2007 BAILOUT update “FHA Secure iniative”

[Ex-SD]

chiph:
1. Does the borrower have to substantiate their income and qualify for the loan or is it another giveaway program?
2. I know that you posted that the borrower can get a loan if they owe more than the home is worth. Are you talking about a circumstance where they re-fied the property and took cash or are you talking about a circumstance where the property is worth substantially less now because of depreciation in the marketplace? i.e………does the home have to fall under some guidelines where an appraisal is concerned?

I’m just trying to figure out if this is really going to help someone who is in true need or is this something that scam artists can have a field day with.

Thanks

[lendingbubblecontinues]

guys-

I think he’s gone…I believe shift change at McDonald’s was around 4 o’clock

[Anonymous]

The volume is increasing every day. We are currently managing 81 refinance transactions across every state. California is a different market because of the higher values carried by the market. It is true that the FHASecure loans are subject to the FHA loan limits, however, California carries much higher limits than do other states. In addition, the FHA guidelines are being rewritten to move the values even higher than they are today. We are keeping interested parties informed through our web site. If you want to see what the FHA limits are, by county, go to http://www.fhasecurehomeloans.com and hit the FHA Mortgage limits button and you can receive the data you want.

[Anonymous]

You seem a little bitter towards lenders. There are some unscrupulous people in every business including the mortgage business. We specialize in FHA loans which require full income disclosure for people seeking affordable housing. By guidelines, we are closing loans which put borrowers in a better financial position over time.

The direct answer to your question is yes, FHA will review the mortgage note originally signed by the borrower. Usually, the income documents and asset paperwork will be the same paperwork turned in for the original loan. Secondly, no, FHA does not close non owner occupied or spec homes according to their guidelines. I hope this was helpful.

[rocket science]

Am I reading the “fha mortgage limits list” chart from the sight correctly and the highest limit for a one family home in CA is $362,790???
If so, that won’t help most of the people in CA that paid the run up prices.

rs

[Anonymous]

Lendingbubbleco has some agenda which I cannot figure out. I also cannot reason why he does not respect people who work at McDonalds. We have closed loans for McDonalds employees who are proud of the hard work they put in to earn their money. I wonder if lendingbubbleco has ever put in a hard days work?

[Anonymous]

It depends on the county. You have the opportunity to put in the state and county and it will tell you the lending limits. Remember, a second is allowed behind the FHA loan. Also, the guidelines are being rewritten to increase the limits.

[Anonymous]

In response to EX-SD, with FHA loans you must substantiate your income with W2 or tax returns to qualify. The second point is well stated. Right now arrearage, closing costs, pre payment penalties, escrows, and purchase money seconds can be included in the refinance transaction. Guidelines are currently being rewritten so stay tuned. If you took a negative amortization loan, or have had significant market depreciation and you owe more than the property is worth, you may qualify to refinance with FHASecure. To get more information about how this is done, chat with one of our experts at http://www.fhasecurehomeloans.com

[lendingbubblecontinues]

“Also, the guidelines are being rewritten to increase the limits.”

Make sure this doesn’t happen….call and urge your congressman to vote NO on H.R. 1852. The vote could come next Tuesday, 9/18/07.

chiph–if you are an honest, ethical broker who has never (not once) succumbed to the temptation to bend the rules for a borrower, then I applaud you and your integrity

on McD’s–I respect all hard-working individuals regardless of where they work, what they do, or why they do it. Now, if someone had very little integrity, I might not feel so bad if they were relegated to living the life of the typical fast-food worker, which I am sure is grueling

hard day’s work? me? nope. never. see, there’s a difference between working hard and working smart–now if you’ll excuse me, I’ll need to get under my desk before Mr. Steinbrenner returns;)

[lendingbubblecontinues]

new agenda–ignore trolls

[Anonymous]

At least you have a good sense of humor which is worth something.

[lendingbubblecontinues]

cheers

[SD Realtor]

lendingbubble – that was a vintage episode…

chiph – develop a thick skin and you do fine here….

Chiph – lets talk about the San Diego market in general since that is my own selfish world. What do you see the FHA limits being pushed up to? Do you think the 125% of the median will happen as it is trying to wind it’s way through congress?

The biggest thing that I am concerned with, is that here we are basically providing taxpayers money to now insure people who could not afford their own home to begin with. Even with stronger underwriting I am worried that we now take someone who has once failed, rewrite their loan, then they struggle a few more months, then they lose their job then my tax dollars go to work for them…

This is my big concern. I am much happier with the way things are now and I am a big believer in letting the market forces capitulate like they need to do.

SD Realtor

[DaCounselor]

“hard day’s work? me? nope. never. see, there’s a difference between working hard and working smart–now if you’ll excuse me, I’ll need to get under my desk before Mr. Steinbrenner returns;)”
_______________________________

just hope he doesn’t bring his grandkids to work or that someone doesn’t call in a bomb threat…

[Anonymous]

No telling what the new ceiling on FHA limits will be. Personally I think the limits will be pushed to at least the conventional limit of $417,000. Since this is crisis management, it makes sense to help the most home owners without plunging into the same fiasco created by the ARM loans in the first place.

As for your concerns about the bailout aspect of the new program, I can only say that everyone deserves a second chance. It is much better to have these homeowners in their own home at 6.5% for 30 years than 11% for 6 months.

[Author]

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