Government loans, such as those backed by Fannie Mae, Freddie Mac, and the FHA, are slated to get more expensive and harder to qualify for, assuming changes recommended by the Treasury are implemented. The agency released their recommendations for a complete overhaul of the mortgage market today, essentially calling for less attractive government-backed mortgages to…
Tag Archive: fha loans
FHA Loans Versus VA Loans
In fact, our federal government certainly rewards all veterans of the military in some existing ways. Well, the majority of programs starting from education reimbursement and finishing employment services, disability compensation and life insurance as well are really available for all former and active members of our armed forces. But there is one more certain…
FHA’s Streamlined Refinance Program – Benefits And Rules
Dan M. Kennedy As you already know, FHA insured mortgage loans have benefits. You may have heard that FHA’s Streamline Program is cheaper and simpler than other refinance programs. If it’s true how do you take advantage? Let’s cover the benefits first. There are 3. 1. FHA’s streamline remortgaging eliminates some underwriting requirements, reduces the…
FHA Announces Important Policy Changes
A number of important changes were announced today by the FHA to reduce risk and improve its finances: The upfront mortgage insurance premium (MIP) will be raised from 1.75 percent to 2.25 percent The minimum down payment will climb from 3.5% to 10% if your Fico score is below 580 Allowable seller concessions will be…
Title Seasoning on FHA loans Temporarirly Waived!
Starting 2/1/2010 Hud is issuing a waiver to the 90 day flipping rule! One of the hurdles for folks that are buying and renovating distressed properties are the end buyers have not been eligible for FHA Financing. The lifting of this rule will increase the buying pool for these properties… If you want to take…
New Appraisal Requirements Stir Controvery, Criticism
People considering purchasing a home with an FHA loan in the coming months would do well to check out today’s USA Today. The newspaper takes a look at the controversy surrounding new home appraisal regulations that are getting ready to take effect in mid-February. Beginning Feb. 15, mortgage brokers, Realtors and anyone else who might…
Debt To Income Ratios
Your debt to income ratio is simply a measurement to determine how much of a mortgage you can afford. The number is arrived at by dividing all of your monthly debts (including your total housing expense) by your gross monthly income.