One of the benefits of FHA financing is the ability of home buyers to have the seller pay for certain closing costs. The FHA allows sellers to pay specified closing costs, subject to a percentage limitation, on behalf of borrowers. The ability of home buyers to obtain seller concessions is one of the major benefits […]
FHA Caps On Borrower Closing Costs Paid By Sellers
July 6, 2011 Filed Under: Benefits of FHA Mortgage, FHA mortgage, FHA Mortgage Basics
Can I Get An FHA Mortgage After A Bankruptcy?
July 1, 2011 Filed Under: FHA Eligibility Requirements, FHA Mortgage Basics
A common question for borrowers who have had to file for bankruptcy is if they are still eligible for FHA financing. The short answer is yes but a particular applicant may or may not qualify for FHA financing depending on the individual circumstances and age and type of the bankruptcy. The FHA has different guidelines […]
FHA Lending Plunges By 39% Through May As Default Rate Exceeds 8%
June 24, 2011 Filed Under: FHA mortgage
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. […]
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 […]