The attempt by legislators to extend the payroll tax reduction has resulted in proposals to increase the mortgage insurance premiums on FHA loans. Originally, the Senate had only proposed increasing the guarantee fees charged by Fannie Mae and Freddie Mac on sales of mortgage backed securities. The estimated fee increase of 12.5 basis points would […]
FHA Mortgage Insurance Increase Tied To Payroll Tax Cut Is Bad News For Homeowners
December 22, 2011 Filed Under: FHA mortgage, FHA Mortgage Insurance
Mortgage Complaint? – The Consumer Financial Protection Bureau Wants To Hear From You
December 13, 2011 Filed Under: FHA Foreclosure Help
The Consumer Financial Protection Bureau (CFPB), established under the Frank-Dodd Act, has started taking mortgage complaints as of December 1st. Borrowers with any type of mortgage, including an FHA mortgage, can contact the CFPB and register a complaint which the CFPB will forward to the mortgage company involved. The CFPB plans to interact with the […]
FHA Loan With FICO Score Under 620 – What Are My Odds Of Loan Approval?
December 12, 2011 Filed Under: FHA Eligibility Requirements, FHA Minimum Credit Scores, FHA mortgage
The FHA has established minimum credit score requirements in order to be eligible for FHA financing. The FHA guidelines specifically exclude from eligibility any borrower with a FICO score below 500. Theoretically, any borrower with a credit score above 500 can be approved for an FHA loan but realistically, the lower the credit score, the […]
Most FHA Mortgage Downpayments Come From One Source
December 9, 2011 Filed Under: FHA Down Payment Requirements, FHA mortgage
For most borrowers, the hardest part on the path to home ownership is being able to save the required downpayment. In addition to the basic downpayment, a borrower also needs funds for a home inspections, an appraisal, legal fees, title costs and mortgage company fees. Since it is difficult for many first time home buyers […]
FHA Loan Losses May Trigger Taxpayer Bailout and Higher FHA Insurance Premiums For Borrowers
December 7, 2011 Filed Under: FHA Eligibility Requirements, FHA mortgage, FHA Mortgage Insurance
Due to increased loan losses on FHA insured mortgages, borrowers may soon be facing an increase in FHA insurance premiums. In testimony before Congress, Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development (HUD), stated that due to an almost total depletion of the FHA Mortgage Insurance Fund, it may become necessary […]