June 24, 2017

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

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 […]

FHA Eases Guidelines on Condo Loans

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 […]

How Much Money Can I Get From A Reverse Mortgage? A Step By Step Procedure

We have previously discussed the merits and potential drawbacks of the reverse mortgage program.  The reverse mortgage is officially known as the Home Equity Conversion Mortgage or HECM.  A reverse mortgage is obtained through the FHA and is a relatively small part of their lending business.  While the FHA will receive almost two million routine […]

List of FHA Foreclosed Homes For Sale Reveals Bargains For Homebuyers

The FHA is swamped with foreclosed homes that they are trying to sell nationwide.  Single family homes foreclosed on by the FHA are being sold through the U.S. Department of Housing and Urban Development (HUD).  Since holding an empty house is an expensive proposition for a lender, HUD is a motivated seller.  Accordingly, many single […]

Becoming A Homeowner Is A Difficult Goal For Many Americans

Most Americans have traditionally viewed home ownership as part of the American dream.  Owning a home was rightfully viewed as one of the bedrock principles for building long term wealth through equity appreciation.  For decade after decade home values increased and by 2007, the mantra of “home values never decline” became part of the national […]