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Chico Home Loans Category
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!
Some Statistics: 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!
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!
Beginning March 4, 2013 Freddie Mac's Open Access refinance loan program through HARP 2.0 will have these changes: Unlimited LTV/CLTV LP Only 620 Minimum FICO MI Transfers Allowed All Occupancies Allowed If you cannot see the Flash PDF, view it here: HARP Open Access Relief Unlimited Below is only a snapshot of Open Access and information is subject to change. Continue Reading!