Changes always make for great conversation. Just a few years ago that conversation was relatively limited in reach to inner office or group communication. With the advent and proliferation of the Internet and all it brings information truly spreads at the speed of light. With everyone having the same amount of reach regardless of having the same knowledge and experience the “playing field” for readership is equalized.
The Federal Housing Administration, the arm of the Department of Housing and Urban Development which insures mortgages on millions of home, recently adopted some changes and announced a smattering of proposed changes which have the potential of making it more difficult for struggling Americans to enter the housing market or make a change in housing. Read the rest of this entry »
— Ken Cook NMLS ID 208452
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help bring stability to home values and accelerate sale of vacant properties
WASHINGTON – In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes. Read the rest of this entry »
— Ken Cook NMLS ID 208452
The IRS has released their new form for the first time homebuyer’s tax credit.
The most important new line is here:
If you are claiming the credit on your 2009 (or later) tax return, you must attach a copy of the properly executed settlement statement (or similar documentation) used to complete the purchase (see instructions).
It seems the IRS finally wised up that people were fraudulently stating they had already purchased the home when indeed the purchase had not yet been completed.
Link to the document http://www.irs.gov/pub/irs-pdf/f5405.pdf
— Ken Cook NMLS ID 208452
There is little secret about the devastation delivered to the real estate industry in the Atlanta area over the last twenty-four months. Values plummeted in 2009 as more properties made their way to the market through increasing numbers of foreclosures leaving banks and investors holding inventory unlikely to resell in months if not years.
Making matters worse many of the foreclosed properties are not in prime condition with many of them needing repairs to return them to livable condition. Add to this trouble the number of properties which have been vandalized while vacant and those continue to set in a deteriorating state further impacting the values of other properties in the area. Read the rest of this entry »
Community Outreach Leader and Licensed Loan Officer NMLS ID 208452 - office address 2300 Windy Ridge, Atlanta GA, 30339— Ken Cook NMLS ID 208452
Home buyers and home sellers across America have a friend and ally they may not be aware of. For many buyers the “perfect” location may not be the “perfect” home. Due to the recent downturn in the economy, which many agree will level out this year in spite of Congress’s best efforts to destroy it, there are many homes for sale either by private owners or lenders who have taken?possession.
Real estate owned is the common term for bank owned properties which many investors are well familiar with as REOs. The foreclosing lender rarely, if ever, will perform any upgrades or maintenance to the average home before putting it on the market. For buyers with 20% down and plenty of cash to cure the issue this is not a major concern. However with the increasing number of buyers using FHA for their fairly liberal 3.5% down payment this is an issue. Read the rest of this entry »
Community Outreach Leader and Licensed Loan Officer NMLS ID 208452 - office address 2300 Windy Ridge, Atlanta GA, 30339— Ken Cook NMLS ID 208452
Making it more obvious every time regulatory changes are made at high level that those who make the changes are more in favor of big banking than the individual HUD and the GSEs have struck again. Beginning in January you will have a new Good Faith form and HUD settlement statement. The objective is to make it easier for the customer to comprehend and shop for mortgages. The result is it is easier to find the numbers but no easier to shop for mortgages. Read the rest of this entry »
— Ken Cook NMLS ID 208452
Just when you thought the changes were slowing here come some of the most sweeping changes in the mortgage industry in decades. Brokers are all but gone – down to numbers less than 20% of less than two years ago. In Georgia alone the number of licensed mortgage brokers has dropped from 8700 to only 1800 in less than 24 months. Brokers may very well soon be all but dinosaurs.
Get ready for the opportunity to participate, and present, to hundreds of real estate and mortgage people across the nation about how to beat the changes and still provide services for your clients. Bankers, lenders, real estate agents, appraisers, and others will be invited to join.
Stay tuned! Ken Cook 678-439-8683
— Ken Cook NMLS ID 208452
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