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 […]
FHA Mortgage Insurance Increase Tied To Payroll Tax Cut Is Bad News For Homeowners
December 22, 2011 Filed Under: FHA mortgage, FHA Mortgage Insurance
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 […]
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 […]