The latest report from the Federal Housing Administration shows a continued collapse in FHA loan origination. A combination of declining home values and buyer reluctance to purchase contributed to a decline in purchase applications of 30.8% for the nine months ending June 30th. In addition, despite the currently low level of home mortgage rates, refinance […]
Archives for July 2011
FHA Disclosures Forms To Become Less Complicated
July 27, 2011 Filed Under: Benefits of FHA Mortgage, FHA mortgage, FHA Mortgage Basics
In the aftermath of the financial crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new Act instituted the most comprehensive changes to the financial system since the 1930’s. One of the major objectives of the new Act was to protect consumers from abusive practices by the financial industry. To accomplish […]
Fast Track To FHA Loan Approval
July 15, 2011 Filed Under: FHA mortgage, FHA Mortgage Basics
Many people begin their search for a new home on the internet. Online searches are an efficient way to view property listings as well as determine the price range for different homes in your area. Once a home buyer has decided it is time to buy, one of the next first steps involve selecting a […]
Unemployed FHA Homeowners Get 12 Month Payment Holiday
July 12, 2011 Filed Under: Benefits of FHA Mortgage, FHA Foreclosure Help
There is now an additional benefit for homeowners with FHA financing. HUD has implemented a program that allows unemployed borrowers to remain in their homes for an extended period of time without having to make a mortgage payment. The FHA has always taken exceptional steps to assist borrowers who have become delinquent in their loan […]
FHA Minimum FICO Score Requirements Meaningless To Many Borrowers
July 11, 2011 Filed Under: FHA Eligibility Requirements, FHA Minimum Credit Scores, FHA mortgage
A borrower’s credit score is one of the most important factors in determining FHA loan approval. Not having a sufficiently high FICO score is one of the primary reasons that a borrower will be denied FHA financing. Late last year the FHA established minimum FICO score requirements. The FHA guidelines, however, are meaningless for many […]