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FHA Proposes Loosening its Flipping Rules
By Dean Tucker, Waterstone Mortgage – Prime Equity Group in Boise Idaho It appears that starting February 1st, 2010, HUD / FHA is going to loosen their guidelines pertaining to property flips. THIS IS HUGE!!! According to HUD’s Shaun Donovan, some of the restrictions will be temporarily lifted beginning February 1st to further promote home sales. Here are some basic guidelines we have... [Read more]
FHA Announces Major Changes, Effective Immediately
By Dean Tucker, Waterstone Mortgage – Prime Equity Group in Boise idaho This morning the FHA announced a series of changes designed to protect the federal agency that has emerged as the cornerstone of the mortgage market as the housing sector wobbles toward recovery. Consumers, Lenders and Realtors may find some of these new rules painful — but necessary. With FHA hovering around 40% of... [Read more]
New rules at FHA could change the way first time home buyers in Boise Idaho purchase homes.
David Stevens bought his first home almost 25 years ago, paying just 3% down with a loan backed by the Federal Housing Administration. “I had no money in the bank,” he says. “If it weren’t for the FHA, I wouldn’t have gotten that home.” Now, as FHA commissioner, Mr. Stevens has to decide how many others to let through that door. Souring FHA-insured mortgages are... [Read more]
Federal Reserve policymakers were conflicted
Some Federal Reserve policymakers last month were conflicted over whether to expand or cut back a program intended to drive down mortgage rates and bolster the housing market, according to a document released Wednesday. Minutes of the Fed’s closed-door meeting on Dec. 15-16 revealed that a “few members” thought that the Fed’s $1.25 trillion program to buy mortgage securities... [Read more]
FHA Head Praises Realtor Role in Recovery
Realtors® are the face of the housing market, the focal point of information, involvement and inventory, and the Federal Housing Administration is committed to help them be successful, FHA Housing Commissioner Dave Stevens told more than 1,000 Realtors® at a gathering here today. “You help to stabilize the community, and without homeownership, there can be no stability in communities,” Stevens... [Read more]
