Self employed borrowers have always had to contend with more extensive paperwork requirements and underwriting scrutiny than the typical salaried employee. The underlying rationale for a more careful examination of a self employed borrower’s situation is based on the fact that self employment income can vary dramatically from year to year and, in addition, […]
Self Employed FHA Borrowers Subject To New Guidelines
April 5, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, FHA Mortgage Basics
How Can An FHA Borrower Select A Reputable FHA Lender?
February 27, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, Mortgage Default
Besides worrying about whether or not the mortgage loan application will be approved, FHA borrowers also need to worry if they are dealing with a reputable FHA lender. There are serious pitfalls and consequences from dealing with a “rogue” FHA lender. A borrower applying for FHA financing needs to invest significant time and money applying […]
Regulators Warn Elderly To Be Aware Of Reverse Mortgage Scams
February 24, 2012 Filed Under: FHA HECM, FHA Home Equity Conversion Mortgage, FHA loan, FHA mortgage, FHA reverse mortgage
Unfortunately for all of us, there are numerous individuals and companies operating as financial predators against homeowners. Even worse, many criminals operating financial scams prey upon the elderly who are least able to defend themselves against deceptive offers and high pressured sales tactics. The Federal Deposit Insurance Corporation (FDIC) has issued a warning in their […]
FHA Lists 50 Counties With Highest Default Rates
February 16, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, HUD foreclosed homes, Mortgage Default
The rates of defaults and delinquencies on FHA mortgage loans continues to surge. The latest Monthly Report to the FHA Commissioner on FHA Business Activity reveals that almost 1 out of every 10 FHA mortgages is now classified as “seriously delinquent”. A seriously delinquent loan is defined as being 90 days or more past due, […]
Streamline FHA Refinances To Become Easier To Qualify For
February 13, 2012 Filed Under: Benefits of FHA Mortgage, FHA loan, FHA property, FHA Streamline refi
A borrower who currently has an FHA mortgage has a large advantage over a borrower with a non-FHA loan due to the FHA Streamline Refinance program. Although few FHA borrowers may be aware of the Streamline Refinance option, it is something that every FHA borrower should look into, especially with the recent HUD announcement of […]