For most borrowers, the hardest part on the path to home ownership is being able to save the required downpayment. In addition to the basic downpayment, a borrower also needs funds for a home inspections, an appraisal, legal fees, title costs and mortgage company fees. Since it is difficult for many first time home buyers […]
Most FHA Mortgage Downpayments Come From One Source
December 9, 2011 Filed Under: FHA Down Payment Requirements, FHA mortgage
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 […]
FHA Minimum Credit Scores – How Does My Credit Score Compare To Other Borrowers?
December 7, 2011 Filed Under: FHA Eligibility Requirements, FHA Minimum Credit Scores, FHA mortgage
Last year the FHA instituted minimum credit score requirements necessary to qualify for FHA loan approval. Many borrowers who wind up being turned down for FHA financing due to low credit scores often wonder how their credit scores compare to other borrowers. Despite the financial pressures on households due to higher prices, stagnant incomes and […]
How To Get An FHA Loan Without Mortgage Insurance
November 17, 2011 Filed Under: FHA mortgage, FHA Mortgage Insurance
The FHA loan program currently offers lower down payments, easier borrower qualification and lower rates than conforming loans. The offset to these benefits is the imposition of an upfront mortgage insurance premium (UFMIP) and continuing monthly mortgage insurance (MI) premiums. The combined UFMIP and monthly MI payments represent a major cost to an FHA borrower. […]
FHA Loan Limit Reductions Expected To Have Small Impact On Borrowers
August 31, 2011 Filed Under: FHA Loan Limits, FHA mortgage
On or after October 1, 2011, FHA loan limits will be reduced in 20% of the counties that are eligible for FHA financing. The FHA currently insures loans in 3,334 counties of which 669 will be subject to lower loan limits. Due to the severe downturn in the economy and the fear that banks would […]