Today HUD established the HECM for purchase program which is detailed in Mortgagee Letter 08-33. FHA insured HECMs can now be used to purchase a principle residence (1- to 4-family dwelling unit) on or after January 1, 2009.
I encourage you to read the letter thoroughly. Specifics about property flipping and seasoning requirements are outlined [...]

Continue reading " HECM for Home Purchase gets seal of approval. "

Recent news from the Senior Lending Network states:

Effective Wednesday, October 29, 2008, we will need to temporarily suspend all new applications for our proprietary products (the jumbo Equity Plus Advantage and the Simple60) for the next 60 days. Therefore, we will no longer accept any new proprietary product submissions. We apologize for the short notice [...]

Continue reading " Another Jumbo Bites the Dust "

CMT–MONTHLY ADJUSTING HECM

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Continue reading " JB Nutter offers CMT 175 "

There should be a new FHA mortgagee letter issued regarding the new national HECM lending limit that was pegged at $417,000. The letter will detail the HECM origination fee structure and allow originators to start using the new limits as soon as November 1, 2008. We all expect the $6000 cap on origination fees but [...]

Continue reading " New HUD Lending limits soon "