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« Previous Entries Next Entries »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 [...]
FHA Homes for Sale
Monday, March 17th, 2008Have you ever seen an advertisement for a buyer’s guide to purchasing homes that are sold by the government? The commercial or ad usually tells you that there are loads of homes, cars, and other property that is seized by the government all the time, and you can learn how to buy these properties [...]
FHASecure Program
Wednesday, January 23rd, 2008On December 3, 2007 President Bush addressed the concerns of many homeowners facing foreclosure with the news about a government backed refinancing program called FHASecure. FHASecure is a government-insured program designed to avoid foreclosure with sub-prime loan homeowners. In three months the initiative has helped over 33,000 avoid foreclosure with the hopes of [...]
Mortgage Brokers, the FHA, and approved fees
Wednesday, January 2nd, 2008If you are planning to get a mortgage loan through the FHA you should be aware of the fees that are allowed or not allowed by the FHA. The FHA has approved mortgage lenders and brokers that you are allowed to use if you want to get a loan through one of their programs. [...]
FHA required home inspections
Thursday, November 15th, 2007If you are planning to get an FHA secured mortgage loan to purchase a home then you will be required to have the property inspected. Many buyers make the mistake of not having a home inspected before they buy, and they get stuck with expensive problems that should have been fixed before they [...]
Back by popular demand
Wednesday, October 17th, 2007Michigan has hit a five year high in number of foreclosed FHA Loans. With the rising number of foreclosure across the country this statistic should really come as no surprise to anyone who has followed the housing market this year. Nearly 4 percent of the 5,235 FHA loans in the state of Michigan [...]
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