Archive for the 'FHA' Category
FHA Loan Defaults Exceed 9%
When house prices drop, falling values have ripple effects on the economy. Jobs are lost, credit becomes difficult to obtain and society are forced to manufacture solid decisions regarding what monthly bills they can afford to pay.
And increasingly, it appears as whether many society are opting to n…
FHA Changes in Down Payment and Credit Score Requirements
Beginning that spring, prospective FHA borrowers will face stricter standards and more upfront costs when the duration comes to purchase a home.
The Federal Housing Administration that week announced a series of changes designed to strengthen its financial standing and weed out vulnerable borrowers….
FHA Cracks Down On Lenders
Recently, FHA has decided that they want to have more oversight and regulatory authority for FHA approved lenders. Yesterday, they released a statement declaring that HUD will be focusing more on regulatory authority when it comes to FHA lenders – in addition to some of the current HUD investi…
FHA Reduces Seller Concessions For Buyers
Yesterday, FHA announced that they were going to implement a number of things that are designed to help FHA get back on the right financial track. One of the major things that they announced was that seller concessions for any new home purchase were going to be reduced from 6% to 3%.
According to th…
FHA Raises Down Payment Requirements For Low Credit Scores
Yesterday, FHA announced that they were going to raise the minimum down payment requirements for FHA borrowers who have low credit scores.
According to the announcement, that change will take effect sometime in the summer after a comment period and is expected to impact FHA borrowers who have credit…
FHA Raises Mortgage Insurance Premiums
Yesterday it was announced that FHA was making it more expensive to get an FHA loan – in the style of increased up front mortgage insurance premiums.
When you get an FHA loan, you are called for to pay a one-time, up front mortgage insurance premium and all FHA borrowers are mandatory to pay t…
FHA Loans After A Short Sale
For many citizens who have had to short sell their home for whatever reason, one of the most common questions is “how enlarged before I can get a mortgage again?”
HUD has recently announced with an official Mortgagee Letter (09-52) that depending on whether or not you were current at the…
