Fha Articles

Posted on October 19   By Michele Lerner
Question: My friend recently got an approval for an FHA loan, but I was surprised because I thought you had to be a first-time buyer to get an FHA mortgage. Also, she makes more money than I do, so I assumed her income was too high. Please tell me what I need to do to qualify for an FHA mortgage. Answer: FHA loans, insured by the Federal Housing Administration, have been around since the 1930s. Originally designed to help low- and moderate-income families afford to buy a home, the program has in.... Read More...
Posted on September 25   By Michele Lerner
Question: I found a house I want to buy, but it's in bad condition. The kitchen appliances are missing and some of the windows don't open and close. I wanted to finance it with an FHA loan because I don't have a lot of cash for a down payment. My friend told me that FHA loans have to pass a home inspection. Does that mean I can't use one for this house? Answer: Congratulations on finding a house to buy. While the FHA doesn't require a home inspection, an inspection is recommended. You don't want.... Read More...
Posted on August 26   By Michele Lerner
One of the benefits of having an FHA loan is the opportunity to refinance with the FHA Streamline Refinance program. In April 2011, the FHA loosened its guidelines and made it much easier for borrowers with an existing FHA-insured loan to refinance. Then, in 2012, the FHA made refinancing even more attractive for some FHA borrowers by lowering the mortgage insurance rates. Benefits of the FHA Streamline Refinance program: Appraisals are not required. Since you do not need an appraisal, you can .... Read More...
Posted on August 08   By Michele Lerner
Q: I'm trying to compare an FHA loan with a conventional loan for a home purchase. I have 5 percent for a down payment, so either way I'll have to pay mortgage insurance. My question is: Which mortgage insurance is easier to get rid of faster, FHA mortgage insurance or private mortgage insurance? There are many ways to compare an FHA loan and a conventional mortgage, including the interest rates, fees and down payment requirements. You are smart to look into the mortgage insurance angle, because.... Read More...
Posted on February 14   By MLP Blog
Congress is set for a showdown over the country's ongoing housing market crisis when it returns after Labor Day. We strongly urge voters to consider contacting their elected representatives and voicing support for an overhaul of the Federal Housing Administration, which could help end the spiraling subprime mortgage fallout. Officials are set to debate the merits of a proposed modernization of the FHA, an arm of the Department of Housing and Urban Development that has insured loans for millions .... Read More...
Posted on February 14   By Brandon
Smaller banks and community lending institutions will have far greater access to FHA loans if several major proposed changes take root, according to housing experts. In a move aimed at minimizing risk, the U.S. Department of Housing and Urban Development announced plans to end its longstanding requirement that brokers receive FHA approval before arranging home loans. Now, if the proposed change becomes regulation, it would be up to the major lenders to monitor those so-called “mini-Eagle&r.... Read More...
Posted on February 14   By MLP Blog
In 1992 the FHA piloted an Energy Efficient Mortgage program in five states. The pilot was so successful that in 1995 the program was expanded to the entire nation. The basis of the Energy Efficient Mortgage is that a home buyer can afford a higher mortgage with lower utility expenses. FHA's Energy Efficient Mortgage Program insures new or refinanced mortgages for owner occupied buildings. The mortgage includes the cost of energy efficient improvements. The cost allowed for the energy efficient .... Read More...
Posted on February 14   By MLP Blog
A housing rescue bill aimed at helping distressed homeowners recently passed a test vote in the Senate. 60 votes were needed to close the debate on the bill and it received 83. However, problems still loom with the president threatening a veto over certain sticking points. In particular, the White House is opposed to giving $4 billion dollars to states to purchase properties that have been foreclosed upon. President Bush sees this as a way to help out the banks that financed these risky loans an.... Read More...
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