As a borrower it may be a bit more difficult to obtain FHA financing in 2010. Today the FHA announced a series of changes to the FHA insured mortgage program aimed at increasing home ownership in underserved neighborhoods. The program has become the most widely used program for first-time buyers or move up buyers with down payments less than 10%.
November 30th (the expiration of the first time homebuyer tax credit) is just around the corner. Make sure your buyers are making an offer leaving sufficient time to close. Oh yeah, and these fabulous rates…they won't be around forever!
Dealing with life after Taylor, Bean and Whitaker… Be prepared to time your closings accordingly. The closure of the nation's largest FHA lender has had an effect on the entire wholesale mortgage market. Check out the video below:
Ok, so Taylor, Bean and Whitaker has officially announced the ceasing of all origination operations. If you are a Realtor, please make sure you're clients are placed somewhere else quickly. Again, none of my loans in process are being underwritten by Taylor Bean.
Yesterday FHA announced it's suspension of Taylor, Bean and Whitaker's FHA origination. The action came after Taylor Bean failed to file required annual financial reports. Although FHA will allow Taylor Bean to appeal it's action within 30 days, the Government National Mortgage Association (GNMA) has immediately terminated Taylor Bean's registration with it's MBS pools. Taylor Bean has been a primary outlet for manufactured homes and HUD's FHA 203k rehabilitation loan.
As a borrower it may be a bit more difficult to obtain FHA financing in 2010. Today the FHA announced a series of changes to the FHA insured mortgage program aimed at increasing home ownership in underserved neighborhoods. The program has become the most widely used program for first-time buyers or move up buyers with down payments less than 10%.
Yesterday FHA announced it's suspension of Taylor, Bean and Whitaker's FHA origination. The action came after Taylor Bean failed to file required annual financial reports. Although FHA will allow Taylor Bean to appeal it's action within 30 days, the Government National Mortgage Association (GNMA) has immediately terminated Taylor Bean's registration with it's MBS pools. Taylor Bean has been a primary outlet for manufactured homes and HUD's FHA 203k rehabilitation loan.
