Sorry for such a long layoff
By admin on July 17, 2007
The dream of homeownership is one that every American shares. Modernizing programs to expand homeownership is shared by nearly 80 percent of Americans as well. These Americans believe that the legislation currently in Congress to modernize the FHA would be a safer and more affordable way for Americans to purchase a home rather a subprime loan.
Those surveyed were given a short description of the act itself and 77 percent of responders agreed that modernization is what the Housing and Urban Development’s FHA loan program is needed to help out those first time homeowners. These loans are designed to help middle to lower income families secure a home loan with little to no credit.
The FHA loan program, having just celebrated its 73rd birthday, has had little to no changes since then, much like a 73 year old. Many of the changes proposed could help out those where real estate prices are much higher than the loan limit allows for.
“Americans are in support of an FHA that could help even more first-time homebuyers and people with moderate incomes have access to safer mortgages. This survey demonstrates the urgent need for Congress to pass legislation that modernizes the FHA to help both promote and protect homeownership.”
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Ah, the Sunshine State
By admin on July 9, 2007
Foreclosures in the state of Colorado are still looming with Weld County ranking near the top nationwide in total number of homeowners who have lost their home. Check out the rest of the story here.
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Slow week, a little bit of fun
By admin on July 6, 2007
Slow news week for the FHA so I have decided to post up a couple clips from youtube.com.
This first clip is Alec Baldwin in Glengarry Glen Ross.
It does have obscenity so here’s your warning.
This second clip is from Boiler Room.
Ben Affleck’s motivational speech
Again watch for the profanity.
I hope you enjoy your weekend.
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Books, check’em out.
By admin on July 5, 2007
As I have blogged about before, reverse mortgages are becoming more and more of an option of the baby boomer generation. They allow the homeowner to earn a credit line or monthly check from the equity in their house.
Reverse Mortgages: growing opportunity for today’s seniors
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Period numbers down
By admin on July 3, 2007
Fewer Americans are taking advantage of FHA Loans from the previous year. In FHA Lending from October of 2006 to May of 2007 the FHA has seen a 35% declining in the number of loans insured over the same time frame from the previous year. During this period the FHA insured $2.33 billion in loans where the previous year saw $3.56 billion.
There was also a drop in refinancing activity where they saw a 45% decrease in volume. There we saw a drop of $1.44 billion from $2.61 billion.
The FHA continues to lose market share to a variety of aggressive capital providers. “They’re struggling,” said Mark Ragsdale, senior vice president of originations at PNC MultiFamily Capital. “There’s still a great role for them, and they still have great programs; they just have to work on their execution.”
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MLB to pay tribute to Military, past and present
By admin on July 2, 2007
Major League Baseball, for the second year in a row, is planning on a salute to the military for all July 4th baseball games. There will be pre-game festivities including fly-overs, color guard performances, and first pitch ceremonies to name a few things. There will also be many Public Service Announcements from the Department of Defense’s America Supports You program and the Department of Veteran Affairs. There will also be a PSA sponsored by Major League Baseball that will air in the seventh inning of every game thanking all active and retired military personnel.
“Major League Baseball, along with its Clubs, is proud to reinforce the union between baseball and America with our efforts this Fourth of July,” said Commissioner of Baseball Allan H. (Bud) Selig. “We are also honored to join with the Department of Defense and the Department of Veterans Affairs to show support for the daily sacrifices made by former and active military personnel.”
Throughout the 2007 season MLB has already made an effort to thanking our veterans and active duty military personnel by visiting VA Hospitals.
“Paying tribute to America’s veterans and our military is a fitting way to recognize the service and sacrifice of those who have put on the uniform of the United States,” said Jim Nicholson, Secretary of Veterans Affairs. “I salute Major League Baseball, and all the players, coaches and fans for their patriotic expression of appreciation for our nation’s heroes.”
Each year the VA helps out many veterans by insuring va home loans throughout the country. Many discharged Veterans would not qualify for a conventional loan but the VA insures them a competitive rate loan to become homeowners as well.
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But it’s not even my birthday
By admin on June 29, 2007
Happy Birthday, FHA! Today is the 73rd birthday of the Housing and Urban Developments program, the FHA.
“FHA has given millions of families the opportunity to pursue the dream of homeownership,” said Deputy Secretary Bernardi. “Our goal is to continue our education and outreach efforts while also retooling and refining FHA to insure safer mortgages that will keep the dream alive for the next generation of home buyers.”
The FHA has helped more than 34 million families achieve the ultimate American dream by insuring loans for individuals with less than stellar credit. These figures make the FHA the largest insurer of mortgages in the world.
It’s fitting that National Homeownership Month falls in the same month as the FHA’s birthday. Although the month is here to educate homeowners and future homeowners, individuals are encouraged to seek advice throughout the year. There are over 2,300 approved HUD counseling programs throughout the country to lend advice any day of the year.
“Although June is National Homeownership Month, people can learn about the home buying process throughout the year by contacting a HUD approved housing counseling agency,” explained Bernardi.
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Reverse industry boom
By admin on June 28, 2007
Reverse Mortgages are becoming increasingly popular amongst the Baby Boomer generation. The market for reverse mortgages is also projected to increase throughout time as more and more Americans are living past the age of 62 and need help with their retirement. The number of reverse mortgage users is looking to exceed last year’s record year by the middle of the summer.
Check out this article on reverse mortgages with projections for the future.
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FHA wins
By admin on June 27, 2007
In a stunning upset, FHA backed loans produced fewer foreclosures than subprime loans. No one could have predicted this magnificent upset as subprime loans had more than twice as many foreclosures as their FHA loan counterpart.
These loans are very much the same as both recipients are first time homebuyers and possess less than stellar financial standing.
“We serve at-risk borrowers,” said Montgomery, a keynote speaker at a homeownership preservation forum at HUD’s Denver office. Montgomery oversees the $400 billion FHA insurance portfolio.
“The key is the FHA’s loss-mitigation program,” Montgomery said. “We want to keep people in their homes.”
In the 80’s, the HUD was the largest landlord in the Greater Denver area having close to 15,000 foreclosed homes in its possession. With 65 percent of the mortgages in Denver being FHA insured loans, while today that figure is around five percent.
There were only 247 foreclosed FHA insured homes in Colorado for May. Colorado ranks 10th in the nation for foreclosure rate in the United States.
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Little guy could lose out again
By admin on June 26, 2007
Lower to middle class down payment assistance could be a thing of the past. Not that the system had been around that long, 1997, to be exact. Since the first down payment assistance program started, with Nehemiah in 1997, these programs have been able to grow to over 40% of the Federal Housing Administration’s annual mortgage production.
“Right now, low to middle class families are utilizing down payment assistance programs that are under scrutiny by the Department of Housing and Urban Development. These programs allow people, who qualify by income guidelines, to accept a monetary gift from charitable organizations – such as the Nehemiah Corporation of America – and use it for their down payments. This practice has helped thousands remove themselves from their dead-end rental situations.”
Over the past 10 years these programs for down payment assistance have helped over 1 million people achieve the American dream of becoming a homeowner. These organizations have distributed $3.8 billion in down payment assistance. There is no government money involved in these programs but the HUD wishes to eliminate these programs which could bring the tax payer into the situation.
“HUD’s proposal, titled “Standards for Mortgagor’s Investment in Mortgaged Property,” targets home buyers who obtain loans insured by FHA, by removing the option to use charitable organizations’ assistance or private funding with ties to the seller for down payments and closing costs. HUD claims this type of assistance has been an issue for many years.”
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