Good news for buyers with lower credit scores or not a lot for a downpayment. FHA Spot Approvals are back! This will allow us to approve condos on a case by case basis for FHA financing starting October 15th! Spread the word or call me with any questions.
Call or text me if you need me — I am around all weekend!
Happy Friday Brian Manning here with the weekly update let’s get right to it so before we talk about the news of the week I want to talk about something I think is pretty exciting. I know that I’m a super mortgage dark but I just want to talk about is called FHA spot approval. So, a quite a few years ago the FHA came out and put in some new restrictions or requirements actually for FHA condo approvals and most of you know this but we lost like I don’t know the exact number but like 80% of all condo approvals, and we used to have this thing called FHA spot approval.
And what that meant was that the condo project did not actually have to be approved but as a lender, we could approve a unit on a case by case scenario, and then the FHA did away with this and its really excluded a lot of FHA financing and condos, which is really a shame because FHA is an amazing loan, especially for a condo first time homebuyers three and a half percent down the list goes on and on why FHA so good. Well, the FHA has changed this and starting October 15 so for a new case number issued on or after October 15 FHA spot approvals are back and I’m super excited because I think this is going to help a lot of people is to help first time homebuyers, and this is also going to help condo projects that didn’t want to get involved in the FHA renewal and approval process because it does cost several thousand dollars it takes attorneys and opinion letters and budgets and financials and all kinds of reasons why condo associations don’t want to do it so FHA spot approvals are back.
Super excited for the news of the week Monday and quiet, sorry Monday and Tuesday were relatively quiet news days really overall this is a pretty quiet news week. Wednesday this weekend as every Wednesday we get the MBA and Mortgage Bankers Association applications which really amazing to see is that purchase applications for mortgages are up 9% on a year over year basis so it’s really exciting to see a strong purchase market reef eyes are up a zillion percent because rates have dropped actually rates are almost 1% lower now than they were this time a year ago.
Thursday this week or the stock markets rally because Mario Draghi, the president of the Federal Reserve, or the equivalent of the Federal Reserve in the EU further kart race and all this other they were to extend their version of quantitative easing so that a rally in the stock markets, and then also this week we got CPI so CPI is a consumer price index. This is a gauge of inflation, and the headline number for CPI went from 1.8% to 1.7%, so not a lot of movement there the core number though the strips out the volatile food and energy actually went from 2.2% to 2.4% so we saw a little bit of increased there on the inflation measures.
I’m around all weekend. If you have any questions let me know call my cell phone, text me if you need pre approvals whatever you need done reach out to me I’d love to be part of your business will love to help you any way I can. Happy Friday Hope you have a great day and we’ll talk to you soon