HUD
Ilyce Glink on WSB Radio – CredAbility.org, Changes to HAMP, and HUD Financing – June 13, 2010
Ilyce Glink Show – June 20, 2010 – Today on the Ilyce Glink Show Ilyce talked with people from CredAbility.org about their recent name change from Consumer Credit Counseling Services, and they discussed the recent changes in HAMP, the Making Home Affordable Plan. After discussing HAMP, Ilyce invited Shannon Judd from PEMCO to discuss purchasing a HUD home and HUD financing. For more of the best real estate, personal finance and consumer advice, listen to more of the Ilyce Glink Show on WSB Radio
HUD Bidding Process: How Does the HUD Bidding Process Work?
How does the HUD Bidding Process work? For all HUD homes, there is an automated bidding process to purchase a HUD home. Buyers who want to purchase a HUD home for a primary residence usually have a lead over real estate investors. A HUD certified real estate agent can help you purchase a HUD home through the HUD bidding process.
ID Theft Possible With HUD Home For Sale
Identity theft scams are taking the form of HUD home sales. Don’t let the promise of a great deal on HUD home lure you into falling for ID theft. Even with a HUD home, which is just a home with an FHA loan that has gone into foreclosure, you still need to perform your due diligence as a home buyer. Use a real estate agent who is licensed to sell FHA loans and have a real estate attorney check on the validity of the sale and the real estate agent. As always, be very careful of giving your Social Security number or any other personal information to anyone you haven’t fully checked out for security.
FHA Strengthens Requirements For Lenders
The Federal Housing Administration (FHA) announced Monday it will increase regulations to the net worth requirements of FHA-approved lenders.
Refinancing Low-Balance Loan Not Worth Refinance Fees
Make sure you calculate the costs of refinancing before trying to get a new loan. If you have a low balance loan, a lot of lenders won’t even let you refinance. And refinancing wouldn’t make any difference in your monthly payment, anyway. If you decide to refinance, make sure you understand the costs involved in refinancing, how long it will take you to pay off your loan, and what your monthly payments will be.
Mortgage Loan Modification Hell? Here’s What The Obama Administration Is Doing To Help You
Mortgage Loan Modification Hell? Here’s What The Obama Administration Is Doing To Help You. The Obama Administration kicked off its nationwide campaign to help borrowers who are in the trial phase of mortgage modification get their loans converted to permanent modification status. The goal is to have at least 375,000 borrowers converted to permanent loan modification status by the end of the year. HUD will introduce new tools and outreach to get borrowers to send in complete mortgage loan documentation.
HUD Revised Streamline Refinance Transactions
Streamline mortgage refinance applications will be undergoing some changes. Under the HUD revised streamline refinance, there are changes to the mortgage seasoning, payment history requirements, and verification of assets, employment and income. For a streamline refinance without an appraisal there will be a new maximum mortgage amount, and under the HUD revisions, there is is maximum combined loan-to-value amount for the streamline refinance. Read the full letter below for more details on the changes to HUD streamline refinance applications.
FHA Cash Reserves Fall To Lowest In History
FHA cash reserves fall to the lowest level in history, below the congressionally mandated level. The Federal Housing Administration’s mortgage insurance cash reserves fell to the lowest levels in recorded history, 0.53 percent. The FHA announced today FHA cash reserve levels have fallen below the congressionally mandated threshold. The annual independent accounting survey of the FHA came with the assessment that additional action needed to be taken to manage risk to prevent further losses.
Ilyce Glink Show on WSB Radio – October 04, 2009
Today on the Ilyce Glink Show, Ilyce went over the latest economic news, including an Atlanta Flood update, September job cuts and unemployment rate rises. Ilyce took questions from callers, and she weighed the pros and cons of Section 8 housing with an investment property owner who is thinking about converting his rental into low-income housing. Ilyce also advises a caller who is taking care of her mother’s long-term care to update their wills with an estate attorney. Listen to the podcast here, and check Ilyce’s blog for more show notes and links.
New HUD Home Affordable Modification Loss Mitigation Program for FHA Loans – Mortgagee Letter
HUD announced a new loan modification program for FHA borrowers that will help FHA borrowers who are having trouble making their mortgage payments by creating a second interest-free loan for up to 30 percent of the loan amount. New monthly payments will be amortized on the remaining portion of the loan balance, which should lower monthly costs for homeowners. The second, interest-free loan does not have to be repaid until the primary loan is paid off.
