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Portage, IN

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Indiana FHA Refi and streamline Changes now in effect

01-03-09
Dave Woodson
Dave Woodson: Loan Officer in Portage, IN
  • view my blog
  • Office: (219) 872-8000
  • Mobile: (219) 608-9790
  • Secondary: (219) 872-DAVE

Changes have come to an Indiana FHA Lender near you. The HUD Mortgagee Letter 08-40 gives us changes to Indiana FHA refinances and are effective January 1st. This Mad Mortgage Machine update will include guidelines that are not being changed, but I have listed them anyway as a review for those Average Joe LOs that read my blog and a refresher to the rest of you already familiar with FHA guidelines.

There are 10 Things that you really need know about the recently updated Indiana FHA Refinance Guidelines:

1. The max LTV for rate & term Indiana refinances (including streamlines WITH an appraisal) is 97.75%*

2. The max LTV for cash-out refinances is 95%* for loan amounts less than the conforming limit and 85%* for loan amounts at or above the conforming limit. (Must be on time 12 months and no 30 day lates)

3. Two appraisals will be needed for all cash-out refinances with an LTV > 85%

4. The mortgage has to be current for the month due

5. New or current 2nd mortgages are eligible with no maximum CLTV

6. Loan amount for the streamline refi WITHOUT an appraisal cannot be greater than the original loan amount

7. Up Front Mortgage Insurance Premium rates are 1.75% for all rate & term and cash-out refinances & 1.5% for all streamlines

8. The FHA Secure refinance has now been taken out behind the barn and shot

9. Loan amount CAN include: Closing costs, current month's interest, any prepayment penalty, prepays, any late charges,escrow shortages and points

10. Cash back on rate & term and/or streamline refinances CANNOT exceed $500

(All LTVs are before adding the UFMIP)

If you have any questions about Indiana FHA home loans or Indiana FHa Streamlines please give me a call at your earliest opportunity. I will be more than glad to help you any way possible.

I am the Mad Mortgage Machine

Dave Woodson

2 Comments
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Oh, you waited? Well, you lose...

12-18-08
Dave Woodson
Dave Woodson: Loan Officer in Portage, IN
  • view my blog
  • Office: (219) 872-8000
  • Mobile: (219) 608-9790
  • Secondary: (219) 872-DAVE

but not too much. Rates are still quite low and still a perfect time to buy in Northwest Indiana! Did I say, "a perfect time to buy!" Yes, yes I did.

let me count the ways...

  1. get $up to $7500 back from the gov't
  2. low rates
  3. home prices are lower then they were this time last year
  4. It is a buyers market (do not abuse this privilege or you'll be wasting your time and your Realtors)
  5. You get to use me in 14 states
  6. What a way to start off the new year
  7. Selling before the Capital Gains goes up! (thanks to Tara visit her link below)

    For companion commentary go the Mad Mortgage Machine Blog and see whatelse I have to say.

    Dave Woodon

    3 Comments
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    On the Extra Mile, there is no traffic jam

    11-04-08
    Dave Woodson
    Dave Woodson: Loan Officer in Portage, IN
    • view my blog
    • Office: (219) 872-8000
    • Mobile: (219) 608-9790
    • Secondary: (219) 872-DAVE

    "The more things you do, the more you can do."

    Lucille Ball (1911–1989)
    Actress and comedienne

    I was riding the bike in the gym this morning and as I always do, I was listening to a podcast. That got me to thinking that it is time for a iPod University 3, but before I do that I have something else in mind.

    I am a reader and a listener. I love to learn and hear new ideas that may help me grow my business. If they are implemented correctly or at all. I have always thought of myself as the guy that goes the extra mile. Really, beyond just showing up at closings or getting a good closing gift. As someone, that makes sure they understand and that is not even the extra mile that is a part of the job.

    What can a mortgage broker do to go the extra mile?

    • I had one LO that went out and helped his client scrape and paint a house to make sure it passed an FHA inspection!
    • I fax a weekly status sheet to each Realtor involved in the transaction, not really the extra, but since not many do it. I call it
    • Help with marketing ideas, you know the good ones that I know work

    I think what a lot of us in the business think of as the extra mile is just a little more than doing your job. However, those little things add up when you look at the big picture. My brother and I were talking the other day about our maddening episodes at the License Branch. I will admit that I am a bit of a hot head and can get very irritated when I think someone just has a complete lack of customer service, but it seems that some just don't even do the job that they are being paid to do.

    They seem to be so opposed to lift a finger to help that you just want to drag them over the counter and beat a little service in them. I pray that when someone leaves my office they know they were treated with the utmost respect. They feel that the experience could not have been better whether or not I could get them a home loan or not.

    Do your clients feel that way? Havae you polled any of them lately and ask them what you could have done for them that they feel you have not?

    Dave Woodson

    Indigo Financial Group

    The Indiana FHA Expert

    oh, a quick side note for you Trekkie, did you know that Lucy's production company produced the original Star Trek series.

    2 Comments
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    Mad Mortgage Machine Show for 09/13/2008

    09-12-08
    Dave Woodson
    Dave Woodson: Loan Officer in Portage, IN
    • view my blog
    • Office: (219) 872-8000
    • Mobile: (219) 608-9790
    • Secondary: (219) 872-DAVE

    Here is a quick video for tomorrows Mad Mortgage Machine Show and podcast. 

    This week, I talk to Giovanni from New Beginnings Credit Repair in Merrillville, In.  I, also, discuss the fairy-tale foreclosure from the Extreme Home Makeover in Atlanta, Ga, the possible affects of the the fed taking over Fannie and Freddie, and the possible resurrection of Down Payment Assistance. 

     

     

    So, tune in tomorrow for the Mad Mortgage Machine Radio Show on WIMS am 1420 or WIMSRadio.com

    The NW Indiana FHA Lender of Choice

    Dave Woodson

    The Mad Mortgage Machine

    0 Comments
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    Unchain my heart and set me free

    09-09-08
    Dave Woodson
    Dave Woodson: Loan Officer in Portage, IN
    • view my blog
    • Office: (219) 872-8000
    • Mobile: (219) 608-9790
    • Secondary: (219) 872-DAVE

    Just heard that song and it sounded like a good title for what I am doing here and now

    The fed is making it easy for us to go back into a refi boom.  Rates dropped yesterday on the news that the Fed was taking over Fannie and Freddie and I will still be honest with you.  I am not sure what to think, but I am going to act and get it out there right here and now. 

    Use this window to refi or lock your great rate.  We were up 144bps yesterday and today we are up just 6bps.  If you are the average joe lo and does not understand what market to watch you are lost right now.  You should just go sit in the corner and let all of the hoopla pass you right on by. 

    Here, I will let my video do the talking for me...

     

     

    I am Dave Woodson and I am the Mad Mortgage Machine.

    I cover all of Indiana, Florida, Michigan and Illinois. 

    FHASecure and NWI FHA

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