Very Good Question to Ask!

Where did the 1.5 Billion go?

I have been working with buyers wanting to buy short sales or foreclosed homes. Because of working with the buyers we get to know the sellers of these homes.

It is becoming harder and harder to understand the banks and the government. Common sense is not very common.

The money needs to already be in the hands of those that where affected by the Banks. Who is really looking out for them?

Commentary with Frank Garay and Brian Stevens at the National Real Estate Post!
http://www.viddler.com/v/a65f6f84

<iframe id="viddler-a65f6f84" src="//www.viddler.com/embed/a65f6f84/?f=1&offset=0&autoplay=0&secret=85922310&disablebranding=0" width="545" height="349" frameborder="0" mozallowfullscreen="true" webkitallowfullscreen="true"></iframe>

FHA Changes That Will Effect Buyers

April 1st 2013 FHA Changes
FHA customers it is time to buy your home prior to April.

The new FHA monthly (annual) MIP effective for FHA case numbers assigned on April 1^st and beyond is much more expensive than before.

The date of the FHA case number is determined by an executed contract sent to the buyer’s lender, who then requests the case number from FHA. Be sure to instruct any lender that you are using to immediately pull the FHA case number for your contract so that you the buyer can avoid the increased charges. (Note: This change does not apply to streamline refinance transactions of existing FHA loans that were endorsed on or before May 31, 2009)

The monthly cost is going up AND the required duration that the fees must be paid (regardless of home value/LTV) is increasing BIG.
This will push many people (if they have a choice) to VA, USDA and Conventional financing in the future.

**Important!- Get the FHA case number requests in early. Please try not to request the FHA case numbers in the immediate days preceding the change. If this is the case, you may still have to pay the higher fees if another lender holds that case number (from a previously failed FHA transaction) and cannot transfer it in time.

Prudential Texas Properties In House Lender can help Cell: 214-668-9486

Aspire Lending

Mortgage Consultant

NMLS # 176459
Full details on this change can be seen on HUD’s Mortgagee Letter 2013-04.