Awhile back our team decided that there was not a whole lot of information about FHA loans on the web, and if there was, you had to go a million different places to get the complete picture. With that in mind, we set out to create a comprehensive, reader-friendly guide to FHA loans (for Download).

We made sure to include everything someone interested in an FHA loan would need to know. We have sections that include all the basic facts on FHA loans, all the requirements, and step-by-step instructions to getting your loan. There are also sections on alternatives loans if an FHA loan isn’t for you and other FHA programs that some borrowers may be eligible for. There’s even a checklist you can print out to make sure you have everything completed all the steps necessary for getting a loan.

So no more scouring the web for snippets on FHA loans, it’s all here in our “Complete Guide to FHA Loans”. Plus, it’s quite nice to look at, if we do say so ourselves.

In light of the growing fallout in the subprime mortgage market, this could be the year the long-suffering Federal Housing Administration gets its much-needed makeover.

Unfortunately, though, it’s taking a brutal financial climate for some homeowners to trigger an increased push for modernization legislation. Despite that nasty climate, legislation now making its way through Congress that would revamp the FHA and its mortgage programs is still far from a sure thing.

Legislation that would overhaul and modernize the FHA recently met with approval in the House Financial Services Committee, and the entire House will likely vote on the measure sometime in June. Passage there would send the measure onto the Senate, which killed a similar legislative measure last year.

Some observers believe the disastrous climate surrounding the subprime crisis makes the legislation a no-brainer. Overall, about one in five people who obtained subprime mortgages in the last two years will wind up in foreclosure, according to the Center for Responsible Lending, a nonprofit advocacy group.

More than a half-million borrowers have lost their homes in the subprime market, and industry experts project that another 2 million or so are likely to meet a similar fate as the subprime crisis spirals.

A revamped and modernized FHA could help those borrowers recapture their financial futures through the administration’s government-backed loans and refinance programs. But nationally syndicated real estate columnist Kenneth R. Harvey pointed to a few spots where the pending legislation could snag, including a provision that would divert new revenues created by a bigger FHA for homeowner counseling, technological improvements or use in an “affordable housing fund,” according to Harvey’s column.

He also notes that private mortgage groups have a keen interest in keeping this legislation from hitting the books.

Despite those possible obstacles, Harvey says the legislation has a decent shot at full passage.

“Bottom line for reform: Slam dunk? No way. But the bill has a shot — either in its current form or by having essential provisions transplanted into an appropriations bill that can sidestep the land mines buried and waiting in the Senate — without blowing up,” he writes.

The chairman of the Federal Reserve this week sought to calm fears in financial circles about the economic impact of the continuing subprime market collapse.

In a speech given in Chicago, Ben Bernanke said the Federal Reserve is examining ways to scale back on roughshod tactics by mortgage lenders, which has helped contribute to the continuing crisis. But he also stressed that the fallout will not significantly impact the American economy overall.

“We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system,” Bernanke said. He said in answer to a question that he believed the financial system would be able to absorb the losses from the subprime mortgage loans that go bad without major difficulties, according to Reuters.

While Bernanke tried to allay financial power brokers and analysts this week, more and more families are facing a fiscal crunch because of mounting problems in the subprime mortgage market. Those seeking relief may want to explore the Federal Housing Administration, whose government-backed loans can help people climb out from the stranglehold of the subprime market.

To learn more about FHA loans and how they can help financially distressed homeowners, visit FHA section or contact one of our loan or refinancing specialists today.