Kim Darwaza Northern Virginia Real Estate

2012 Loan Limits FHA and VA FHA-Previous FHA Loan Limits have been reinstated so for our area current max is again $729,750. VA-Effective January 1st the new VA limit will be $625,500 100% financing is available for VA up to the VA limit of $625,500. For financing above $625,500. the buyer is required to put down 25% of the difference above ...

The Friday Brief Congress Increases the Ceiling on Size of Mortgages Wall Street Journal (11/18/11) P. A6 Zibel, Alan Capitol Hill legislators on Nov. 17 took aim at raising the maximum size of home loans that can be guaranteed by the FHA. Lawmakers passed a broad spending bill that contained a provision to restore to $729,750 the ceiling on ...

I wanted to go over a topic that I am seeing more and more of each day.  Given the number of investors in the real estate market now, more properties are being sold where the seller has owned them less a year.  And as the housing industry continues to struggle and investors are jumping in with both feet, I think it is safe to say ...

The Friday Brief       FHA Tips/Expiring Condos/Termite   Expiring FHA Condo-If you have an expiring FHA condo, the purchase must close and fund before the FHA Condo Expiration Date. Once the condo approval expires it must go back through the approval process.   FHA Termite- A termite report is not required by ...

Here are the guidelines as it pertains to a FHA mortgage:   1.      All transactions must be arms length. There can’t be any identity of interest between the buyer and seller or other parties to the sales transaction. In order to ensure this the documentation must be reviewed to determine the following:  ...

RISMEDIA, May 5, 2011—As the housing market continues to struggle, home buyers appear ill-prepared to take out a mortgage, answering basic questions about mortgage information wrong nearly half (46 percent) of the time, according to a Zillow® Mortgage Marketplace survey. In fact, 44 percent admitted they are not confident in their ...

I received an email from  Tammi Lewis of 1st Mariner Mortgage regarding the increase in the FHA monthly mortgage premium.  In an effort to further strenghten FHA's role in providing financing to buyers, HUD is increasing the monthly mortgage insurance premium by a .25 point.  Right now, if a buyer places 3.5% down and uses FHA ...

Effective April 5th, 2010 Increased Upfront Premiums : Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent from 1.75%. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA ...

Well, it was predicted that FHA was going to make some changes and they were just announced today.  These are the changes that buyers need to knnow about"   *  Upfront MIP raised to 2.25% from 1.75%.  This will be effective in the Spring on case assignments and the date is not known yet.  Once I know, you will ...

HUD announced that they will allow purchasers using FHA loans to buy properties that have been owned less than 90 days by the sellers.  This should help homebuyer's to secure homes that they have been unable to make offers on.  Since a lot of flipping is going on in the Nothern Virginia Real Estate market there are ...