June 24, 2017

Archives for January 2012

FHA Tightens Guidelines On Broken Reverse Mortgage Program, Major Lenders Exit The Business

Reverse mortgages, which have been available to elderly borrowers for over two decades, will become more difficult to obtain in the future.  Major reverse mortgage lenders have abandoned the product and the FHA has indicated that they will tighten underwriting guidelines due to the large number of reverse mortgage defaults. Last year, two of the […]

Sometimes, FHA Financing Is Not The Best Option For Homeowners

FHA mortgage financing offers the benefits of low interest rates, relatively liberal underwriting guidelines and low down payment requirements.  Sometimes, however, FHA financing is not the best option for a home buyer. One of the biggest drawbacks to FHA financing is the expensive mortgage insurance charged to borrowers.  In addition to being charged an upfront […]

A Rational Reason To Default On Your FHA Mortgage

Mortgage defaults are at an all time high as property values plunge, incomes drop, unemployment rises and the average consumer is squeezed by the exploding cost of daily necessities. The housing situation is at a critical stage and not likely to improve any time soon.  Here are some highlights from a recent report by the […]

Why FHA Borrowers With FICO Scores Below 620 Can’t Get Approved

FHA mortgage programs are the most lenient in the industry and borrowers with low credit scores have frequently had no other options except FHA financing. Current FHA guidelines state that borrowers with credit scores above 580 are qualified for FHA financing with only a 3.5% down payment.  The reality, however, is quite different as very […]

Loan Modification Fraud Generates 20,000 Consumer Complaints

An organization devoted to preventing fraudulent loan modifications reports that consumers have filed 20,000 complaints against loan modification businesses since March 2010. Homeowners who have fallen behind on mortgage payments and want to avoid losing their homes in foreclosure are being preyed upon by remorseless business operators who take large upfront payments.  Later on, the […]