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 Many Years Will I Pay FHA Mortgage Insurance? The Answer May Surprise You
December 1, 2015 Leave a Comment Filed Under: Benefits of FHA Mortgage, FHA loan, FHA mortgage, FHA Mortgage Insurance
How Student Loan Debt Can Wreck Your Chance of Buying a Home
November 13, 2015 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage
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
November 13, 2015 Filed Under: Benefits of FHA Mortgage, FHA Condo Loans, FHA Eligibility Requirements, FHA loan, FHA mortgage, FHA property
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
April 29, 2014 Filed Under: FHA Foreclosure Help, FHA loan, FHA mortgage, Mortgage Default
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
April 23, 2014 Filed Under: FHA HECM, FHA Home Equity Conversion Mortgage, FHA loan, FHA reverse mortgage
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 […]