Saturday, July 19, 2008

Some Excerpts on SHort Sales, FNMA, & Flips

Due to the credit crisis and short sale crack down in the banking industry, FNMA title companies and short sale attorneys are quickly moving away from flips and flipping transactions.

Some Florida mortgage pros areas may not yet be affected by short sales but they will be soon throughout Florida and FNMA flipping geography. Seasoning issues on a FNMA flip will also be looked at with a much keener eye so you will need to consider that as well as the FNMA Flipping rules. Some Florida flips are still using trusts with a $1 consideration when needed, but I am not sure who does teh short sale of real estate and flip that way. Since they can determine the sales price by backing into it with the Florida conveyance tax, that seems to me to be a short sale problem.

Here is just one letter sent out by a FNMA short sale title company. (I have heard this same thing from a number of sources.) Please take this as someone trying to help you (and others) stay out of trouble, not trying to tell people what they are doing is wrong.


Wednesday, July 9, 2008

Developing the current fha apr timetable

Have you checked the current fha apr lately? It is interesting to note that there are many current apr synopsis posts surfacing and they all seem to compe to the same annual percentage rate (APR) conclusion. That is, current fha apr is elusive.

Seek more info on current apr in today's climate.

Monday, July 7, 2008

Wandering FHA APR is Current

Wandering from FHA mortgage loan office to FHA loan office, the current mortgage loan applicant needs to ask about FHA APR. There are many reasons the current fha apr needs to be examined. This is currently a problem for people trying to study annual percentage rate.

We have looked into this problem and created a discussion for it on current fha apr.

Friday, July 4, 2008

Too much talk about the Current FHA APR

Way too much talk about the importance of the current fha apr in the marketplace today. I mean if you are getting a mortgage loan with a 3% down payment and the loan can close on time then the current fha apr is not going to matter as much as the fixed interest rate portion or lock-in for the loan. You can lock in the loan at the current fha apr and that may vary from fha mortgage lender to mortgage lender.

The main thing to know about current fha apr is that the fha does not set the apr. the apr is a function of the loan amount less the prepaid finance charges and then they use that figure to calculate an amount financed. All of this goes into what is called a ‘federal box’ and this is on the federal truth in lending act or TILA. You can calculated the current fha apr from the truth in lending statement.

Today’s FHA APR currently.