portland: Official First Day Of Spring.
- 04/19/09 09:10 AM
March 20th was officially the first day of Spring for 2009, but it was not my first day of Spring. For me the first day of Spring is not a day on the calendar, or as defined by Wikipedia "Spring comes in between the 19th to the 23rd of March and at different times. It changes on a yearly basis because the first official day of spring is the (Spring) Vernal Equinox. This is when the sun is directly above the equator. It rises due East and sets due West and does not do so on the exact same day every … (12 comments)
portland: Connecticut Housing Finance Authority (CHFA) CT Families New Refinance Program.
- 04/18/09 07:22 AM
CHFA just rolled out its new CT Families Program which is now self-insured, unlike the previous program that followed FHASecure Guidelines. This new version of that program might finally make this a viable program for those who are in trouble on their mortgage, because of it being an Adjustable Rate Mortgage (ARM). The previous program was basically a: Refinance program for subprime borrowers And it was Insured by FHA. The new programs main differences are: Refinance program for families experiencing or having experienced hardships Self-insured by CHFA The main thing that still remains common between the two is that only … (4 comments)
portland: FHA Approvals ............. Follow-Up.
- 04/17/09 12:16 PM
Three weeks ago I wrote a blog "FHA Approvals" about how it looked like FHA was loosening up on the Debt-To-Income Ratio's, and that I would be keeping an eye on it to see if that was really the case. Well it is now three weeks later, and in that time I have had five more Borrowers that received an Approved/Eligible through Automated Underwriting (DU) with ratio's around 42+ on the front/top ratio and 55+ on the back/bottom ratio. This is enough to convince me that FHA has made an adjustment to the level of risk that they are willing to … (2 comments)
portland: DPA's ............... Not A Good Idea
- 03/13/09 07:21 AM
As you know, AmeriDream, Nehemiah and other Down Payment Assistance programs (DPA's) were eliminated October 1, 2008. FHA had been trying to eliminate these programs for years, and they were heavily opposed not only by the organizations that provided this service, but also by many Brokers and Loan Officers who made a very good living as a result of their Borrowers utilizing the DPA's. The two sides went at it pretty hot and heavy but when the smoke cleared and Bill H.R. 3221 was past, FHA came out on the winning side. The merit of DPA's has been blogged about here … (11 comments)
portland: Obama Plan ............... New Refinancing Program.
- 03/11/09 08:52 AM
Yesterday I wrote the first of two parts on the Homeowner Affordability & Stability plan that was released by the Obama administration on Wed March 4th. Which contained two major parts they hoped would have an impact on assisting homeowners with troubled mortgage. The first part of the plan which I blogged about yesterday is a modification program that Servicers will offer to borrowers with high debt-to-income ratios or who are at risk of foreclosure. The second part of the plan which I am blogging about today, a refinance program for existing Fannie Mae or Freddie Mac loans. As I stated … (32 comments)
portland: Connecticut FHA New TEMPORARY Loan Limits 2009
- 02/26/09 05:31 AM
Ever since the passage of the New Stimulus Package, we have been anxiously awaiting FHA to formally announce their new higher Loan Limits. This finally happened yesterday when FHA published Mortgagee letter 2009-07 which included the 2009 TEMPORARY FHA loan limits which will be the same as the 2008 TEMPORARY LIMITS. I say TEMPORARY because they will only be in effect until December 31, 2009, unless FHA extends them. Below are the new FHA TEMPORARY Loan Limits for Connecticut.
However, these new TEMPORARY LIMITS will not go into effect until investors start accepting them, which should happen over the next … (15 comments)
March 20th was officially the first day of Spring for 2009, but it was not my first day of Spring. For me the first day of Spring is not a day on the calendar, or as defined by Wikipedia
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