Real estate blog entries tagged with chfa mortgages by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages)

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chfa mortgages: Be Careful Of What You Receive In The Mail! - 06/19/09 03:09 PM

Lately more and more of my Borrowers having been calling me, because they have been receiving offers in the mail that make it seem like they were sent by us. These offer covered a number of areas, from refinancing, loan modification, bi-weekly payments, lower interest rates as well as others.
These offers are not sent on McCue Mortgage Letterhead, but will mention McCue Mortgage very early in the letter, and are worded in a way to make the Borrower think the letter was sent from us. This is a very sneaky way of trying to get the Borrower to call the … (11 comments)

chfa mortgages: Fannie Mae Ratio's Increasing. - 06/18/09 02:15 PM

At the end of March I wrote a blog about FHA loosening up on Debt-To-Income ratios. Up until that point I had not been able to get an Approved/Eligible on a FHA Loan with front ratios higher than 38 and back ratios higher than 52. Since then I have gotten Approved/Eligible’s on FHA Loans with ratios 43+ on the front and 57 on the back.
Well this past week I started to see a similar change with Fannie Mae. Up until now I had not seen an Approved/Eligible on a Fannie Mae (Conventional) Loan with Debt-To-Income ratios higher than about 41/55. … (12 comments)

chfa mortgages: FHA ........ Major Condo Approval Change!!! - 06/16/09 10:47 PM

Well so much for my blog yesterday about not having seen any change to the Underwriting Guidelines lately. This morning my office made me aware of FHA's latest Mortgagee Letter 2009-19 that was issued on June 12th. In this latest Mortgagee Letter FHA is announcing MAJOR change to their Condo Approval Process.
"In accordance with the passage of the Housing and Economic Recovery Act (HERA) of 2008, the Federal Housing Administration (FHA) is implementing a new approval process for Condominium Projects to insure mortgages on individual units under Section 203(b) of the National Housing Act. FHA will now allow lenders to … (66 comments)

chfa mortgages: Market Update - 06/15/09 04:03 AM

Looks like things have calmed down a bit, and hopefully Buyers will take advantage of this before the next storm hits.
Over the last two to three weeks we have been seeing a lot of volatility in the market and as a result we saw a major upward movement in the interest rates. Prior to that it was changes to the Underwriting Guidelines for many of the Loan Programs, especially Fannie Mae and Freddie Mac. FHA saw some change as well in particularly to effort that were made to make the $8,000 Tax Credit available prior to Closing.
The end of … (5 comments)

chfa mortgages: Wordless Sunday - 06/14/09 12:36 PM

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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
… (11 comments)

chfa mortgages: Another Great Open House Sunday - 06/08/09 12:04 PM

Last week I Posted a blog about what a great day last Sunday was for Open Houses "Great Day For Open Houses". The weather was perfect and the Buyers were out, I even got to do a Pre-Appoval for one of the Buyers. Well as good as last Sunday was, this Sunday was even better.
We were having our Annual Church Picnic right after Church, but there were two Realtors that I wanted to talk to, and they were both doing Open Houses. So I stopped by their Open House, and each of them had Buyers at them. Now this is … (4 comments)

chfa mortgages: Annual Middlesex County Real Estate Luncheon - 06/06/09 09:37 AM

The Annual Middlesex County Real Estate Luncheon will be held this coming Wednesday June 10 at Saint Clements Castle, 1931 Portland Cobalt Road, Portland, Ct.
There are many reasons to attend this event, but three stand out. First it is a great time to see and spend some quality time with many of our Real Estate colleagues that we might not normally see during the year. Second the facility that the event will be held at Saint Clements Castle is a great place to go for an event such as this. And Third it will be a fun relaxing time where … (7 comments)

chfa mortgages: Wordless Wednesday - 06/03/09 02:54 PM

chfa mortgages: Great Day For Open Houses!!! - 05/31/09 12:58 PM

Today was a perfect day for Open Houses, the weather was perfect, and the Buyers were out. I stopped by four Open Houses and all were busy except one, because of the type of property.
The Buyers that I saw at the Open Houses were mainly First Time Homebuyers, and all of them excited about the possibility of purchasing their first property. Each of them had a lot of questions for the Realtors that were holding the Open Houses.
It is unusual for me to pick up a new Borrower when I stop an Open Houses, but today was the exception. … (14 comments)

chfa mortgages: Latest $8,000 Tax Credit ADVANCE ........... Is It Really What It Appears To Be? - 05/29/09 01:05 PM

FHA issued MORTGAGEE LETTER 2009-15 today, once again making a provision or provisions for the $8,000 Tax Credit (Gift) to be received before the Closing on a property.
Now before anyone gets to excited about this, like many did before, you really NEED to read the entire Mortgagee Letter, once you do, you will most likely not be as excited about this provision. There are several catches, and I really don't know if eligible lenders are going to get on board with this.
The new provision while allowing for the $8,000 to be received in advance, does not permit it to … (8 comments)

chfa mortgages: FHA & CHFA Condo Lists. - 05/26/09 07:56 AM

Yesterday I commented on a blog that Donna Bigda wrote on Condominiums, and she suggested that I add a couple of links for Buyers to have as a resource.
The comment that I made was that most Condo Loans that I do are for First Time Homebuyer, and that FHA and Connecticut Housing Finance Authority (CHFA) are the two main loan programs that I use for them, because most First Time Homebuyers do not have much money to put down on a house or condo. I also suggested that if a Realtor is working with a Buyer that will be using … (15 comments)

chfa mortgages: Wordless Sunday - 05/23/09 09:34 PM

chfa mortgages: Happy Memorial Day!!! - 05/22/09 07:23 AM

chfa mortgages: Wordless Wednesday ................ Priceless!!! - 05/20/09 01:42 AM

chfa mortgages: Wordless Sunday - 05/17/09 07:23 AM

chfa mortgages: Wordless Wednesday - 05/13/09 01:33 PM

chfa mortgages: Eliminate Closing Surprises! - 05/11/09 10:21 AM

I keep hearing about Buyers getting last minute surprises before their loan closes, and this is something that should not happen if everyone does their job during the loan process. The reason why there are surprises are because the necessary steps were not taken, someone tried to take a shortcut along the way, and those involved in the transaction did not pay attention to conditions that needed to be met in order for the loan to close.
It all starts with a Buyer being Pre-Approved for a loan correctly. You can read a blog that I wrote recently "It Is A … (15 comments)

chfa mortgages: Appraisal Issues Continue To Be Big Problems!!! - 05/09/09 06:26 AM

The effects of slow sales in the last two quarters of 2008 and the first quarter of 2009 are beginning to be felt more and more on recent sales. Despite all of the recent changes by Fannie Mae, Freddie Mac, and PMI Companies, the biggest obstacle that I am having with getting loans approved recently is appraisals.
Because of the slow sales in the last two quarters of 2008 and the first quarter of 2009, Appraisers are having a difficult time in finding Comp's to support recent sales. I wrote a blog at the end of last month "Slow Sales Causing … (14 comments)

chfa mortgages: It Is A Great Time To Buy ........... Get Pre-Approved Today!!!! - 05/06/09 06:28 AM

This is a great time to purchase a house, the prices and interest rates low and Sellers are motivated to sell. So Buyers whether they are First Time Homebuyers or have bought several homes in the past, need to get Pre-Approved for a loan first to determine what price range they are qualified to purchase in.
A Realtor will most likely not take a Buyer to see a house unless they know that the Buyer is qualified to purchase a house in that price range. So it is important to get Pre-Approved as early as possible so that neither the Buyer … (12 comments)

chfa mortgages: Great Memories ............. Great Choice!!!! - 05/02/09 09:42 AM

Yesterday I was driving by one of our local Little League Fields, and it brought back some very pleasant old memories. I stopped the car and luckily had my camera with me, so I was able to take the picture below.

Both my sons played many games on these two fields, but they did not look this nice back then. Through a lot of work and lobbying when I was on the Middletown Little League Board of Directors, we were able to get Lights and Sprinklers put in, as well as a concession stand. Back then there were … (12 comments)

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