FHA unveils “Back to Work” Guidelines for those who had a Short Sale or Foreclosure

UPDATE Sept 9, 2013: I just received a memo from our management and we are doing FHA’s “Back to Work” program for home buyers who meet the criteria.

HUD released Mortgagee Letter 2013-26, also referred to as “Back to Work” featuring enhanced guidelines for home owners who lost their homes via short sale or foreclosure due to financial difficulties. “Back to Work” shortens the required wait periods for borrowers wanting to buy a home again.  From ML 2013-26:

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One month left before FHA mortgage insurance is permanent…SO WHAT??

Borrowers not wanting to have FHA mortgage insurance as part of their mortgage payment for the life of the loan have about thirty days to take action. This shouldn’t be a reason to panic. 🙂

Effective FHA case numbers issued June 3, 2013 and later, FHA mortgage insurance will become a permanent part of the FHA mortgage payment.

Why do I say “SO WHAT?”

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Buying a Duplex to live in with an FHA mortgage

mortgageporter-seattle-duplex-1One of my favorite blogs to follow, Get Rich Slowly, recently published Reader Stories: I bought a duplex to save money on rent. The author of the post describes how he used an FHA mortgage to buy a duplex and with renting out the unit he was not living in, he wound up paying less for his housing than when he was renting.

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Why you should compare FHA to a Home Advantage Mortgage

If your credit scores are 680 or higher and you’re considering buying a home located anywhere in Washington state using FHA for your mortgage, you may want to consider the Home Advantage Mortgage program.

Home Advantage is a mortgage program created by the Washington State Housing Finance Commission. Only Loan Officers, like yours truly, who have completed WSHFC training are allowed to offer this program.

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Home Advantage Mortgage with Down Payment Assistance

2013-03-07_0746Home Advantage is a program that is offered through the Washington State Housing Finance Commission.  Home Advantage is typically combined with a Home Advantage second mortgage that can finance closing cost and the down payment. Unlike the House Key program (state bond), this program has unlimited funds available for qualified Washington home buyers.

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Get Ready for Round 2 of Changes to FHA Mortgages

mortgageporter-round-twoEffective this week, FHA annual mortgage insurance premiums were once again increased on loans with case numbers issued April 1, 2013 or later by 10 to 15 basis points. This is just the first round of changes that were issued with HUD Mortgage Letter 2013-04.

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No Fooling! Time’s Running Out on Reduced FHA Mortgage Insurance Premiums

There are just a few days left before FHA mortgages will have another increase to annual mortgage insurance premiums. Effective with case numbers issued April 1, 2013 and later, FHA annual mortgage insurance premiums will adjust an additional 10 bps to 15 bps.

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FHA Streamlined Refi for your Investment Property

Did you know that if your existing mortgage is FHA on your investment property, that it may qualify for an FHA streamlined refi?

Here’s the scoop for a non-owner occupied FHA streamlined refi:

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