Archive for November, 2009
What is the purpose of this program?
To provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.
What are the eligibility requirements?
- The borrower must meet standard FHA credit qualifications.
- The borrower is eligible for 96.5% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
- Eligible properties are one-to-four unit structures.
- To learn more about the mortgage limits in your area, go?here
For More Information
Call Ken Cook at 678-439-8683 I am a Senior Mortgage Lender with AmericaHomeKey in Marietta, Georgia residential mortgage licensee 23191.
— Ken Cook NMLS ID 208452
The question comes up again and again about FHA 203k loans and real estate investors. The short answer is, “no, the FHA 203k loan is not for real estate investors”. For over a decade I have had real estate investors call me saying they had been to a seminar where they were told about FHA 203k loans for real estate investing and I have had to educate many to the reality – not because I’m so great but because I have been an FHA HUD approved lender for many years.
So what about the FHA 203k loan can benefit a real estate investor? Read the rest of this entry »
— Ken Cook NMLS ID 208452
Originally posted on Active Rain on 11/12/2009
NOTICE: Although the new HUD1 and GFE have been released we don’t start using them until January 1, 2010 so no need to stop, drop and roll.
Read the rest of this entry »
— Ken Cook NMLS ID 208452
Earlier in 2009 HUD put a nail in the coffin of one of the only stimulas packages that had ever been successful without spending your tax dollars and that was Down Payment Assistance offered by companies like Nehemiah. The way it was worded was to say that homes purchased using independent, not-for-profit down payment assistance on FHA home loans, in Georgia and around the nation, somehow magically had a higher foreclosure rate than homes purchased using taxpayer funded down payment assistance. It was not true but I digress. Read the rest of this entry »
— Ken Cook NMLS ID 208452
HIGHLIGHTS ONLY - I don’t want to distribute incorrect information so if you have a viable correction please make it known in the comments.
HR 3458 “The Worker, Home Ownership and Business Assistance Act of 2009″
While it is called an “Extension and Modification of the First-Time Homebuyer’s Tax Credit” it really is an extension and overhaul or re-construction. Modified doesn’t seem to cover it. If you are interested the full text of the Resolution signed into law is found at?this link on Thomas Library of Congress. (This is also based on?S 1678 dated September 16, 2009 and passed unanimously in the Senate.) Read the rest of this entry »
— Ken Cook NMLS ID 208452
Many home loan mortgage programs have different requirements for maximum income levels by borrower and or household. Each state has different areas and often a single MSA or AMI may cover multiple counties. It is always best to consult with your home loan mortgage professional but, only as a guideline, here is the HUD AMI (Area Median Income) list for Georgia as of November 2, 2009. In Georgia call Ken Cook at 678-439-8683
— Ken Cook NMLS ID 208452