Due to the ongoing financial crisis and flight to safety, investors piled into US government bonds again today, driving interest rates to levels not seen in 50 years. The 10 year US treasury note, which is the benchmark for mortgage pricing, actually slipped below 2% today before selling off and closing at 2.08%. Ironically, lower […]
FHA Mortgage Rates Hit All Time Lows As Home Sales Increase
August 19, 2011 Filed Under: FHA mortgage, FHA Mortgage Basics
Five Things Your FHA Lender Won’t Tell You
August 3, 2011 Filed Under: FHA mortgage, FHA Mortgage Basics
For many years, owning a home was the culmination of the American dream. Besides the emotional satisfaction of ownership, it was assumed that housing prices could only go up. It became an unchallenged belief that buying a home was always a wise decision. The housing collapse that started in the 2008 has now made the decision […]
FHA Takes Action Against Rogue FHA Lenders – Numerous Violations Cited
August 2, 2011 Filed Under: FHA mortgage
In a HUD press release, it was announced that the FHA’s Mortgagee Review Board (MRB) took action against 240 FHA lenders who violated numerous lending regulations and failed to meet FHA requirements. Actions taken by the FHA MRB included suspensions, reprimands, probations, money penalties and withdrawal of FHA lending approval. More than 2,300 administrative actions […]
FHA Mortgage Lending Plunges As Housing Values Decline
July 28, 2011 Filed Under: FHA mortgage
The latest report from the Federal Housing Administration shows a continued collapse in FHA loan origination. A combination of declining home values and buyer reluctance to purchase contributed to a decline in purchase applications of 30.8% for the nine months ending June 30th. In addition, despite the currently low level of home mortgage rates, refinance […]
FHA Disclosures Forms To Become Less Complicated
July 27, 2011 Filed Under: Benefits of FHA Mortgage, FHA mortgage, FHA Mortgage Basics
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 […]