July 22, 2024

FHA Eases Guidelines on Condo Loans

Many potential buyers and mortgage lenders have long complained about what they consider to be tight restrictions on condo related FHA mortgage financing. In an attempt to expand financing options for borrowers purchasing condos the Federal Housing Administration announced changes that make it easier to obtain FHA financing for condos. The new guidelines, as detailed […]

States Move To Protect Seniors Considering A Reverse Mortgage With Face-To-Face Interviews

The nonstop ads on cable television make it sound like reverse mortgages are the magical solution to every financial problem faced by the elderly.  Reverse mortgages are, in fact, the most complex mortgage product out there.  Most seniors probably don’t fully comprehend what they are getting into with a reverse mortgage unless they possess a […]

Factors That Affect Rate Changes On FHA Adjustable Rate Mortgages

The FHA offers a variety of different adjustable rate mortgage (ARM) programs (see Different Types of FHA Adjustable Rate Mortgages). Each borrower has unique needs to consider when deciding whether to take an FHA ARM or an FHA fixed rate mortgage product.  Both the fixed and adjustable rate mortgages have benefits and risks and a […]

FHA Adjustable Rate Mortgages (ARM) Offer Benefits and Risks

The FHA offers a variety of adjustable rate mortgages.  An adjustable rate mortgage is known as an ARM and the rate will vary over the life of the loan.  A fixed rate FHA mortgage has a rate that remains unchanged for the life of the loan.  The rate on an ARM is lower than a […]