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FHA/HUD Outreach Specialist on Radio
Bruce Norris is joined once again by marketing and outreach specialist for U.S. Department of Housing and Urban Development, Nancy West. Bruce and Nancy discuss home owner month and the outreach FHA is involved in for the event and throughout the year, foreclosure prevention workshops, who the buyer is now entering the market, FHA rehabilitation loans to consumers willing to rehab homes, rehabilitation loan program 230k, streamline rehabilitation loans, how no special inspection is necessary if under $15,000 in repairs, which loan is appropriate depending on the amount of work needed, how the consumer can receive up to 110% of after approved value, the way the Realtor would structure the transaction if these loans are used, if an investor can take over an FHA loan, how FHA was replaced by other loan products, the seasoning period for FHA loans and why it exists, tweaks to the property flipping rule in 2003, if FHA loans are assumable between two owner occupants, the 1980s and the simple assumption and the elimination of the program in 1989, why the program was eliminated, if HUD was satisfied working with investors in the last cycle, why the last downturn was different and why we could be hurt because the financing can’t move forward, if bankruptcy prevents consumers from getting an FHA loans, how FHA requires at least two years to laps but less time granted if consumer had extenuating circumstances, how the consumer typically waits two years for bankruptcy and three years for foreclosure to receive an FHA loan, talk of FHA buying defaulted loans by Barney Frank with the Banking Committee, how it will take an act of Congress and Senate and President approval, daily proposals trying to create solutions, how FHA is not really talking about these solutions until something looks real, if an election year will matter, other states that are still appreciating, the states with the most problems, how states and local areas differ, how FHA focuses on the positive things when dealing with consumers, rent approximating rent for first time in some areas, how the interest rate might become more important than the price, how the consumer needs to be educated, if FHA will be hiring, and FHA.gov.
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Nancy West has been in mortgage lending industry since 1977, and has worked in a variety of positions within the industry from branch manager, small business owner, account executive, and mortgage loan underwriter. Nancy underwrote mortgage loans for major U.S. lenders; both government insured and non-government backed. Nancy holds two degrees; Real Estate, and in Education. Nancy is also a licensed California Real Estate Broker. Nancy joined the U.S. Department of Housing and Urban Development in 2004 in the Processing and Underwriting Division. In 2006, Nancy accepted one of four nationwide Marketing and Outreach Specialist’s Positions for the Department. Nancy currently works out of the Santa Ana Homeownership Center, which services the eight western United States. Nancy travels throughout the Santa Ana Homeownership Center’s jurisdiction, providing presentations and information on FHA and FHA programs to consumer groups, industry partners, external agencies, as well as providing internal staff with up-to-date information on industry changes and practices.
The Norris Group
6391 Magnolia Avenue, Ste. C
Riverside, CA 92506
www.TheNorrisGroup.com
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