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BloodhoundBlog Radio: FHA/VA in 2010 (with Tony Gallegos)

Wondering about the future of VA home loans and FHA mortgages?  Listen to my interview with Bloodhound Blog contributor, Tony Gallegos.  We discuss:

  • San Diego County VA mortgage statistics (the market share number is going to astound you
  • Why VA loans have the lowest default rate among all four major loan types (including conventional prime).
  • Why FHA isn’t really going broke (contrary to my earlier statement, it’s doing quite well)
  • Why lenders are initiation stricter guidelines on FHA loans than HUD requires
  • Why I suggest that HUD is asking FHA-approved lenders to do the “heavy lifting” for them

The interview last about 40 minutes; the perfect treadmill companion. 

Listen to it here.

Related posts:
  • Introducing Tony Gallegos: The Mortgage Cicerone as guide dog
  • Mortgage Cicerone: Tony Gallegos
  • Mortgage Market Update on BlogTalk Radio

  • 5 comments

    5 Comments so far

    1. Mark Madsen October 2nd, 2009 8:55 am

      Brian / Tony –

      I’m looking forward to listening to this call over the weekend. I can’t think of two better people to host an FHA / VA interview. I’ll post my thoughts / questions to your video here by Monday.

      Thanks again –

      mm

    2. Brian Brady October 2nd, 2009 8:26 pm

      Thanks for the nice words, Mark

    3. Mark Madsen October 11th, 2009 12:36 pm

      Great interview, guys.

      Couple of key points I picked up:

      Even though the VA allows for 100% financing, flexible credit score requirements, higher loan amounts, credit allowances and A paper rates, the VA default rate in San Diego County is still the lowest:

      - VA 3.4%
      - Conf 5%
      - FHA 7%
      - Subprime 29%

      Another key point that Tony pointed out is that some agents and builders are still reluctant to accept offers on VA and FHA borrowers simply due to their lack of knowledge about the process or underwriting guidelines.

      Tony mentioned in another one of his posts on his site that the FHA went through some massive changes starting in 2005 – 2008 in order to make FHA loans relevant again.

      Fortunately for those of us that specialize in FHA financing, Tony was on the panel of experts that communicated directly with Brian Montgomery to help make those changes.

      Thanks for taking the time to put this interview together and help articulate a few of the apparent (not complex) benefits that the FHA and VA offers to buyers.

      mm

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