IMPORTANT Reminder

Effective for all new FHA loans : FHA is increasing their Upfront Mortgage insurance Premiums 4/5/10.

What does this mean? This policy change will increase premiums for both purchases and refinances.

Who will this impact? Any FHA loan that our team has not yet started Processing. All FHA loans currently in Processing will not be impacted, as long as the property does not change.

What should you do to avoid the increase? . It is possible that FHA will be very backed up with these changes. While FHA will be “open” Saturday, case numbers requested on Friday or Saturday may not be assigned prior to April 5, 2010, and therefore, be subject to the higher premium. If you are considering refinancing or purchasing, utilizing FHA financing, we need the property address as soon as possible

Please contact our office with any questions.
questions@integrityaz.com

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Tue, Oct 20 – 12:29 PM ETHUD Secretary Donovan said today that the Obama administration will decide within a few weeks if it will extend the $8,000 tax credit beyond the November 30 expiration deadline CONFIDENTIALITY AND PRIVILEGE NOTICE
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‪First-Time Homebuyer Credit: Scenarios S1. If a single person (Taxpayer A) qualifies as a first-time homebuyer at the time he/she purchases a home with someone (Taxpayer B) that is not a first-time homebuyer and then later that year they marry each other, is the credit still allowed?A. Eligibility for the first-time homebuyer credit is determined on the date of purchase. If Taxpayer A, a first-time homebuyer, buys a house and then later that year marries Taxpayer B, not a first-time homebuyer, the credit is allowable to Taxpayer A. Taxpayer A may take the maximum credit.S2. Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much? A. Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A’s primary residence.S3. A taxpayer owned her principal residence. Several years ago, she decided to relocate to a rented apartment, but did not sell the former residence. Instead, she rented it out to tenants. Now the taxpayer plans to buy another house and make it her new principal residence. Does she qualify for the first-time homebuyer credit?A. A taxpayer who owned rental property within the past three years is still eligible for the credit. The taxpayer cannot have owned and used a home as his or her principal residence within the last three years. CONFIDENTIALITY AND PRIVILEGE NOTICE
This e-mail from Nova Financial & Investment Corporation dba Nova Home Loans contains confidential information intended only for the addressee(s). Information in or attached to it may be privileged, confidential or protected by law. If you are not the addressee (or a person responsible for delivering this transmission to the addressee) you are strictly prohibited from reading, copying, disseminating or distributing it. If you have received this e-mail in error please notify Nova Home Loans by replying to this message or calling Nova Home Loans at 1-800-955-9125 then delete it and any attachments from your system and destroy any print outs you may have made. Thank you.

FHA 90 Day “Flip Rule” Changes

FHA Property Flipping Waiver

 

Last week, FHA made changes to its property flipping guidelines.  The changes have seemed to cause a bit of confusion and I wanted to clarify the message which was sent out.

 

FHA has held a 90 day property flipping guideline for sometime now. In June of 2008, FHA issued a 1 year exemption to the property flipping rule on foreclosed properties. The change made last week was only to extend the exemption for another year and add a new exemption for foreclosed properties that have been purchased by state or local governments using funds granted to them through the Neighborhood Stabilization Program (NSP).  I have attached the verbiage which was sent out in 2008 as well as the verbiage from last week should you like to read the exact details.

 

As I mentioned above, FHA has been steadfast on their 90 day property flipping rule for many years. However, they do have certain exceptions to this guideline which are noted below:

 

• Sales by HUD under its Real Estate Owned
• Sales by other US Government agencies of single family properties pursuant to programs operated by these agencies
• Sales of properties by nonprofits approved to purchase HUD-owned single family properties at a discount with resale restrictions
• Sales of properties that are acquired by the seller through inheritance
• Sales of properties purchased by employers or relocation agencies in connection with relocations of employees
• Sales of properties by state and federally charted financial institutions and Government Sponsored Enterprises
• Sales of properties by local and state government agencies
• Sales of properties within Presidentially declared Disaster Areas