Steve Nassar of Alpine Mortgage (503) 805-5582 snassar@alpinemc.com has shared the following great info on all sorts of lending topics. Read on- 
Posts Tagged ‘FHA’
Condos Becoming even more difficult to finance with FHA… oh GREAT!
Friday, February 5th, 2010
“Lender Tu” had this to say about recent lending changes concerning condo purchases:
TAKE ACTION NOW! IF YOU NEED TO USE FHA FINANCING…..
Friday, January 29th, 2010
TAKE ACTION NOW if you need to use FHA financing for your purchase or refinance!
A Few Articles Re: interest rates rising & FHA tightening on loan standards
Thursday, January 21st, 2010
Clients of ours forwarded the linked articles below to us for consideration; I’m passing along to you. I do expect FHA will continue to tighten and I do think interest rates will go up. For those of you thinking you want to wait for home prices to reduce, keep in mind that an increased interest rate may eat up any sale price savings and that if you are borderline qualified you may not be eligible for a loan a month from now. If you are a first time home buyer I do not recommend writing on short sales unless they already have a pre-approved amount acceptable to what you would want to pay. Chances are slim you would close in time for the credit and they waste alot of valuable shopping time. Here’s those articles:
FHA down payment to increase from 3.5% to 5%? Yikes!
Thursday, December 10th, 2009HUD is asking Congress to increase the min. down payment to increase from 3.5% to 5% on FHA loans. This would effect ALOT of buyers. My video guys here don’t mention it in this lender video but I’m also hearing that the min. credit score requirement is likely to go up as well. This could happen just after 
the first of the year. If you barely qualify for a loan now; get your bum out there and purchase; don’t waste your time on short sales that are likely to be a waste of time. Remember too, with short sales you can’t lock in your interest rate until you have final 3rd party approval, even if you are fortunate enough to get that what are the chances that the interest rate will still be as good as it is now 2-3 months down the road? Watch Video here! CLICK CLICK CLICK
FHA to Raise Min Down to 5% & to allow No Closing Costs!!!??? HR 3706
Wednesday, October 7th, 2009
Wow, that would really effect home purchases! Watch my favorite daily video guys “TBWS”. They are hilarious as well as informative. Watch Video: CLICK HERE! CLICK HERE!!
“With a little help from FHA”…or not…
Friday, May 15th, 2009With current market conditions there’s a significant swing towards FHA for many reasons, 
3.5% down being the big one, but also the MI, or Mortgage Insurance, is cheaper than with conventional loans with say 5% down. While these programs do help get buyers into homes, there are times where they work against the buyer and on occassion cost the buyer hundreds of dollars in losing a home or thousands more than initially agreed upon with the seller to be able to get it; this is the focus of today’s blog entry.
$8,000 Tax Credit Advance… Don’t Hold Your Breath…
Friday, May 15th, 2009
The below comes directly from Bruce our blogging lender with Landover Mortgage in response to the recent announcement that the $8,000 may be available at the closing table (or at the time of purchase). To read an article on the topic: ARTICLE:CLICK HERE
A GREAT Buy and Fix That House Up LOAN
Sunday, January 18th, 2009
It’s not necessarily new but it’s been modified and lenders are excited to put it to work! I believe it’s referred to as the “203K FHA rehab loan”. I’m still learning the details but it sounds like it’s tailored to help those buyers out there that are wanting to purchase homes that are in need of cosmetic repair. I believe the amount (more…)
Lending is Tightening Again READ FOR BRIEF UPDATE
Thursday, November 20th, 2008
Before I break in the bad news, know that there is a fantastic 100% financing program still available if you are interested in living in the rural area. Homes in SANDY, Oregon QUALIFY! It’s called the “USDA Rural Housing Program”. Now to the unfortunate news. (more…)
Zero Down Loans Through Down Payment Assistance Programs
Friday, August 1st, 2008
Not long ago first time home buyers had the opportunity to purchase a home with zero down (no down payment). Setting aside whether this has contributed to our current mortgage melt-down, there were many buyers who benefited from such loans and would never have been able to purchase a home without them.
Now that such loans no longer exist (due to the inability to obtain mortgage insurance on such loans) the only options today are the “Seller Down Payment Assistance Programs”. The two prominent ones being the Nehemiah and the Ameridream.