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Below is the HUD press release with the new FHA rules. It states a Mortgagee Letter will be issued tomorrow.
In summary it says:
· It increases the upfront premium to 2.25% from the current 1.75%
· FHA will seek legislation to increase the annual premium, which would allow them to possibly reduce the upfront premium.
· There is a minimum FICO of 580 to qualify for the 3.5% down. Any score less will require a 10% downpayment.
· Seller concessions will be reduced from 6% to 3%
· Increase lender enforcement.
For the most part, none of this is a surprise.
FHA Announces Policy Changes to Address Risk and Strengthen Finances
New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities
WASHINGTON – Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.
The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. U.S. Housing and Urban Development Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.
“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” said Commissioner Stevens. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities.”
Announced FHA Policy Changes:
Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
Update the combination of FICO scores and down payments for new borrowers.
Reduce allowable seller concessions from 6% to 3%
Increase enforcement on FHA lenders
In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.
On the first day of class, my Social Media and Blogging students learn they cannot make it through the first day or move on to the second class without first signing up to Gmail to get a built-in Google account. I bring it up on my E-mail Marketing, Web Design and even Intro to Computers classes, as well, and even have a “Getting a Google Account” hand out.
While some of my students may very well have a Gmail address already, they are mostly unaware of the many benefits adhered to the wonder that is a Google Account. For my AOL, Comcast, Earthlink, Yahoo and MSN users, it may not be so obvious why I seem to be obsessed with them switching to a Gmail account.
Today was a special day, though…I actually taught the first session of a series on Google Apps, which includes the use of Gmail, Google Docs and Google Calendar. I love teaching others to use technology devices and applications I love. It sure doesn’t feel like work!
You can use your Google DOCS, Google CALENDAR and events right with your Gmail. A Gmail account is also a Google account, so you can access Google Reader, Google Alerts, Google Analytics, Blogger, Picassa, Chrome, and YouTube.
Are you still hesitant? If you’re not, welcome to revolutionary e-mailing!
For more information, connect with me:
Thank you for taking the time to reading my post. Have a powerful day!
This article is the sole intellectual property of Elayna Fernandez. Copyright Designed 2 Impress, Inc.
Below is updated information on HUD's annoucement on their flipping policy. We expect this week to have an announcement from HUD on the final changes to their credit policies. As soon as this is available we will get the information out to you.HUD Expands Anti-Flipping Waiver – Investors May Participate
Make It A Great Day,
Let's Get Connected!
Social media websites such as Facebook and Twitter make it easy for people to come together and share opinions, experiences and thoughts on a number of topics. Smart companies understand this and are using the power of social media to connect and inform their customers, and potential customers. Referred to as "Social Media Marketing", it's a smart way to open the lines of communication between you and your prospects.
Participating in social media doesn't take a lot of money, but it is very time consuming and businesses want to know that all of this investment in time is paying off. Before launching a campaign, you should have a firm grasp on what it is you're trying to accomplish. Is it increasing website traffic? Getting more ezine subscribers? Having more people download your free ebook or whitepaper? Or maybe you just want to work on your company's brand image. Whatever it is, you need to have a plan. As the old saying goes, "If you don't know where you're going, you'll never get there”. Have your game plan intact before getting started in marketing yourself, or your company with social media.
There are many different forms of social media, so it's impossible to use them all. Pick three or four, and funnel the majority of your efforts there. Even if you won't be working them all, at the very least you should claim your name or company name on as many social services as possible. You don't want to find out later that someone has the user name that you want. If you need to see if your chosen user name is available try http://Namechk.com which checks dozens of social media networking and bookmarking sites all at once to see if it's available. Claim your name now so you won't end up being sorry later.
So how do you monitor all the buzz? How do you monitor your brand and protect your hard earned reputation? I thought you'd never ask. There isn't one fool-proof method but there are many services and tools out there that will make it easy to see who's talking about you online. Some are free and others will make you pull out your wallet.
These "online reputation management" tools, as they're often referred to, will help you to define keywords, or phrases you wish to track and then watches for any mention of your company name, products, or services. It's important to defend and monitor your online reputation. Similar to High School reputations, protecting your image online is the name of the game, and just as in real life, everyone has one to maintain.
2) http://Addictomatic.com : A little different than the others , you type in a keyword, topic or phrase and out it goes searching the top blogs, news sites, Google, Technorati, Ask, YouTube, Flickr, Digg, Topix and more. You'll be given a personalized results page to bookmark with everything it finds related to your topic.
3) http://Buzzoo.net : All about Internet buzz, it tracks several different websites to bring you what's "hot" right now.
4) http://Surchur.com : Search for the latest and greatest on topics that are popular right now. Type in a keyphrase and it searches blogs, social news sites, photo and video sites for your chosen topic.
5) http://Commentful.Blogflux.com : This service watches for comments on blog posts, Digg, Flickr, and others and notifies you of any findings.
6) http://AlertRank.com : A better way to organize and sort Google alerts. Get a daily report emailed to you in a spreadsheet format of what it finds.
7) http://BoardTracker.com : A search engine for forums only. Monitor discussion boards and be notified by email when a thread matching your search terms is discovered. Free to use.
8) http://www.google.com/alerts : I've been using this "secret weapon" for years. Simply type in your name or company name and receive daily emails of results found. They do the work, you receive the links. Free and nice.
10) http://Twazzup.com : Another Twitter only search engine.
11) http://SiteMention.com : Type in your url and find out what's being said about you. The results returned are gathered from Google Blog Search, Twitter, FriendFeed, YouTube, MySpace, Digg, Delicious and many more.
12) http://Brandwatch.net: This service tracks your brands, companies, even the ompetition. Sign up for free weekly updates on any brand. Their detailed reports break down what sites like you, your most talked about features, weekly summary of all blogs and forum activity. Very similar to the old "press clipping" service.
13) http://Trackur.com : A tool that scans many websites including blogs, news, image and video sites, forums and notifies you of any mention of your brand, products/services. Easy to use and affordable. Prices vary depending on need, a personal account is only $18.00 a month, corporate account $88.00 a month with other options also available. Try a "personal" account free for 14 days.
14) http://FiltrBox.com : This one searches online news sources, Twitter and others to find out what's being said about you or your company. Pricing is based on the number of users, but there is a free version that provides "5 filters" and 15 days of what they call "article history".
15) http://SocialMention.com/alerts : Just like Google Alerts but for social media. Enter your keyword phrase and email address to be notified of any new findings. Searches blogs, microblogs like Twitter, bookmarks, comments, events, images, news, videos and more.
16) http://BlogPulse.com : A search engine that searches only for data posted to blogs. Enter your keyword, hit submit and off it goes to gather results.
17) http://BackType.com : Billing itself as a "conversational search engine" they index millions of conversations from social networks, blogs and other social media.
18) http://sm2.techrigy.com : Industry insiders claim this to be the leading social media monitoring solution online. Choice of free or paid version. Free is limited to five searches and 1,000 results. There are three paid professional levels: Gold, Diamond, or Platinum.
19) http://ReputationDefender.com : This paid service finds out everything there is to know about you online, and if negative information is found they try to have it removed. Different types of plans are available such as "My Reputation", "My Privacy", starting at only $14.95 a month.
20) http://Topsy.com : Topsy will track your tweets that have been retweeted so you can find out who's been sending you all that "link love". Type in your Twitter user name and you'll be amazed at what you find.
If you'd like to track incoming traffic from your various social media profiles, an easy way to do it using Google Analytics can be found here http://Tinyurl.com/kuc9rL
Just as there are many ways to market your company using social media, as you can see, there's a multitude of tools and services at your disposal to track and see if all of that hard work is paying off. Smart companies realize the importance of social media in their marketing efforts and are utilizing it on some level. How smart are you?
1. Drink plenty of water.
2. Eat breakfast like a king, lunch like a prince and dinner like a beggar.
3. Eat more foods that grow on trees and plants and eat less food that is manufactured in plants..
4. Live with the 3 E's -- Energy, Enthusiasm and Empathy
5. Make time to pray or meditate.
6. Play more games
7. Read more books than you did in 2009 .
8. Sit in silence for at least 10 minutes each day
9. Sleep for 7 hours.
10. Take a 10-30 minutes walk daily. And while you walk, smile. Personality:
11. Don't compare your life to others. You have no idea what their journey is all about.
12. Don't have negative thoughts or things you cannot control. Instead invest your energy in the positive present moment.
13. Don't over do. Keep your limits.
14. Don't take yourself so seriously. No one else does.
15. Don't waste your precious energy on gossip.
16. Dream more while you are awake
17. Envy is a waste of time. You already have all you need..
18. Forget issues of the past. Don't remind your partner with His/her mistakes of the past. That will ruin your present happiness.
19. Life is too short to waste time hating anyone. Don't hate others.
20. Make peace with your past so it won't spoil the present.
21. No one is in charge of your happiness except you.
22. Realize that life is a school and you are here to learn. Problems are simply part of the curriculum that appear and fade away like algebra class but the lessons you learn will last a lifetime.
23. Smile and laugh more.
24. You don't have to win every argument. Agree to disagree... Society:
25. Call your family often.
26. Each day give something good to others.
27. Forgive everyone for everything..
28. Spend time w/ people over the age of 70 & under the age of 6.
29. Try to make at least three people smile each day.
30. What other people think of you is none of your business.
31. Your job won't take care of you when you are sick. Your friends will. Stay in touch.
32. Do the right thing!
33. Get rid of anything that isn't useful, beautiful or joyful.
34. Faith heals everything.
35. However good or bad a situation is, it will change..
36. No matter how you feel, get up, dress up and show up.
37. The best is yet to come..
38. When you awake alive in the morning, be thankful for it.
39. Your Inner most is always happy. So, be happ
Make It a Great Day,
Sean K. La Rue
Sr. Vice President ׀ Franklin Loan Center ׀ Se Habla Español
Direct: 760-837-1488 ׀ Mobile: 760-835-5663 ׀ Fax: 800-784-9089
44-800 Village Court Palm Desert, CA 92260
“Your KEY to Moving Home!”
Let's Get Connected!
Join us on the Desert’s New Station AM 970, 1140, and 1250 every Sunday from 11am to 12pm for the "Mortgage Hotline" where we are taking your calls to help you wade through the unchartered waters of loan modification and government mortgage programs! You can listen to a live stream at K-News Radio and download archives!
***CONFIDENTIALITY NOTICE: This email may contain information that is privileged or confidential. If you are not the intended recipient, please delete the e-mail and any attachments without reading, printing, copying or forwarding it, and please notify us.
Greetings! Before the week is ended and my new house is closed, we would like to take this opportunity to thank you for moving the loan paperwork forward diligently and steadily in spite of the many challenges you might have encountered at your end. I know sometimes many of the challenges you face internally the customers (Matt and Bina) would not see or hear. But I know that you often become the advocate and the middleman for what is best for both parties. I know this happens in all businesses. We realize this and thank you very much for all your hardwork.
Our urgency for closing on this property and my frustration should in no way reflect that we are displeased with your work or efforts. You did well under the circumstances and we thank you and appreciate your help. Please have a great weekend!
PS: Did you know that our son's name is Shawn too.
Matthew and Bina Isaac
From: YouTube Service <firstname.lastname@example.org>Date: January 7, 2010 12:10:28 AM PSTSubject: SeanLaRueHomeLoans sent you a video: "2020 Olympic Game PingPong Champion"