Few things are more psychologically and financially damaging than the realization that you owe more on your home than it is worth. The real estate industry has forever advised potential buyers that you “can’t go wrong owing a home since prices always go up” – a myth that exploded as the housing bubble started to […]
Millions Of FHA Borrowers Have Negative Home Equity Which Often Results In Defaults
January 5, 2012 Filed Under: FHA loan, FHA mortgage, FHA property
Streamline FHA Refinance Can Reduce Monthly Mortgage Payments
January 3, 2012 Filed Under: Benefits of FHA Mortgage, FHA Eligibility Requirements, FHA Streamline refi
The FHA has a special refinance program that can reduce a homeowner’s monthly mortgage payment. Under the FHA Streamline Refinance program, a borrower is allowed to refinance to a lower rate with greatly reduced documentation requirements and easier underwriting rules. The FHA Streamline Refinance program has certain eligibility requirements, as follows: The borrower must already […]
FHA Extends Waiver On Property Flipping To Stabilize Housing Market
December 28, 2011 Filed Under: Benefits of FHA Mortgage, FHA Anti-Flipping Reg, FHA Eligibility Requirements, FHA mortgage, FHA property
To protect purchasers from the predatory practice of “property flipping”, the FHA refuses to insure a mortgage on a home that was owned by the seller for less than 90 days. The practice of quickly reselling (flipping) properties often resulted in unsuspecting buyers paying inflated prices, according to the FHA. In an effort to stabilize […]
FHA Offers Special Discount Sales To Homebuyers Of Foreclosed HUD Properties
December 28, 2011 Filed Under: Benefits of FHA Mortgage, FHA 203(k) Loan, FHA mortgage, HUD foreclosed homes
Few first time homebuyers are aware of the fact that the U.S. Department of Housing and Urban Development (HUD) has an extensive list of homes for sale. There are many advantages to purchasing a home from HUD including special financing programs and special discount sales for qualified buyers. HUD properties for sale are 1 to […]
Profile Of The Average FHA Borrower – How Do I Measure Up?
December 24, 2011 Filed Under: FHA Eligibility Requirements, FHA Minimum Credit Scores, FHA mortgage, FHA Mortgage Basics
The FHA has become the primary source of mortgage financing for many Americans. Over the short time span of 2007 to2009, FHA mortgage financing increased by more than 400%. The number of home purchases done using FHA financing exploded from 278,394 in 2007 to 1,109,582 in 2010. The FHA has increased its market share primarily […]