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, […]
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
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 […]
FHA Wins $1 Billion From Bank of America For Claims Related To Mortgage Fraud
February 10, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, Mortgage Default
The Department of Housing and Urban Development (HUD) announced a $1 billion dollar settlement relating to mortgage fraud by Bank of America against the Federal Housing Administration (FHA). HUD, which had been investigating lending practices at Bank of America since 2009 said that Bank of America knowingly made FHA loans to unqualified home buyers. HUD […]
Will The FHA Need A Bailout? Congress Approves “FHA Emergency Solvency Act” As Loan Defaults Soar
February 8, 2012 Filed Under: FHA loan, FHA mortgage, HUD foreclosed homes, Mortgage Default
Loan defaults at the FHA continue to soar according to the latest FHA Single-Family Outlook report issued by the FHA. The latest statistics on the FHA loan portfolio show that almost 18% of all FHA insured mortgages are 30 days past due or more. The number of loans classified as seriously delinquent increased by 19% […]
A First Time FHA Home Buyer Asks “How Much Home Can I Afford?”
February 8, 2012 Filed Under: Benefits of FHA Mortgage, FHA Eligibility Requirements, FHA loan, FHA mortgage
One of the first questions that a first time homebuyer seeking an FHA mortgage will ask is “How much home can I afford?”. It is widely known that banks have tightened underwriting standards in order to prevent homebuyers from purchasing a home that they cannot afford and winding up in default. Although the prospect of […]