After the implosion of Fannie Mae and Freddie Mac in 2008, the FHA was seen as the savior of the housing industry. Liberal underwriting guidelines combined with a low down payment requirement made FHA financing the preferred choice for many home buyers. As a result, the FHA’s share of total mortgage lending soared to almost […]
FHA’s 75% Increase In Mortgage Insurance Premiums May Hurt Housing Sales
April 13, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, FHA Mortgage Basics, FHA Mortgage Insurance
Are Only U.S. Citizens Eligible For FHA Loans? Facts vs. Myths
April 12, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, FHA Mortgage Basics
During my discussions with loan applicants, there seems to be a common misperception that only U.S. citizens are eligible for FHA mortgage financing. I can recall a long list of second hand stories from people who “heard about” illegal immigrants receiving FHA financing using forged and fraudulent documents. Although it is certainly possible that some […]
Is FHA Loan Approval Possible With Outstanding Collections and Judgments?
April 11, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, FHA Mortgage Basics
Applying for a Federal Housing Administration (FHA) mortgage typically involves a substantial amount of time, paperwork and out of pocket costs. The FHA mortgage program, which is widely used by home buyers, has many different rules and regulations that can result in approval delays or a loan turn down. One of the primary purposes of […]
Self Employed FHA Borrowers Subject To New Guidelines
April 5, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, FHA Mortgage Basics
Self employed borrowers have always had to contend with more extensive paperwork requirements and underwriting scrutiny than the typical salaried employee. The underlying rationale for a more careful examination of a self employed borrower’s situation is based on the fact that self employment income can vary dramatically from year to year and, in addition, […]
How Can An FHA Borrower Select A Reputable FHA Lender?
February 27, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, Mortgage Default
Besides worrying about whether or not the mortgage loan application will be approved, FHA borrowers also need to worry if they are dealing with a reputable FHA lender. There are serious pitfalls and consequences from dealing with a “rogue” FHA lender. A borrower applying for FHA financing needs to invest significant time and money applying […]