Posts By Lynda Mckenzie
Location
Rhode Island
Phone: 401-524-9796
Posts
Rhode Islanders looking to do a FHA streamline refinance will now have to be concerned with new changes going into effect on November 17, 2009. On September 18, 2009, the Federal Housing Authority released a new mortgagee letter, ML2009-32, outlining the new changes. This Mortgagee Letter is effective for new case numbers assigned on or after [...]
On August 4, 2009, the third largest direct endorsed FHA lender was shut down from funding FHA mortgage loans. Taylor, Bean & Whitaker (TBW) of Ocala, Florida had their operations immediately shutdown by the Federal Housing Authority. The attached TBW press release can be found at this link: http://ml-implode.com/info/TBW.pdf FHA Commissioner David Stevens said, “TBW failed [...]
To be eligible to purchase a home in Rhode Island which is to be insured by a FHA mortgage, borrowers may need to wait 90 days to do so according to HUD flipping guidelines if the property recently sold. If a property is re-sold 90 days or fewer following the date of acquistion by the seller, [...]
Did you know that Rhode Island has special programs for police officers, teachers, firefighters and emergency medical technicians? The program is called HUD good neighbor next door sales program and many Rhode Islanders can qualify for this little advertised program. HUD offers a substantial incentive in the form of a discount of 50% from the [...]
Today homeowners and Home buyers in Rhode Island, have many options under the Federal Housing Authority (FHA) program. Below are just a few of the many programs available. First Time Home Buyers: Available on 1-4 family properties, FHA allows you to put a minimum down payment of 3.5% of the sales price. This down payment [...]
First -time home buyers in Rhode Island looking for 100% financing, it is still available. A first-time home buyer is defined as someone who has not owned real estate within the past three years. Combine this with the $8,000 tax credit, there is no better time to purchase in Rhode Island then now. *To take [...]
Recent news suggests that law makers are calling for the expansion of the tax credit for first-time home buyers to help increase home sales in Rhode Island and other states extended through 2010. The current $8,000 tax credit is being offered to first-time home buyers who purchase a home between January 1, 2009 and December [...]
First-time home buyers may now utilize their $8,000 tax credit towards additional down payment requirements on the FHA mortgage loan program. As many of you know on May 29th, FHA issued the latest mortgagee letter regarding the use of the $8,000 tax credit towards down payments. There is still much confusion over the details but [...]
Rhode Islanders in need of a low down payment program, FHA is the way to go. FHA (Federal Housing Authority) mortgage loans were created in an attempt to increase homeownership. Unlike conventional mortgages, the FHA mortgage loan is backed by the government. The FHA mortgage loan is usually easier to qualify for and has become [...]
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