**HUGE CHANGES COMING TO FHA ON SEPT 7^TH…**

NOW IS THE TIME TO GET YOUR CLIENTS OFF THE SIDELINES. 

Call Us Now Toll Free 800-933-8156

Look Below To See The Changes Taking Place

After Sept 7^th…

$200,000 @ 5.00% - 30YR FHA LOAN

                            Today                         After Sep 7, 2010         

                                $204,500                                       $202,000               

      P/I- $1,098                                    P/I- $1,083         

       MMI- $94                                     MMI-$152             

                    $1,192 MONTH                 $1,235 MONTH 

                                                          +$43 MONTH EXTRA …

7/30/2010--Introduced.

Amends the National Housing Act with respect to requirements for the insurance of mortgages secured by a one- to four-family dwelling which are obligations of the Mutual Mortgage Insurance Fund. Authorizes the Secretary of Housing and Urban Development (HUD) to establish and collect annual premium payments of up to 1.5% of the remaining insured principal balance on such a dwelling. (Currently the Secretary is required to establish and collect annual premium payments of up to .5% of the remaining insured principal balance.) Authorizes an annual premium of up to 1.55% of the remaining insured principal balance of any 30-year mortgage on such a dwelling involving an original principal obligation greater than 95% percent of such value. (Currently, an annual premium of up to 0.55% of the remaining insured principal balance on such a mortgage is required.) Authorizes the Secretary to adjust the amount of any initial or annual premium through notice published in the Federal Register or mortgagee letter, which shall establish the effective date of any such adjustment. Directs the Assistant Secretary of HUD who is the Federal Housing Commissioner to appear before specified congressional committees within 270 days after the enactment of this Act to discuss the finances, including premiums, of the Federal Housing Administration (FHA).

_______________________________________

WE STILL OFFER

FHA LOANS DOWN TO 580 FICO !!!

Call Us Now Toll Free 800-933-8156

Eligibility Documentation:

·         580 Minimum Fico. Lowest middle score of all borrowers.

·         1-2 Unit, Pud's, FHA Approved Condo's.

·         No Non Occupant Co-Signers on any transaction.

·         Gift funds can be used for additional down payment and or closing costs.

·         3.5% down payment must come from the borrowers own funds.

·         Must have a verified 12 Month housing history as evidenced by a credit

   report (for reporting mortgages), copy of the most recent 12 month's

         cancelled checks or management VOR. No private VOR's or rent

         supplements allowed

·         Pay off revolving debt to qualify is not allowed if housing pmt is increasing.

·         1-2 Unit, PUD's, FHA Approved Condo's only.

·         No New Subordinate Financing.

·         Max CLTV is 100%.

·         Max Base Loan Amount (prior to UFMIP) is the lower of FHA's Max County limit

    DTI Ratios:

·         31/43% (Can go up to 40/45 with compensating factors as determined by the Cadence Lending Underwriter)

    Documentation:

·         All borrowers must have valid social security number.

·         All borrowers must have at least one valid credit score (580 minumum)

·         No non-traditional credit.

·         Must have open and active trade lines. (2 trade lines with 12 months activity on each trade line)

   Eligibility:

·         US Citizens, Inter vivos revocable trusts, Permanent and Non-Permanent Resident Aliens.

·         Owner Occupied Only.

NO GIFT FUNDS ALLOWED FOR 3.5% DOWN PAYMENT REQUIREMENT !!

CALL: TROY JONES tjones@cadencelending.com

 OR      JEFF DOBBS  jdobbs@cadencelending.com

CALL US TOLL FREE 800-933-8156

"My realtor heard about Troy Jones and Jeff Dobbs from their 580 Fico Score Emails that they send out. My wife and I were in the process of pulling our hair out with the loan officer that we were working with. Our old loan officer was dragging their feet and kept asking us for more and more stuff. We were getting nowhere and he was dragging out our loan and wasting our time. We decided to give Troy and Jeff a shot and they worked with us hand in hand and worked with the underwriters to get us approved and now we are in our house! We couldn't have bought our home without Troy and Jeff's work. We were ready to give up and keep throwing money away on rent.

Thank you Troy and Jeff!"

Robert and Lisa Brown 

Copyright © 2010 Cadence Lending Group
10925 Estate Lane #148
Dallas, TX 75238
(800) 933-8156 All Rights Reserved.

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