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 […]
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
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 Foreclosed Home Inventory Climbs By 30%
September 2, 2011 Filed Under: Uncategorized
The latest Monthly Report to the FHA Commissioner shows that the supply of FHA repossessed homes continues to surge. At the beginning of July 2011, FHA owned properties swelled to 53,164. The value of the properties held by the FHA totaled $6.74 billion. For the year to date current fiscal year which covers the period […]
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 […]
FHA Mortgage Rates Hit All Time Lows As Home Sales Increase
August 19, 2011 Filed Under: FHA mortgage, FHA Mortgage Basics
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 […]