Access Real Estate Lending by Daniel C. Salas

Welcome to Access Real Estate Lending

Welcome real estate professionals and new visitors to Access Real Estate Lending’s redesigned web site @ accessloans.net. Access is one of Northern California’s premier mortgage lending companies located  in beautiful Chico, CA at 1051 Mangrove Avenue. Our friendly, experienced and knowledgeable mortgage bankers specialize in many loan programs and will guide you through every step of the loan process. The information on this site is updated regularly. Stay informed with updates and current trends taking place in the mortgage industry by clicking Industry Updates.

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FHA MORTGAGE INSURANCE CHANGES JUNE 3RD

On January 31, 2013 HUD issued Mortgagee Letter 2013-04, announcing a number of revisions concerning the cancellation of the annual Mortgage Insurance Premium (MIP).  This change rescinds the automatic cancellation of the annual MIP collection.  The change will require that for loans with FHA case numbers assigned on or after June 3, 2013 (FHA case numbers must be dated on or after the application date), FHA will collect the annual MIP for the maximum duration permitted (see chart below). FHA loans...Continue Reading!

Gift Fund Documentation Requirements

Gift fund documentation is an important requirement of HUD and our investors. All gift fund conditions are a PTD condition and can’t be moved to a PTF condition. Below are the documentation requirements for gift funds:   FHA Fully completed gift letter Copy of gift check Evidence of withdrawal (either bank statement or withdrawal slip) If funds go into borrower’s account: Copy of bank statement to show deposit with new balance If funds go directly to escrow via wire: Wire account numbers to match donor’s bank statement If funds go...Continue Reading!

Making Certain You Get Your “Keys On Time”

Some Stats: That housing market is heating up, all over the nation, and Chico, Paradise, and the surrounding area are no exception! On April 4th, CoreLogic reported that home prices rose by 10.2% annually in the month ended in February. The largest annual gain since March of 2006, and was the 12th consecutive monthly increase in home prices, nationally. Housing Starts were up an amazing 47% in the year ended in March of 2013 to 1.036 million units and up 72%...Continue Reading!

HUD’s Revision to FHA Cancellation and Increase of Annual MIP

From the U.S Department of Housing and Urban Development (HUD): Mortgagee Letter 2013-04 Signed: Carol J. Galante (Assistant Secretary for Housing - Federal Housing Commissioner) Download a copy here Subject: Revision of Federal Housing Administration (FHA) policies concerning cancellation of the annual Mortgage Insurance Premium (MIP) and increase to the annual MIP Purpose:  Consistent with FHA’s ongoing efforts to strengthen the Mutual Mortgage Insurance Fund, FHA is: Revising the period for assessing the annual MIP Removing the exemption from the annual MIP for loans with terms of 15...Continue Reading!