The recently released Single-Family Outlook from the FHA shows a steep drop in FHA applications through May 2011. According to the FHA the estimated rate of annual applications plunged by 39% from a year ago and down 21% from April. The FHA estimates that total applications for mortgage loans this year will be 1.3 million. […]
FHA Lending Plunges By 39% Through May As Default Rate Exceeds 8%
June 24, 2011 Filed Under: FHA mortgage
The End of the FHA? Early August Shutdown Looms For FHA Program
June 24, 2011 Filed Under: FHA mortgage
Congress has until August 2, 2011 to resolve the debate over increasing the federal debt ceiling. A failure to increase the debt ceiling would result in the shutdown of nonessential government services. No one expects that social security checks or paychecks to the military and other essential personnel will stop being issued but a raft […]
Realtors Ask For Less Restrictions on FHA Condo Financing
June 22, 2011 Filed Under: FHA Condo Loans, FHA Mortgage Basics
Many first time home buyers view the purchase of a condominium as their best option. Condos are frequently priced below single family homes and can be an attractive choice for a home owner who does not want to be directly involved in tedious and time consuming maintenance and repairs. Although the FHA mortgage program for […]
Different Types of FHA Adjustable Rate Mortgages Offer Choices For Borrowers
June 16, 2011 Filed Under: Benefits of FHA Mortgage, FHA Adjustable Rate Mortgages
An FHA adjustable rate mortgage (ARM) can offer borrowers the benefit of a lower rate compared to a standard fixed rate mortgage. The lower rates on FHA ARM mortgages, however, do present the borrower with the risk that the interest rate may rise when the ARM mortgage rate adjusts. There are circumstances under which the […]
FHA Adjustable Rate Mortgages (ARM) Offer Benefits and Risks
June 16, 2011 Filed Under: FHA Adjustable Rate Mortgages, FHA Mortgage Basics
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 […]