August 29, 2016

How Many Years Will I Pay FHA Mortgage Insurance? The Answer May Surprise You

new-home

Since being created by Congress in 1934 the Federal Housing Administration (FHA) has insured over 34 million mortgages on single family homes.  The low down payment requirement and relaxed credit standards of the FHA have allowed millions of people to achieve the dream of home ownership. While the advantages of an FHA mortgage are compelling [...]

How Student Loan Debt Can Wreck Your Chance of Buying a Home

student-loans

Newly graduated students lucky enough to get a job after graduation have to overcome many hurdles on the path to home ownership including establishing a good credit score, saving for a down payment, and being able to show enough income. In addition to the standard barriers to home ownership listed above many new graduates trying [...]

FHA Eases Guidelines on Condo Loans

FHA logo

Many potential buyers and mortgage lenders have long complained about what they consider to be tight restrictions on condo related FHA mortgage financing. In an attempt to expand financing options for borrowers purchasing condos the Federal Housing Administration announced changes that make it easier to obtain FHA financing for condos. The new guidelines, as detailed [...]

FHA Lending Continues to Plunge – FHA Doing More Harm Than Good for Most Home Buyers

Debt burdens

The number of FHA originations continues to spiral downward according to the latest FHA Production Report from the Department of Housing and Urban Development (HUD). Total applications received for FHA mortgages declined to 71,011 in January 2014 down by almost 49% from the previous year’s comparable month.  The large majority of FHA loans are for [...]

Pitfalls of FHA Reverse Mortgages – Lenders Get More Time to Foreclose as Shill Fred Thompson Pushes Reverse Mortgages

debt collector

When a borrower defaults on an FHA insured reverse mortgage the mortgagee bank that made the loan has to follow strict Department of Housing and Urban Development (HUD) guidelines to ensure that losses will be covered by FHA insurance.   When an FHA borrower defaults on a loan, HUD requires that mortgagees (lenders) follow a foreclosure [...]