Fha Articles

Posted on January 21   By Justin McHood
Recently, FHA has decided that they want to have more oversight and regulatory authority for FHA approved lenders. Yesterday, they released a statement declaring that HUD will be focusing more on regulatory authority when it comes to FHA lenders - in addition to some of the current HUD investigations that are currently being held. According to the press release, here are some of the regulatory oversight changes coming soon to the FHA approved lender program: Publicly report lender performance.... Read More...
Posted on January 20   By Justin McHood
Yesterday, FHA announced that they were going to implement a number of things that are designed to help FHA get back on the right financial track. One of the major things that they announced was that seller concessions for any new home purchase were going to be reduced from 6% to 3%. According to the announcement: The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller con.... Read More...
Posted on January 20   By Justin McHood
Yesterday, FHA announced that they were going to raise the minimum down payment requirements for FHA borrowers who have low credit scores. According to the announcement, this change will take effect sometime in the summer after a comment period and is expected to impact FHA borrowers who have credit scores that are lower than 580. Currently, many FHA lenders require a credit score of at least 620, so I think that it is safe to say that the limited lenders who currently allow lending to borr.... Read More...
Posted on January 20   By Justin McHood
Yesterday it was announced that FHA was making it more expensive to get an FHA loan - in the form of increased up front mortgage insurance premiums. When you get an FHA loan, you are required to pay a one-time, up front mortgage insurance premium and all FHA borrowers are required to pay that amount. FHA doesn't actually lend you money, they only insure your loan - and to pay for that coverage, each person who gets an FHA loan is required to pay this insurance premium. According to HUD's press.... Read More...
Posted on November 22   By Justin McHood
Will FHA loan limits go even higher? Thanks to the Economic Stimulus Act of 2008, maximum FHA loan limits were pegged at $729,750 for a single family residence and were recently extended for another year. And there is at least one legislator who wants to increase these limits even more - to $839,750. Barney Frank! According to a recent interview, the Massachusetts Democrat who is chairman of the House Financial Services Committee, said he plans to introduce legislation next year raising the m.... Read More...
Posted on November 18   By Justin McHood
Even though the official name "FHA Streamline" still exists, the FHA streamline refinance of today is very different than it was last week. Or for the last decade or so for that matter. As of November 17, 2009 the FHA streamline loan now requires the following items (and more) but these three are the big ones that will prevent many people from being able to refinance: A verification of employment A verification of income An appraisal if you are going to "roll in" any of your closing costs .... Read More...
Posted on September 28   By Justin McHood
If you currently have an FHA loan and have been working with your lender on a loan modification - good news! HUD has just issued a "new set of rules" that your lender should be very interested in following. Recently HUD issued the official mortgagee letter that outlines what servicers should be doing to help people with FHA loans that are having trouble making their mortgage payments. The reason that HUD gave for issuing the letter is that apparently recent studies show that more people are tr.... Read More...
Posted on September 27   By Justin McHood
For many years, the FHA streamline program has been popular with people who have an FHA loan because it allows them to refinance their FHA loan without having to completely re-qualify for a new loan. For example, it used to not require income verification, asset verification or credit scores. But times have changed. Recently, FHA announced that they were changing the guidelines for the FHA streamline program effective November 17th, 2009. Highlights of the changes to the FHA streamline program .... Read More...
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