The FHA has a special refinance program that can reduce a homeowner’s monthly mortgage payment. Under the FHA Streamline Refinance program, a borrower is allowed to refinance to a lower rate with greatly reduced documentation requirements and easier underwriting rules. The FHA Streamline Refinance program has certain eligibility requirements, as follows: The borrower must already […]
Streamline FHA Refinance Can Reduce Monthly Mortgage Payments
January 3, 2012 Filed Under: Benefits of FHA Mortgage, FHA Eligibility Requirements, FHA Streamline refi
FHA Extends Waiver On Property Flipping To Stabilize Housing Market
December 28, 2011 Filed Under: Benefits of FHA Mortgage, FHA Anti-Flipping Reg, FHA Eligibility Requirements, FHA mortgage, FHA property
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 […]
Profile Of The Average FHA Borrower – How Do I Measure Up?
December 24, 2011 Filed Under: FHA Eligibility Requirements, FHA Minimum Credit Scores, FHA mortgage, FHA Mortgage Basics
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 Loan With FICO Score Under 620 – What Are My Odds Of Loan Approval?
December 12, 2011 Filed Under: FHA Eligibility Requirements, FHA Minimum Credit Scores, FHA mortgage
The FHA has established minimum credit score requirements in order to be eligible for FHA financing. The FHA guidelines specifically exclude from eligibility any borrower with a FICO score below 500. Theoretically, any borrower with a credit score above 500 can be approved for an FHA loan but realistically, the lower the credit score, the […]
FHA Loan Losses May Trigger Taxpayer Bailout and Higher FHA Insurance Premiums For Borrowers
December 7, 2011 Filed Under: FHA Eligibility Requirements, FHA mortgage, FHA Mortgage Insurance
Due to increased loan losses on FHA insured mortgages, borrowers may soon be facing an increase in FHA insurance premiums. In testimony before Congress, Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development (HUD), stated that due to an almost total depletion of the FHA Mortgage Insurance Fund, it may become necessary […]