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 […]
FHA Disclosures Forms To Become Less Complicated
July 27, 2011 Filed Under: Benefits of FHA Mortgage, FHA mortgage, FHA Mortgage Basics
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 Caps On Borrower Closing Costs Paid By Sellers
July 6, 2011 Filed Under: Benefits of FHA Mortgage, FHA mortgage, FHA Mortgage Basics
One of the benefits of FHA financing is the ability of home buyers to have the seller pay for certain closing costs. The FHA allows sellers to pay specified closing costs, subject to a percentage limitation, on behalf of borrowers. The ability of home buyers to obtain seller concessions is one of the major benefits […]
Different Types of FHA Adjustable Rate Mortgages Offer Choices For Borrowers
June 16, 2011 Filed Under: Benefits of FHA Mortgage, FHA Adjustable Rate Mortgages
An FHA adjustable rate mortgage (ARM) can offer borrowers the benefit of a lower rate compared to a standard fixed rate mortgage. The lower rates on FHA ARM mortgages, however, do present the borrower with the risk that the interest rate may rise when the ARM mortgage rate adjusts. There are circumstances under which the […]
FHA Energy Efficient Mortgage (EEM) Can Reduce Home Energy Costs
June 10, 2011 Filed Under: Benefits of FHA Mortgage, FHA 203(k) Loan, FHA Energy Efficient Mortgage
The largest monthly expenditure for most homeowners, after the mortgage payment, is for heating and cooling. Making a home more energy efficient can result in substantial monthly savings. The FHA has a program that allows homeowners to borrow the funds necessary to upgrade a home’s energy efficiency. Besides lowering utility bills, an energy efficient home […]