New FHA guidelines have been announced to prevent short-seller sellers from buying replacement properties with an FHA mortgage. These new FHA loan requirements apply in cases where “a previously owned property was sold for less than what was owed (short … Read More

Ok, so the home buyer tax credit was recently revised and extended through April 30, 2010.  And this time it includes extra provisions to allow repeat home buyers to benefit as well as first-time home buyers.  Let’s breakdown the most … Read More

Ok, so the home buyer tax credit was recently revised and extended through April 30, 2010.  And this time it includes extra provisions to allow repeat home buyers to benefit as well as first-time home buyers.  Let’s breakdown the most … Read More

YES! You could use an FHA loan to buy a home in San Francisco and many parts of the bay area today. Historically, most of the bay area has simply had home prices too high for FHA to make sense. … Read More

For First Time Buyers, purchasing a Condo in Orange County is not the easiest thing these days, but for at least a another month, FHA has issued a bit of a reprieve for condo shoppers. Back on June 12, FHA … Read More

Mortgagee Letter 2009-19  was issued on June 12, 2009 and provided guidance for the new approval process for Condo’s. The changes are dramatic. Currently, FHA has a list of Approved Condo’s. If a project is on the approved list then … Read More

Big changes are coming to the FHA Streamline Refinance program that will affect Orange County, CA home owners ability to take advantage of the program. the changes are set to take effect. According to the newly issued Mortgagee Letter 2009-32, … Read More

A federal jury today convicted Lila Rizk, 42, of Trabuco Canyon and Kyle Grasso, 38, formerly of Santa Monica of conspiracy, bank fraud and loan fraud charges for their roles in a mortgage fraud scheme that led to more than … Read More

Three stories from DataQuick: June Seattle MSA Home Sales and Median Prices Last month 16.9 percent of all resales were houses or condos that had been foreclosed on in the prior 12 months, down from 19.2 percent in May and … Read More

Nick Timiraos at the WSJ writes: Study Finds Underwater Borrowers Drowned Themselves with Refinancings (ht Jack) Why are so many homeowners underwater on their mortgages? … Michael LaCour-Little, a finance professor at California State University at Fullerton, looked at 4,000 … Read More