FHA Condo Update

This update contains the temporary changes to the FHA Condo Approval Process as outlined in Mortgage Letter 2009-46 B.
Here are the 65 things you need to know about these changes:
1. These temporary changes are effective on December 7th, 2009 through December 31st 2010; except for Spot Loan Approvals.
2. Spot Loan Approvals will be eliminated as [...]

FHA Loan Limits in the Bay Area High Cost Areas in the Stimulus Package

Once they were out, but now they’re in. The magical system that produces legislation in Washington has now produced an economic recovery bill which once-again includes higher loan limits.
The National Association of Home Builders reports that the final legislation “will help home buyers in high-cost markets by extending the FHA, Fannie Mae and Freddie Mac [...]

What the stimulus act of 2009 included for FHA in 2009-

It’s called H.R. 1 and now it’s a done deal. http://www.opencongress.org/bill/111-h1/text
American Recovery and Reinvestment Act of 2009 has passed the Congress, a $787 billion measure that will be instantly signed by President Obama.
What makes this bill interesting from an FHA perspective is what’s missing. Efforts to increase FHA loan limits magically fell out of [...]

Bay Area FHA loans drive the purchase market with City First Time Home Buyer Programs

FHA loans will be the primary financing tool used in 2009 along with city funded Down Payment Assistance Programs (DAPs). With seller funded down payment programs not available such as Nehemiah city DAP’s will be the driving force in 2009 for closing cost assistance or down payment help.  FHA can be used with [...]

Hayward, CA First-time Homebuyer Down Payment and Closing Cost Assistance Program-

The City of Hayward is committed to increasing the number of residents who own their homes especially in this tough time.  The city recognizes that there are many families who want to own a home and can qualify for a mortgage and afford the monthly payments, but are unable to save enough for [...]