We have previously discussed the merits and potential drawbacks of the reverse mortgage program. The reverse mortgage is officially known as the Home Equity Conversion Mortgage or HECM. A reverse mortgage is obtained through the FHA and is a relatively small part of their lending business. While the FHA will receive almost two million routine […]
How Much Money Can I Get From A Reverse Mortgage? A Step By Step Procedure
July 31, 2012 Filed Under: Benefits of FHA Mortgage, FHA HECM, FHA Home Equity Conversion Mortgage, FHA loan, FHA mortgage, FHA Mortgage Basics, FHA reverse mortgage
List of FHA Foreclosed Homes For Sale Reveals Bargains For Homebuyers
July 20, 2012 Filed Under: Benefits of FHA Mortgage, FHA 203(k) Loan, FHA loan, FHA mortgage, FHA Mortgage Basics, FHA property, HUD foreclosed homes
The FHA is swamped with foreclosed homes that they are trying to sell nationwide. Single family homes foreclosed on by the FHA are being sold through the U.S. Department of Housing and Urban Development (HUD). Since holding an empty house is an expensive proposition for a lender, HUD is a motivated seller. Accordingly, many single […]
Getting FHA Mortgage Approval After Bankruptcy Is Easier Than You Think
April 27, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, FHA Mortgage Basics
Many potential homeowners mistakenly believe that they must wait a very long time to qualify for mortgage approval after declaring bankruptcy. Depending on the circumstances, however, this is not the case. Easy FHA mortgage guidelines allow some borrowers to become homeowners as soon as 12 months after a bankruptcy. The primary factors determining how soon […]
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
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 […]
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 […]