HOME in 5 DPA Program Changes Fees

HOME in 5 underwent major changes in response to the Office of the Inspector General’s (OIG) recent investigation.  The changes in this case were much simpler than the changes for HOME PLUS a few months prior.  The OIG disapproved of the Home in 5 discount point charged to borrowers at closing by the lender.  As a result, the Home in 5 Down Payment Assistance ("DPA") to remove the 1% discount fee.  The grant amount lowered by a matching e 1%.  The Home in 5 grant equals 4% of the … [Read more...]

Home in 5 DPA Fees Reduced

In July of 2015, the Arizona HOME in 5 down payment assistance program was thrust into the spotlight.   In fact, an Office of the Inspector General (OIG) investigation triggered fee changes to HOME in 5. Apply for a Home Loan Team@JeremyHouse.com 602.435.2149 What Happened with HOME in 5? It all began in July of 2015.  First of all, the OIG investigated a reputable lender regarding their HOME in 5 practices.  Interestingly, this  lender who utilized the HOME in 5 program the same … [Read more...]

Fixing CAIVRS Report w/ a Divorce

If you are reading this, you probably know a CAIVRS report impacts your FHA, VA or USDA mortgage approval.  You are also probably in search of an exception to a CAIVRS hit.  Congratulations, you have landed in the right place. Apply for a Home Loan Team@JeremyHouse.com 602.435.2149 CAIVRS - What Exactly is it? In short, a CAIVRS report alerts a mortgage lender that a borrower is delinquent or default on other government insured debt.  For example, another Federal insured mortgage or … [Read more...]

The Backbone of a Renovation Loan

Renovation mortgage loans are a popular mortgage type in Arizona.  Why?   The "flip and fix" market has dried up.  As a result, more homes on the market need of TLC.  Buyers turn to renovation home loans to finance the required TLC. What is a Renovation Home Loan? A renovation loan (aka "reno loan") allows a homeowner to finance repair and renovation costs into their home loan.  In addition, reno loans come is different varieties.  From FHA to Conventional to VA, each reno loan functions very … [Read more...]

FHA Prepayment Policy Under Fire

The CFPB is quite comfortable in their real estate/mortgage police role.  So comfy they are bumping bellies with HUD.  HUD's payoff calculations have found their way under the CFPB's skin.  Specifically, the interest FHA homeowners selling or refinancing out of their FHA home loan pay is in the CFPB radar. How Does FHA Charge Interest? The short answer - 1 full month at a time!  All FHA homeowners pay 1 month's worth of interest when paying off their FHA loan.  In fact, 30 days of interest is … [Read more...]