Comments on: Am I Eligible for FHA Secure? http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Bail out plan to help just 13% of borrowers in trouble http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/comment-page-1/#comment-11195 Bail out plan to help just 13% of borrowers in trouble Sat, 28 Jun 2008 20:19:50 +0000 http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/#comment-11195 [...] refrain is all-to-common in trying to solve the mortgage mess.  FHA Secure, remember that one?  How many folks are being helped there?  Not many.  Loan modifications?  [...] [...] refrain is all-to-common in trying to solve the mortgage mess.  FHA Secure, remember that one?  How many folks are being helped there?  Not many.  Loan modifications?  [...]

]]> By: Bail out plan to help just 13% of borrowers in trouble http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/comment-page-1/#comment-11196 Bail out plan to help just 13% of borrowers in trouble Sat, 28 Jun 2008 20:19:50 +0000 http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/#comment-11196 [...] refrain is all-to-common in trying to solve the mortgage mess.  FHA Secure, remember that one?  How many folks are being helped there?  Not many.  Loan modifications?  [...] [...] refrain is all-to-common in trying to solve the mortgage mess.  FHA Secure, remember that one?  How many folks are being helped there?  Not many.  Loan modifications?  [...]

]]> By: Tammy http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/comment-page-1/#comment-9893 Tammy Wed, 20 Feb 2008 00:45:13 +0000 http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/#comment-9893 I just received a letter from Metro Finance as follows: As mandated by the Federal Housing Administration (FHA) your Adjustable Rate Morgtgage (ARM) with xyz bank (id: xxxxxxxxx) is being processed into a 6.875% fixed rate morgage. Is this for real? My original mortgage was with xyz bank but then sold and not to Metro Finance. It has my actual loan origination date, new loan number and original loan amount. Thanks for the help I just received a letter from Metro Finance as follows:

As mandated by the Federal Housing Administration (FHA) your Adjustable Rate Morgtgage (ARM) with xyz bank (id: xxxxxxxxx) is being processed into a 6.875% fixed rate morgage.

Is this for real? My original mortgage was with xyz bank but then sold and not to Metro Finance. It has my actual loan origination date, new loan number and original loan amount.

Thanks for the help

]]> By: Alex Andreev http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/comment-page-1/#comment-9880 Alex Andreev Tue, 19 Feb 2008 01:21:59 +0000 http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/#comment-9880 Morgan Brown - I'm not sure which lenders you're working or whether you're a broker or not. I am, however and I would like to correct you (you sound so far like one of these "Brokers Are Evil" crowd) - all of the major world banks and mortgage lenders we use have a maximum YSP of 3% so the most a broker can make on a FHA loan is 4% total in fees paid to the broker. Based on today's pricing, 6.5% is the maximum rate a broker can charge on a 30 yr fixed through our channels. This is hardly a rip off for the customer. Morgan Brown – I’m not sure which lenders you’re working or whether you’re a broker or not. I am, however and I would like to correct you (you sound so far like one of these “Brokers Are Evil” crowd) – all of the major world banks and mortgage lenders we use have a maximum YSP of 3% so the most a broker can make on a FHA loan is 4% total in fees paid to the broker. Based on today’s pricing, 6.5% is the maximum rate a broker can charge on a 30 yr fixed through our channels. This is hardly a rip off for the customer.

]]> By: Merritt Noel http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/comment-page-1/#comment-9120 Merritt Noel Fri, 18 Jan 2008 21:26:45 +0000 http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/#comment-9120 The FHA Secure is a step in the right direction. In my opinion increasing the FHA loan limit is exactly what the doctor ordered. The FHA Secure is a step in the right direction. In my opinion increasing the FHA loan limit is exactly what the doctor ordered.

]]> By: Morgan Brown http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/comment-page-1/#comment-6453 Morgan Brown Tue, 06 Nov 2007 01:11:29 +0000 http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/#comment-6453 Hi Delorise - any institution that is HUD approved can write the FHA secure loans. Just ask the bank or lender if they are HUD-approved or FHA-approved and if they are they can provide that loan for you. I hope this helps. Hi Delorise – any institution that is HUD approved can write the FHA secure loans. Just ask the bank or lender if they are HUD-approved or FHA-approved and if they are they can provide that loan for you. I hope this helps.

]]> By: Delorise S. http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/comment-page-1/#comment-6410 Delorise S. Mon, 05 Nov 2007 00:07:41 +0000 http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/#comment-6410 Which lenders are certified to do FHA Secure loans? Which lenders are certified to do FHA Secure loans?

]]> By: Qualifying for FHASecure and Refinancing in a Changed Mortgage World http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/comment-page-1/#comment-5729 Qualifying for FHASecure and Refinancing in a Changed Mortgage World Fri, 19 Oct 2007 17:09:40 +0000 http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/#comment-5729 [...] FHASecure is designed to allow people to qualify for FHA financing even with late mortgage payments on their credit; provided that those mortgage lates are the result of their adjustable rate mortgage moving higher, making the payments unaffordable.  That’s all fine and dandy, but what many people fail to realize is that FHA lending is not subprime lending as it has become known over the last several years.  In the past subprime lending allowed for stated income, dubious income documentation (such as letters of reference, business bank statements, etc.) and little or no borrower assets.   This led to a surge in borrowing, because now almost everyone qualified for low rates via subprime.  However, as those 2-year ARMs (2/28s) become adjustable those same people are finding it exceptionally difficult to qualify for financing; whether through FHA or a company still “doing subprime.” [...] [...] FHASecure is designed to allow people to qualify for FHA financing even with late mortgage payments on their credit; provided that those mortgage lates are the result of their adjustable rate mortgage moving higher, making the payments unaffordable.  That’s all fine and dandy, but what many people fail to realize is that FHA lending is not subprime lending as it has become known over the last several years.  In the past subprime lending allowed for stated income, dubious income documentation (such as letters of reference, business bank statements, etc.) and little or no borrower assets.   This led to a surge in borrowing, because now almost everyone qualified for low rates via subprime.  However, as those 2-year ARMs (2/28s) become adjustable those same people are finding it exceptionally difficult to qualify for financing; whether through FHA or a company still “doing subprime.” [...]

]]> By: Morgan Brown http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/comment-page-1/#comment-4315 Morgan Brown Thu, 20 Sep 2007 21:58:59 +0000 http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/#comment-4315 Ann - You are right - while the front origination is maxed by FHA to 1% the yield spread available is only limited by Section 32 and state guidelines, which can be up to 7% (some banks cap at 5% but still)... Michelle - the only thing is that there has to be some underlying collateral value, if they just streamline they could be effectively funding at 125% + on properties in distressed areas. it is a difficult balance to provide some relief vs. a full bail out (which most people are against). Ann – You are right – while the front origination is maxed by FHA to 1% the yield spread available is only limited by Section 32 and state guidelines, which can be up to 7% (some banks cap at 5% but still)…

Michelle – the only thing is that there has to be some underlying collateral value, if they just streamline they could be effectively funding at 125% + on properties in distressed areas. it is a difficult balance to provide some relief vs. a full bail out (which most people are against).

]]> By: Morgan Brown http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/comment-page-1/#comment-4314 Morgan Brown Thu, 20 Sep 2007 21:56:59 +0000 http://blownmortgage.com/2007/09/18/am-i-eligible-for-fha-secure/#comment-4314 Thanks Aunty J and Kathy. I appreciate it. Thanks Aunty J and Kathy. I appreciate it.

]]>