On or after October 1, 2011, FHA loan limits will be reduced in 20% of the counties that are eligible for FHA financing. The FHA currently insures loans in 3,334 counties of which 669 will be subject to lower loan limits. Due to the severe downturn in the economy and the fear that banks would […]
Archives for August 2011
FHA Loan Limit Reductions Expected To Have Small Impact On Borrowers
August 31, 2011 Filed Under: FHA Loan Limits, FHA mortgage
FHA Mortgage Rates Hit All Time Lows As Home Sales Increase
August 19, 2011 Filed Under: FHA mortgage, FHA Mortgage Basics
Due to the ongoing financial crisis and flight to safety, investors piled into US government bonds again today, driving interest rates to levels not seen in 50 years. The 10 year US treasury note, which is the benchmark for mortgage pricing, actually slipped below 2% today before selling off and closing at 2.08%. Ironically, lower […]
Five Things Your FHA Lender Won’t Tell You
August 3, 2011 Filed Under: FHA mortgage, FHA Mortgage Basics
For many years, owning a home was the culmination of the American dream. Besides the emotional satisfaction of ownership, it was assumed that housing prices could only go up. It became an unchallenged belief that buying a home was always a wise decision. The housing collapse that started in the 2008 has now made the decision […]
FHA Takes Action Against Rogue FHA Lenders – Numerous Violations Cited
August 2, 2011 Filed Under: FHA mortgage
In a HUD press release, it was announced that the FHA’s Mortgagee Review Board (MRB) took action against 240 FHA lenders who violated numerous lending regulations and failed to meet FHA requirements. Actions taken by the FHA MRB included suspensions, reprimands, probations, money penalties and withdrawal of FHA lending approval. More than 2,300 administrative actions […]