All Posts in AnnieMac Home Mortgage

FHA 203K…The Contingency Reserve

January 8, 2012

What’s The Contingency Reserve? The Contingency Reserve is something that needs to be addressed because it’s an extremely important part of the FHA 203k loan.  The Contingency Reserve is there for cost overruns- it is a component that is put in place to protect the home buyer or home refinancer in case of additional costs or expenses [...]

FHA Streamline Refinance without Credit Scores and Appraisal

July 31, 2011

FHA Streamline refinances typically require credit scores and appraisals – this is not the way the FHA streamline program was supposed to be used, but conduits (investors) have put their overlays on FHA mortgages. This is a shame because there are good borrowers out there who make their mortgage payments on time but who, for [...]

NJ FHA 203k Success Story – Yep we did it again!

June 21, 2011

It’s starting to sound like a bad Britney Spears song (sorry to all you Britney fans out there) but … Ooops…We Did It Again! We took a wonderful NJ couple and showed them the power of the FHA 203k mortgage program.  We showed the customer once again that by using this mortgage program that you [...]

FHA 203k Mortgage’s and Underwater Properties- Is there hope?

May 3, 2011

One of the best parts of FHA 203k mortgages is that overnight your property can “Poof” have equity! Who would have thought that is possible in this real estate environment – not most people, so let me explain in detail how this works. Current Home Specs and Estimated Value You own a home that is [...]