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Thursday, July 10th, 2008Check out this article out of Washington.
A few excerpts:
From Sen. Christopher Dodd,
“My hope would have been that this bill we’ll send them is something the House could support — that’s still my hope,” said Dodd, who crafted the bill with Alabama Sen. Richard Shelby, the panel’s senior Republican. “We’re getting down to […]
Legislative Help
Tuesday, July 8th, 2008Many homeowners are beyond help so says Treasury Secretary Henry Paulson. Foreclosure will occur in the foreseeable future for many homeowners as high housing prices and shady lending practices allowed for many of these individuals to purchase homes that they could not afford.
“Many of today’s unusually high number of foreclosures are not […]
The Great White North
Tuesday, July 1st, 2008An agreement between the FHA and the Minnesota Housing Finance Agency was annouced today which is the first of its kind. The agreement is to promote affordable government-backed mortgages.
“For many years, people in the industry and in state government have expressed the need for a clear, mutually-agreed upon memorandum of understanding between […]
So long Nehemiah?
Friday, June 27th, 2008It has been said that certain home loan programs which help in the assistance of down payments may be cut with the new housing bill.
Debates in the Senate going on right now will eliminate these Nonprofit Organizations while the House debates imposing new regulations on these programs. These programs have become very popular and […]
FHA Mortgage Center.com - Best Blog Contest
Wednesday, April 30th, 2008I have recently entered a contest on FHA Mortgage Center.com in which they are trying to find who has the best FHA Loan blog. There is a list of the leaders and the sites that have also entered so be sure to check it out and vote mine up.
Vote for […]
The HUD/FHA Good Neighbor Next Door Program
Thursday, April 24th, 2008The FHA and HUD have a special program called the Good Neighbor Next Door Program. This program is designed to help people from certain professions to purchase homes at a lesser cost. Some of the details of this program include:
• Professionals in the fields of teaching, law enforcement, fire fighting, paramedics, and emergency medical […]
Funds Required to Close on a FHA Home Loan
Thursday, April 17th, 2008FHA requires a down payment of 3% of the sale price be paid; and will allow this to be in the form of a gift from a family member, significant other or grant; however, it cannot be paid by the seller or lender. FHA will also allow a seller to pay up to 6% […]
A Note on Mortgage Insurance with FHA Loans
Thursday, April 10th, 2008FHA requires mortgage insurance (default insurance) on all loans except a 15 year note with 10% down payment. With the requirement of an upfront amount of 1.5% of the sale price, additionally, .50% of the loan amount is collected monthly. The upfront amount is usually financed into the loan.
Credit Scores and FHA Mortgages
Thursday, April 3rd, 2008While the term “credit score” has grown in popularity over the past few years, it is a very important role in the credit approval process. There are three major companies, Experian, Equifax and Trans Union; whereas, each one provides a score based on the credit information provided. Mortgage lending uses all three companies called a […]
FHA Loan Program Description and Qualification
Thursday, March 27th, 2008Program Description
FHA’s primary financing program is a fixed rate loan. This means the interest rate you begin with stays the same through the life of the loan, usually 30 or 15 years.
Qualification
FHA qualifying guidelines include ratios in which a house payment (principal and interest, property taxes, homeowner’s insurance and mortgage insurance) should not […]
