Rosemont Financial presents the FHA Blogger

New Appraisal Requirements

04.4.2008 | 10:27 am | Uncategorized

FHA announces new appraisal requirements this week. Borrowers will have to have two appraisals if they meet the following criteria’s:

· The loan amount, excluding the upfront mortgage insurance premium, will exceed $417,000, and

· The LTV excluding upfront MIP, equals or exceeds 95%, and

· The property is determined as being in a declining market.

How is a declining market determined?

By the appraiser: The appraisal report requires the appraiser to indicate if the property is located in a declining area in both the neighborhood section of the appropriate appraisal form as well as in the housing trend section, and/or determine if there is an “over-supply” of properties. The certifications contained in the appraisal reporting forms are supplemental standards to the Uniform Standards of Professional Appraisal Practice (USPAP) and Certification # 14 specifically requires an appraiser to consider and report on all conditions that impact value. Appraisers must provide specific support for any conclusions noted in the Housing Trend section of the appraisal report and research local price trends, relying upon such services as local Multiple Listing Services or others as described below.

By the lender: The lender may determine through services such the S&P/Case-Schiller Index, Office of Federal Housing Enterprise Oversight (OFHEO) Index or National Association of Realtors (NAR) statistics, or through an automated underwriting system, e.g., Fannie Mae’s Desktop Underwriter or Freddie Mac’s Loan Prospector, that the property is located in a declining market area.

Most of L.A and Ventura County are in a declining market. FHA is going to take the lower of the two appraisals.

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FHA rates for April 4 2008 California

04.4.2008 | 10:22 am | Rates

30 year fix with a fico over 600 your rate would be 5.875%

30 year fix with a fico under 600 your rate would be 6.625%

If you have any questions please call me at 805-857-0484

Beth

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How to calculate MI

04.3.2008 | 10:26 am | Uncategorized

I have been asked on FHA loans how do you calculate the MI. Well this is very simple, all you do is add .5 to the rate. So if you rate is 6.00 add .5 then calculate your rate at 6.5.

Now say you have made you payments on time for three years you can ask your lender to remove the MI.

Also if you pay 20% down on your loan the MI will go away on it’s own.

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FHA rates April 3 for California

04.3.2008 | 10:21 am | Rates

30 year fix with a fico over 600 your rate would be 6.00%

30 year fix with a fico under 600 your rate would be 6.625%

If you have any questions please call me at 805-857-0484

Beth

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April 1 2008 FHA rates for California

04.1.2008 | 9:28 am | Rates

30 year fix with a fico over 600 your rate would be 6.00%

30 year fix with a fico under 600 your rate would be 6.625%

If you have any questions please call me at 805-857-0484

Beth

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Selling FHA with Assurity

03.31.2008 | 12:10 pm | Uncategorized

If you are a loan officer or a broker who is not FHA approved however you would like to start selling the FHA products, we have an option for you.

At Assurity Financial Services, we will hire you on as a W2 employee for all of your FHA needs. We provide web training on what a FHA product is, and how to sell it.

The splits are good at 91% and the support is there for your needs.

If you are interested please email me at beth.bastian@assurityhomeloans.com or go to http://www.assuritysales.com/index2.asp and click video presentations. You will need to fill out a short form, under where did you hear about us please click “Referral From another Assurity Loan Officer” and put my name Beth Bastian.

If you would like to see today’s rate sheet please email me and I will forward it to you.

We are licensed in the following states: