Uncategorized
« Previous Entries Next Entries »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 [...]
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 [...]
« Previous Entries Next Entries »