Justin McHood, Author at The BiggerPockets Blog

Archive of Justin McHood

Justin has written 21 articles for The BiggerPockets Blog.

Identity of Interest Transactions When Getting An FHA Loan

by Justin McHood October 12, 2010

Thinking about buying a home from someone you are related to or do business with? FHA will allow FHA financing on the property, but under certain circumstances and with some modifications to typical FHA rules. Generally speaking, if you are buying a home from someone you do business with or are related to, FHA will [...]

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Mortgages & Lending

FHA Case Number Transfers

by Justin McHood October 5, 2010

From time to time, when you are working with a lender to get an FHA loan, a reason arises that you decide you want to work with another lender. The reason that you decide to work with a different FHA lender once you have started the loan process isn’t all that important, but what happens [...]

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Mortgages & Lending

Fannie Mae Outlaws Appraisal Cutting

by Justin McHood July 27, 2010

I didn’t realize that underwriters cutting appraisals was still a problem. I mean, I remember it being a big deal when it seemed that everyone I knew wanted to refinance and take their equity out to spend on whatever they wanted. But I thought those days were long gone. Turns out maybe not. It must [...]

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Mortgages & Lending

Using An IRA To Save Your House

by Justin McHood July 19, 2010

Many people have money set aside that can help them buy a home or save their home – in a spot they don’t think they can access easily. When times get tough, many people will drain their savings accounts and checking accounts of their savings – but I don’t hear very many people asking me [...]

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Mortgages & Lending

Interest Rates On Jumbo Loans At 2003 Levels

by Justin McHood July 13, 2010

If you are looking at buying a (big) home and possibly financing it with a jumbo loan, this may be your lucky day if you have documentable income and a good credit score… Interest rates on jumbo loans are at their lowest levels since 2003. So for those borrowers who are shopping for houses that [...]

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Mortgages & Lending

Green Mortgages: Three Types

by Justin McHood July 6, 2010

Have you ever heard of a “Green Mortgage”? If not, you may soon. They seem to be gaining steam along with the rest of the “green” movements. In order for a mortgage program to be considered a “green mortgage” program, it simply has to have an incentive that can be added to a regular mortgage [...]

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Mortgages & Lending

FHA Jumbo Loans: Heating Up

by Justin McHood June 29, 2010

FHA jumbo loans are a popular alternative to “regular” jumbo loan financing due to their low rates and low down payment.

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Mortgages & Lending

The Most Important Tip About Buying A Home As A Vet

by Justin McHood June 22, 2010

There are a lot of home loan experts out there who have various tips and suggestions about buying a home. I guess this post is no exception, but I’m directing this particular list of tips to Vets and in particular those Vets who are looking to buy a home. The Most Important Tip – Get [...]

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Real Estate Technology

Have A Property To Sell? Use A Foursquare Special

by Justin McHood May 25, 2010

Quite a few of my geeky friends were on Foursquare way before I was. Heck, one of them even became the mayor of my house (at 4:00am) before I started paying attention to it. And now I am convinced that location based marketing services like Foursquare will be as mainstream in 2 years as Twitter [...]

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Foreclosures

Strategic Defaults: No Rush In Making The Decision

by Justin McHood May 11, 2010

Because I live in Arizona, many people have asked me over the last 2 years whether or not they should short sell their house. And pretty much every time, my advice is generally the same: It is up to you. But if you can afford your mortgage payments, there isn’t a rush – you will [...]

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Mortgages & Lending

VA Loans: What Is “Reasonable and Customary”?

by Justin McHood May 4, 2010

One of the great benefits for a Vet getting a VA loan is that the Vet is protected somewhat against being overcharged by a loan officer. The official language from the VA is that “The veteran can pay a maximum of reasonable and customary amounts for any or all of the ‘Itemized Fees and Charges’ [...]

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Mortgages & Lending

USDA Loans: More Funding On The Way?

by Justin McHood April 27, 2010

Last week, the House Financial Services Committee voted unanimously to approve HR 5017 – the Rural Housing Preservation and Stabilization Act of 2010 which means that the next step is to get the full US House of Representatives to vote on it and insiders say that there is a strong likelihood of it passing there. [...]

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Mortgages & Lending

Fannie Mae Reduces Waiting Period for Pre Foreclosure Events

by Justin McHood April 20, 2010

Recently Fannie Mae has come out with guidance that makes the waiting period for people who agree to a deed-in-lieu of foreclosure from four years to two years before they can get a mortgage from Fannie Mae. Fannie Mae is trying to encourage people to agree to deeds in lieu of foreclosure — not to [...]

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Real Estate News & Commentary

RE Bar Camp: A Great Way To Learn

by Justin McHood April 6, 2010

REBar Camps are something that you can do in your local area to learn more about technology and real estate. If you don’t have an REBarCamp coming up soon, then you can also get on the Virtual RE Bar Camp.

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Mortgages & Lending

HEFI (Home Equity Fractional Interest): A Solution To The Housing Crisis?

by Justin McHood March 30, 2010

The HEFI program is a newly launched program that is designed to solve the negative equity problem as well as act as a replacement for HELOC or 2nd mortgages.

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