hud: HUD reminds LENDERS not to play with fire !!! - 06/19/09 02:26 PM

If you are a loan officer or a lender that uses deceiving practices, who lies, or who likes to commit fraud....  you better watch out. I haven't heard about this as much in the pass, but HUD seems to be cracking down on those lenders that abuse FHA loans and HUD's policys. 
As a warning to others in the lending business, HUD made a press release on June 10th, 2009, stating 3 lenders that have been suspended by HUD. These 3 lenders were suspended for serious violations under HUD's regulations. This is directly from the press release....."The 3 mentioned … (9 comments)

hud: FHA / HUD sets standards for Mortgagee Monitoring - 04/09/09 06:43 AM

For many that don’t know, FHA was created by the National Housing Act of 1934. What people need to understand is that FHA doesn’t make the loans, but that they insure the mortgages for the lenders sake.  The investors/lenders are the entities that make loans to borrowers. HUD, which stands for U.S. Department of Housing and Urban Development, is a government agency that was started in 1965 to help homeowners achieve that American Dream. They help borrowers with HUD approved programs, approves lenders to be FHA approved, and helps borrowers utilize the programs and guidelines set forth for FHA loans. Again, FHA is does … (32 comments)

hud: Buy a HUD home with just $100 !!!! FHA loans made easy.... - 02/21/09 12:17 PM

So, what is a HUD home? It is a home that HUD now owns that was foreclosed upon in which it was an FHA insured property. HUD is then the property owner, in which it trys to sell it to recover the loss on the foreclosure claim.  The home has to be a 1 - 4 family residential property.

So, you heard it right here, you can buy a HUD property for $100.00. You do need to check with the certain HUD incentives though, because they do vary from State to State. The one thing that won't vary is … (15 comments)

hud: FHA loans - FHA mortgages - The difference between HUD & the lenders...... - 02/19/09 12:49 AM

FHA loans in the last 12 months have become one of the most used types of mortgages. There could be several reasons for this......
less money down - 3.5% down lower credit scores - anywhere from 600 down to 550. less than perfect credit no credit at all 2 years out of a bankruptcy Well, things have been changing. No, HUD hasn't really been changing the FHA guidelines, but the investors and banks have been changing them. We are in a credit crunch crisis. Just in the last few months, I have been getting a few calls and … (12 comments)

hud: FHA MIP vs Conventional PMI -- The online truths that are false -- Part 1 - 01/11/08 03:18 PM

MIP update as of 10/1/08  -- New Upfront Mortgage Insurance Premium Changes
Educating the consumer is sometimes the simplest in form, but can be so misleading by those that don't do their research or know what they are talking about. I tell people that I am not god nor am I perfect, but I do consider myself to be very good at what I do. And if I am not sure, I do my research to make sure that it's very accurate.
As I have conversations with others in the real estate profession, it becomes scary to when I … (14 comments)

hud: Adjustable Rate Mortgages - FHA Secure mortgages could be your answer.... - 01/05/08 08:38 AM

Could your adjustable rate mortgage be ready to adjust? Has it adjusted and you are now having problems making your new mortgage payments?
As I stated here, the FHA Secure Loan sounds great, but not all will qualify. But you need to a true mortgage professional to make sure that you would qualify and not just a bunch of broken promises from a sales person.

So what do you need to know to possibly qualify for the FHA Secure loan? Keep in mind, you currently don't have to have a FHA mortgage. But you do have to meet these … (9 comments)

hud: Home Inspections vs Appraising the home - 12/22/07 01:53 PM

I have seen many people fail to realize the importance of a home inspection. A realtor or loan officer can't really tell you to get a home inspection or even not to get one. Desiree Daniels mentions that in here, Agents & Home Inspections - Laying the ground work (Part 1), which inspired me to write this. But they certainly can recommend a home inspection. At least when you are getting an FHA mortgage, you have to sign a home inspection disclosure, telling you that you know that you have the right to choose to do one or not.

hud: FHA & Conventional Mortgages -- Have you been striped of your morals? - 12/15/07 11:15 AM

How many of you know the difference from right and wrong? Know the difference between telling the truth or telling a lie? I will say this, I am not God nor am I perfect. I know when I have lied, when growing up. And I was punished for it. But what about as a professional? Or do we even call these people professionals?
I had the pleasure of meeting a couple today from Sheri Smith. This couple was pre-qualified by another loan officer about 3 months ago. The loan officer told Sheri and her clients, no problems and happy house … (14 comments)

hud: FHA mortgages - FHA loans & things that you need to know about them!!! - 12/08/07 03:58 PM

I had a conversation with my dad this evening because he asked me if I had been paying attention to all of the news in regards to mortgages and the real estate market. This led me to explaining to him about FHA and how it's not used as often. Do you know what he said?  I thought FHA mortgages were for First Time Homebuyers and for people with bad credit. Rut row....
Hence why I am here to explain to everyone that this is not the case. And as I stated here, Will Conventional loans be just like the … (23 comments)

hud: Reverse Mortgages - FHA style..... - 12/02/07 04:10 AM

The Reverse Mortgage is not a FHA mortgage, but it is backed by the government / HUD.  Reverse mortgages are loans that allow homeowners aged 62 and over to convert their home equity into cash while living at home for as long as they want. It's a great way for a home owner to increase their peace of mind and enjoy better quality of life without selling their homes. Especially with today's market conditions in regards to the cost of living.
What's great about this product is that there is no income or credit requirements. 
Some other … (5 comments)

hud: HUD / Down Payment Assistance programs -- DPA & Nehemiah -- Alive for a while.... - 10/01/07 06:11 PM
Down Payment Assistance programs have been halted, but not dead as of yet. These programs have been known as DPA programs and are most used in conjunction with Nehemiah and AmeriDream®, Inc. There are other non-profit companies that have handled the DPA program, but these two are the largest. Personally I have always used Nehemiah and have found them very useful. 
The word out on the street is that as of today, October 1st, 2007, these down payment assistance programs, DPA's, have been stopped.  This would have severe implications on many FHA home buyers and even some conventional mortgages. Most of these … (88 comments)

hud: FHA Secure Loan -- A political move or just being helpful -- The Positives/Negatives - 09/13/07 12:59 AM

The biggest thing to remember is that most of this loan is written under the normal FHA guidelines. The FHA Secure loan program will help some property owners, but not as many as one would think. I will explain this part later.
Now the question has been, who does this really help?  Homeowners who might go into foreclosure if they don't get any payment relief? The government or President Bush, telling people that they care?  Possibly some loan officers who can make so more money off those that they gave subprime loans to in the previous years? My estimate?  I would … (16 comments)

hud: FHA mortgages -- What's all the hype? - 08/30/07 01:38 AM

FHA, FHA, FHA.......  why are more companies doing FHA now than they did in the last 5 years? In my opinion, this is a good thing, yet a scary thing. Why do I say this?  So many lenders and loan officers are now jumping on the band wagon because other financing alternatives are not there anymore.
Peter G. Miller, a columnist for Reality Times mentions that the last two weeks of July showed an increase of 49.1 percent in FHA mortgage loans. He also states that applications for purchases were up 6 percent while refinances grew by 82.6 percent. Wow, why are … (18 comments)

hud: Mortgage Shopping -- The Educated or Uneducated Borrower -- Part 2 of 2 - 08/22/07 04:55 PM

Mortgages ---  May it be a FHA, conventional, VA, or a subprime loan, you don't have to have a college education in mortgages or real estate. Yes, it can be confusing at times, especially for first time homebuyers. And what can even make it more confusing is if you are shopping for a mortgage or a home and you have two different answers or opinions when shopping from 2 different people. What do you do then?  Just remember.....  the cheapest or best rate doesn't always mean that it's the best deal.
So how do we make sure that this doesn't happen to … (19 comments)

hud: FHA Mortgage Insurance Premium & Monthly Mortgage Insurance -- Refunds -- Part 3 of 3 - 08/18/07 04:18 AM

FHA upfront MIP refunds can some what be confusing at times because there are certain dates involved. The refund process has changed about 3 to 4 times in the last 15 years.  In part 1, FHA Mortgage Insurance Premium & Monthly Mortgage Insurance, I talked about the basics of the upfront charge and the monthly insurance.  In this section, I will share with you the types of refunds that are allowed.
The different refunds and their dates: 
The old rule was that if you had paid your off either by selling your house or refinancing in 7 years or less, that you … (10 comments)

hud: FHA Mortgage Insurance Premium & Monthly Mortgage Insurance and how it works -- Part 2 of 3 - 08/17/07 12:08 PM
In the first part, FHA Mortgage Insurance Premium & Monthly Mortgage Insurance and how it works, I talked about how the upfront mortgage insurance and the monthly mortgage insurance worked. After visiting several web sites describing FHA, the mortgage insurance, and who can get these types of loans, I decided to write more about how you need to be careful. I can't tell you have many sites were so wrong and or not updated. I saw a few that even said that the one-time mortgage insurance is 2.25%. This is not correct, it's 1.5% of the base loan amount.
What really … (5 comments)

hud: FHA Mortgage Insurance Premium & Monthly Mortgage Insurance and how it works -- Part 1 of 3 - 08/16/07 01:59 PM

It's crunch time, especially with today's market. Does this make you hungry? Well, many loan officer's are very hungry and not that busy. Which leaves us to my rant of inexperienced loan officers trying to give their clients a FHA mortgage. 
Word of advice :  If you find someone giving you false information or information that doesn't make sense, why stay loyal to them? Seriously, run away, don't walk. Most of the criteria by FHA and HUD is written in stone. No lender can change this no matter what you think or have been told.
In Part 2, I will give you 2 … (15 comments)

hud: An E-MAIL that made my day......... - 08/07/07 03:57 PM
I just wish I could have called it a day after reading this e-mail and just float on cloud 9 the rest of the day. Now I know why I love my job, because of clients such as Rob.
I wrote a post a few days ago, Doctor Doctor, this patient can't be helped!!!! Need a loan Medic., explaining how this was only my 3rd purchase loan ever lost in a 15 year period. And this is including anything that could possibly happen. Meaning that I could have appraisal issues in the past, title issues, etc, etc. Sure, I guess you … (16 comments)

hud: Foreclosure Tips -- How to avoid foreclosure..... - 08/03/07 03:14 PM

Foreclosure can be such a scary word at times. It has become an epidemic in recent years and sometimes it just can't be helped. There are many circumstances that can put you behind the eight ball that have put fear in many Americans. One thing that you can't allow to happen is not to face the truth.
The fear of foreclosure, especially when it starts to happen to you can take a toll on you, your family, affect your work, and anything else that you hold true to yourself. Never, never be afraid to ask for help. It's human nature to … (50 comments)

hud: FHA Energy Efficient Mortgages -- How can I get one...... - 07/17/07 04:12 AM

Saving money is a great thing in any economy, right?  Don't you like to know about the little secrets of cutting corners? How would you like to save over $500 a month just because you improved your home with energy-efficient ideas. 
Are you part of the GREEN family now, because not only did you save money, improve your home, but because you are helping the environment? And did you know that this can be done without spending as little money out of pocket as possible.
HUD states that Congress started a pilot program in 1992 demonstrating the use of energy efficient mortgages, known … (18 comments)

Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages  - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc) Ambassador large

Jeff Belonger

The FHA Expert - FHA Loans - FHA mortgages - USDA...

Cherry Hill, NJ

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