All Blog Entries by Rob Spring (Loan Officer) 
There are currently 33 blog entries published by Rob Spring (Loan Officer).
FHA Changes to Come....
Wednesday, January 20th, 2010 at 6:06pm. 114 Views, 4 Comments.
FHA is making changes in order to sustain the increased exposure they've experienced due to the "SUB-PRIME" collapse. After all FHA is technically "SUB-PRIME"...
First they are increasing the "UP-FRONT" MIP factor to 2.25% - most of the people attaining FHA loans will not even bat an eye at this increase. The savy will not like and may choose to explore conventional alternatives but more often than not will probably go unnoticed by most.
Second, also not that important to most FHA is imposing a minimum credit score of 580 for 3.5% financing - more often than not lenders have already imposed a 620 minimum. Those that haven't require so much paperwork and drag out the process that it's almost not worth it anyway.
Third (THE MOST IMPORTANT PART), limiting the…
Did FHA Raise the Minimum Credit Score to 620, 640 or even 660?
Thursday, November 12th, 2009 at 5:59pm. 1323 Views, 1 Comments.
More and more people are asking - What is the FHA Score now?
(For the short version just read the next 3 lines, if you want more... keep going.)
I can still write FHA Purchase Loans without restriction at a 620.
I can still write FHA Refinance Loans without restriction at a 640.
Case-by-case basis (restrictions: not normal FHA guidelines) I can still write FHA Purchase and Refinance at a 580
Now the part I feel is important but will probably only be read by a few over achievers...
The answer to that question: "What is the FHA Score now?" It depends on who you ask! No kidding there is not a definative answer that covers all the Banks, Brokers, Wholesale or Correspondent Lenders. They all make their own rules! (Not really but they act like they do)
If you ask…
Tax credit extension and expansion - this is Stimulus you can put in your pocket!
Friday, November 6th, 2009 at 5:57pm. 142 Views, 1 Comments.
FAQ's:
For the existing homeowner credit, does the new house need to cost more than the old house?
No. Individuals who move from a high cost area to a lower cost area and who eet all eligibility requirements will qualify for the $6,500 credit.
I am an existing homeowner who has lived in my current home for more than five years and are within the specifed income limits. On October 21, 2009, I signed…
Need a Jumbo Loan? We have the money!
Wednesday, November 4th, 2009 at 6:30pm. 70 Views, 0 Comments.
3YR ARM Rates in the 4's
5YR ARM Rates in the 5's
15 YR FIXED Rates in the 5's
30 YR FIXED Rates in the 6's
JUMBO Loans!
- Up to 90% LTV with no mortgage insurance (85% for purchase loans)
- Cash out available with no adjustment to rate
- No adjustment to rate for loans up to $900,000
- Interest only ARMS available with mid credit scores of 680+
- 30 year fixed rates available
- No fee escrow available
- 80% LTV up to $900,000 available
- 90% LTV up to $800,000 available
- 85% U.S. Bank COMBO (see program guidelines for details)
- Portfolio lender, backed by the 6th largest bank in the U.S.
Tax Credit Extension! Breaking News... Senate likely to extend homebuyers' tax credit
Thursday, October 29th, 2009 at 10:18am. 114 Views, 1 Comments.
CNN is reporting they have a source in the Senate that has indicated a tenative agreement to extend the FIRST TIME HOME BUYER TAX CREDIT of $8,000.
The deal is not done yet and details are not published but here is what the CNN source is saying:
- First time buyer credit would be extended through April 2010
- Current home owners that have lived in their current residnce for 5 years that purchase a home for primary residence purposes could receive up to $6500
We'll keep you posted!
ROB SPRING, MBA
Branch Manager
Southwest Funding
rspring@southwestfunding.com
www.ultimatelender.com (Real time interest rate and closing costs estimates)
