Fha-loans Articles

If you are I the market for a new home have you considered the potential for possible future flood damage to the property? For those veterans using the VA Home Loan Guarantee Program, it is required by the VA for the buyer to pay the fee for a determination of flood risk on the property they are planning to purchase. FEMA has a National Flood Insurance Program so that if the home you purchase is determined to be in a flood area, you can get insurance to protect you. They warn that flood insuran.... Read More...

If you run into unexpected hardships and are unable to make a mortgage payment, the first thing you should do is to contact your lender. They want to help you get caught up with your loan payments and have various programs to help. Some of the ways in which you can make up back mortgage payments include: Forbearance- this is when your lender is willing to let you have a little time off from payments in order to get caught up financially. This is usually a good option if you lost a job and n.... Read More...

When you are in the market for a home loan it is exciting to see an offer for a $200,000 mortgage for only $700 per month! The problem is that these rates dont last for long. Many people have been lured into taking out a mortgage to purchase a home because of teaser rates like these. With these types of offers the mortgage company or broker will offer you a great rate to begin, but the catch is that the rate increases after a specified period of time. Like adjustable rate mortgages, the inter.... Read More...

With the announcement by HUD that the FHA will begin using a risk-based structure for mortgage insurance, many are wondering what will change. Currently, FHA borrowers are assigned the same mortgage insurance amounts regardless of the risk they pose to lenders. For a 30-year fixed-rate mortgage, borrowers must pay a premium of 1.5% of the total loan amount upfront, which can be financed into the loan, and .50% as part of their monthly payment. These rates are considerably higher than those assoc.... Read More...

The news outlets have been abuzz since Fridays announcement by the president about a new program called FHASecure. So just what is this product that is supposed to save Americans from the sub-prime fiasco? FHASecure is a new refinance option that is being offered to borrowers who have a good credit history and were making on-time payments before their adjustable-rate mortgages reset. The program has stringent underwriting guidelines and borrowers will have to pay a mortgage insurance premium.... Read More...

An Alt-A loan, also called an alternative documentation loan, is a loan that holds borrowers with good credit to different approval standards than traditional loans. Those applying for an Alt-A loan need not provide income verification or documentation of assets. Instead, the approval for an Alt-A loan is based primarily on an individual's credit score. People who are great candidates for Alt-A loans include the recently divorced, entrepreneurs, the self-employed, and those who are paid on commi.... Read More...

We've been talking about it for weeks, and it looks like the national mainstream media is finally catching up. This headline in a recent Philadelphia Inquirer story pretty much sums up what we've been harping on: "Going FHA Back in Vogue." Here's the first sentence of this Harold Brubaker story on the Federal Housing Administration's resurgence given the continuing subprime crisis: As the mortgage industry goes through a wrenching retrenchment, government-backed loans for first-time homebuyers.... Read More...

With the recent turmoil resulting from sky rocketing adjustable rate mortgages (ARMs) many people are looking for a way to refinance from their current adjustable rate mortgage to a fixed rate mortgage. For a large number of individuals, refinancing may be the only way to not lose their homes. Although not for everyone, there is the possibility for the FHA to assist a large number of people through refinancing. The ideal candidate for an FHA refinance is an individual who already has an FHA ho.... Read More...