May 22, 2024

Archives for December 2011

FHA Extends Waiver On Property Flipping To Stabilize Housing Market

To protect purchasers from the predatory practice of “property flipping”, the FHA refuses to insure a mortgage on a home that was owned by the seller for less than 90 days.  The practice of quickly reselling (flipping) properties often resulted in unsuspecting buyers paying inflated prices, according to the FHA. In an effort to stabilize […]

FHA Offers Special Discount Sales To Homebuyers Of Foreclosed HUD Properties

Few first time homebuyers are aware of the fact that the U.S. Department of Housing and Urban Development (HUD) has an extensive list of homes for sale.  There are many advantages to purchasing a home from HUD including special financing programs and special discount sales for qualified buyers. HUD properties for sale are 1 to […]

Profile Of The Average FHA Borrower – How Do I Measure Up?

The FHA has become the primary source of mortgage financing for many Americans.  Over the short time span of 2007 to2009, FHA mortgage financing increased by more than 400%. The number of home purchases done using FHA financing exploded from 278,394 in 2007 to 1,109,582 in 2010. The FHA has increased its market share primarily […]

FHA Mortgage Insurance Increase Tied To Payroll Tax Cut Is Bad News For Homeowners

The attempt by legislators to extend the payroll tax reduction has resulted in proposals to increase the mortgage insurance premiums on FHA loans. Originally, the Senate had only proposed increasing the guarantee fees charged by Fannie Mae and Freddie Mac on sales of mortgage backed securities.  The estimated fee increase of 12.5 basis points would […]

Mortgage Complaint? – The Consumer Financial Protection Bureau Wants To Hear From You

The Consumer Financial Protection Bureau (CFPB), established under the Frank-Dodd Act, has started taking mortgage complaints as of December 1st. Borrowers with any type of mortgage, including an FHA mortgage, can contact the CFPB and register a complaint which the CFPB will forward to the mortgage company involved.  The CFPB plans to interact with the […]