FHA mortgage financing offers the benefits of low interest rates, relatively liberal underwriting guidelines and low down payment requirements. Sometimes, however, FHA financing is not the best option for a home buyer. One of the biggest drawbacks to FHA financing is the expensive mortgage insurance charged to borrowers. In addition to being charged an upfront […]
Sometimes, FHA Financing Is Not The Best Option For Homeowners
January 30, 2012 Filed Under: FHA Down Payment Requirements, FHA Eligibility Requirements, FHA loan, FHA mortgage, FHA Mortgage Insurance
A Rational Reason To Default On Your FHA Mortgage
January 12, 2012 Filed Under: FHA Foreclosure Help, FHA loan, Mortgage Default
Mortgage defaults are at an all time high as property values plunge, incomes drop, unemployment rises and the average consumer is squeezed by the exploding cost of daily necessities. The housing situation is at a critical stage and not likely to improve any time soon. Here are some highlights from a recent report by the […]
Why FHA Borrowers With FICO Scores Below 620 Can’t Get Approved
January 12, 2012 Filed Under: Benefits of FHA Mortgage, FHA Eligibility Requirements, FHA loan, FHA Minimum Credit Scores, FHA mortgage, FHA Mortgage Basics
FHA mortgage programs are the most lenient in the industry and borrowers with low credit scores have frequently had no other options except FHA financing. Current FHA guidelines state that borrowers with credit scores above 580 are qualified for FHA financing with only a 3.5% down payment. The reality, however, is quite different as very […]
Loan Modification Fraud Generates 20,000 Consumer Complaints
January 12, 2012 Filed Under: FHA loan
An organization devoted to preventing fraudulent loan modifications reports that consumers have filed 20,000 complaints against loan modification businesses since March 2010. Homeowners who have fallen behind on mortgage payments and want to avoid losing their homes in foreclosure are being preyed upon by remorseless business operators who take large upfront payments. Later on, the […]
Warning To FHA Borrowers – Avoid Fraudulent Forensic Loan Audits, Loan Mods And Foreclosure Scams
January 6, 2012 Filed Under: FHA Foreclosure Help, FHA loan, FHA mortgage
Falling behind on FHA mortgage payments has resulted in a nightmare scenario for many homeowners. The economic mess that our country has fallen into since the housing bubble burst in 2006 has produced the double disaster of unprecedented unemployment along with collapsing home values. Unfortunately, many delinquent FHA borrowers have had their financial misery compounded […]