Fha Articles

Posted on February 13   By MLP Blog
The Federal Housing Administration has decided to increase the premiums they charge for insuring mortgage home loans. Since the sub-prime fallout the FHA has been taken on more and more home loans. To cover their increased risk the FHA is increasing the premium charged upfront on loans from 1.5% to 1.75% of the loan amount. Briefly, from July 14th to October 1st when the new loan premium amount goes into effect, the FHA determined the amount charged for premiums using a "risk-based" system. The .... Read More...
Posted on November 11   By Francine Huff
The U.S. housing market continues to limp along. About a quarter of homeowners are underwater on their mortgage loans, foreclosure filings continue to drag down local housing markets and many borrowers are unable to refinance or sell their homes to improve their standard of living. Now, on top of everything else, the amount people can borrow with a mortgage backed by the government has dropped. Mortgage borrowing capped As of October 1. 2011, the maximum amount you can borrow with a governme.... Read More...
Posted on June 14   By Justin McHood
We are starting to see more and more people willing to "step up" and finance more than the typical FHA loan - they are called FHA jumbo loans. Depending on where you live, currently FHA will allow you to finance up to $729,000 with just 3.5% down? This product was part of the legislation passed by congress and chances are that it won't be around forever. It was a special program that was created by HUD and it could go away at any time. So if you are shopping for a house in a market where FHA j.... Read More...
Posted on April 30   By Justin McHood
FHA loans are one of the most popular loans with borrowers today - and not just because they are insured by the federal government from default. Wait - you don't think that that helps you if you are a borrower, do you? It doesn't. A few of the people that I speak with about FHA loans think that the FHA insured loan will benefit them somehow - but the fact that a loan is insured by FHA actually does the borrower no good. FHA insures the loan in the event of a default by the borrower, the le.... Read More...
Posted on April 29   By Justin McHood
The Federal Housing Administration has found itself in a position where it needs to raise revenue or cut expenses in order to survive. In an effort to raise revenues, the House Financial Services Committee has passed a bill that would substantially raise the amount a borrower pays for FHA monthly mortgage insurance - from the .55% that is required today to 1.5%. This wouldn't be the first time that FHA has raised the insurance premiums for an FHA loan, but it usually seems like in the past they.... Read More...
Posted on March 23   By Justin McHood
If you are wanting to buy a home and finance the home with an FHA loan, chances are that your lender may have mentioned a "FHA 90 day flip rule". Some lenders have a rule in place that they will not lend you money for an FHA loan if the home you are buying has been bought (usually by an investor) within the last 90 days - who is then turning around and selling the home to you. And not to confuse the issue too much -- but even though there are some lenders who won't loan you money for an FHA lo.... Read More...
Posted on February 09   By Justin McHood
When house prices drop, falling values have ripple effects on the economy. Jobs are lost, credit becomes difficult to obtain and people are forced to make tough decisions regarding what monthly bills they can afford to pay. And increasingly, it appears as if many people are opting to not pay their mortgage -- whether by choice or necessity. According to the Wall Street Journal, people who have an FHA loan are defaulting on their mortgage at consistently higher rates. Loan defaults crossed the .... Read More...
Posted on January 22   By MLP Blog
Beginning this spring, prospective FHA borrowers will face stricter standards and more upfront costs when the time comes to purchase a home. The Federal Housing Administration this week announced a series of changes designed to strengthen its financial standing and weed out vulnerable borrowers. The FHA has assumed an increasingly vital role in the last two years, propping up the housing market amid a vicious downturn. The agency insured more than 5.5 million single-family homes through mid-De.... Read More...
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