January 22, 2010, and passed with a score of 93% on the first try at the test. This is a new requirement for all mortgage originators of residential mortgage loans that they must pass the national licensing test as well as complete a 20-hour licensing education course….
Great news for Delaware Home Buyers looking to purchase a home through FHA, the 90-day seasoning flip rule has been temporarily lifted by FHA. This change will allow buyers in Delaware to use an FHA Mortgage when purchasing investor and bank-owned properties that have been owned for less than 90 days by the seller. On…
FHA Commissioner David Stevens announced that FHA will be making changes effective April 2010 for all new FHA loans. The changes are being implemented to ensure that FHA can keep a capital reserve of 2.0%. The changes are as follows; 1) FHA upfront mortgage insurance premium will increase from 1.75% to 2.25%. It can still…
2010 Tax Credit for First Time Home Buyers & Move Up Buyers The Senate and the House of Representatives have passed the bill and now it goes to President Obama to be signed into Law. Highlights of the Bill; $8,000 tax credit for First Time Home Buyers $6,500 tax credit for move-up buyers Buy…
The Delaware State Housing Authority offers the Delaware mortgage revenue bond program to assist Delaware First Time Home Buyers. They offer a 3% grant for down payment assistance with one of the programs. The funds for 2009 have run out on this program so Delaware home buyers can no longer receive the 3% down payment…
Common Mistakes made by Delaware First Time Home Buyers 1) They don’t ask enough questions of their realtor and end up missing out on the best deal. 2) They don’t act quickly enough to make a decision and someone else buys the house. 3) They don’t find the right agent who is willing to help…
Some congressmen are becoming more concerned about the Federal Housing Administration’s financial plight and they want to increase FHA’s downpayment requirement to 5%. Rep. Ed Royce, R-Calif., said FHA is operating at the same dangerous leverage ratios that led to the takeover of Fannie Mae and Freddie Mac. Rep. Scott Garrett, R-N.J., said he has…
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