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We felt it imperative to share this episode of The TBWS Daily Show. Starting in April (including those who are buying into April coupons now), clients are going to be paying .375% to .5% higher on conventional loans. There’s also going to be a permanent hike to FHA Mortgage Insurance Premiums. Get the word out and start the discussion.
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The Federal Housing Administration (FHA) has been asked by the Mortgage Bankers Association (MBA) to open their FHA 203K program to investors.
Most people shy away from the word “investors.” They think of a big, bad corporation that will buy houses in bulk, let the properties fall into disrepair and eventually bring down the value of the neighborhood.
This is exactly the opposite of what the MBA is trying to accomplish; they’d like to have the FHA cater to the local investors, those who buy one or two properties. Also, with the renovating that could go into an FHA 203K, this could create work for more than 20 professions (think drywallers, roofers, painters, lumber yards, etc.).
Another positive note concerning this request: David Stevens, current president of MBA, is a past FHA Commissioner.
That has got to help, right?
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