FHA Home Loan Blog

FHA Home Loans are quickly becoming the best First Time Home Buyer Home Loan program available. FHA Mortgages offer low Mortgage Rates for home purchase or refinance. First Time Home Buyers can also take advantage of the $8000 First Time Home Buyer Tax Credit currently offered for anyone who hasn't owned a home for the past 3 years. If you currently have an FHA Home Loan, you can take advantage of the fast and easy FHA Streamline Refinance Loan to lower your payment today.

FHA UP-FRONT MORTGAGE INSURANCE PREMIUM TO INCREASE TO 2.25%

JANUARY, 2010

FHA Up-Front Mortgage Insurance Premium to Increase to 2.25%

FHA now insures close to 30% of all mortgages nationwide due to decreasing availability of traditional products. This has put a serious stress on the maximum limits of total FHA loans that can be insured. For that reason, FHA has been forced to raise capital reserves in order to be able to keep insuring more mortgages. This is the root cause of the increase in ...

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January 20, 2010 13:34

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FHA APPRAISAL CHANGES DELAYED

It's official- FHA's proposed changes to how appraisals are ordered and regulation changes have been postponed to February 15th.

The move comes at a time when conventional appraisal guidelines under the Home Valuation Code of Conduct legislation have come under fire and may be repealed.

The measure would prevent appraiser from being hired or paid directly by mortgage brokers, in an attempt to circumvent appraisal fraud.

Download here the full mortgagee letter from ...

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January 10, 2010 9:53

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FHA HVCC DEADLINE EXTENDED

DECEMBER, 2009

HUD requirements that brokers must order FHA appraisals through a third-party appraisal management system have been delayed to February. Although the delay is a positive sign that perhaps this law will not be implemented on mounting pressure to repeal HVCC across the board, some lenders are already adopting the policy as of Jan 1 despite the extension.

HVCC has come under scrutiny as appraisal fraud has not been reduced with the new policies, and the ...

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December 30, 2009 9:56

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FHA ENERGY EFFICIENT MORTGAGE

Have you always wanted solar power on your home?

Need to make energy-saving improvements to your home?

Then the FHA Energy Efficient Mortgage (EEM) is a smart choice. The EEM allows home owners to finance improvements to their home that will make the home more energy-efficient. With rates still at historic lows, that means that you may be able to upgrade your heating or air conditioning, put in better windows, or get "off ...

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December 16, 2009 6:08

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FHA DOWN PAYMENT TO RISE TO 5%?

First Time Home Buyer Tax Credits.

The lowest (government influenced) rates in 50 years.

Home affordability index at all time highs.

Home prices deflated.

The hardest time to qualify for a mortgage in decades.

It seems ironic that at a time when the government is doing everything they can to coax people into buying homes, underwriting standards continue to get tighter every day. The latest change to guidelines will make ...

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December 14, 2009 17:16

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FHA LOANS FOR THE SELF-EMPLOYED

JUNE, 2009

Are you self-employed and wondering if you can qualify for an FHA Mortgage?

You probably can if you fit within a few simple guidelines. Here is a summary of what a lender will look at:

Business has been in existence for at least 2 years

The first rule of thumb is that your business need to have been in existence for at least 2 years. This means that if you have an ...

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June 25, 2009 11:51

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EXTENUATING CIRCUMSTANCES

If you are seeking an approval on an FHA Mortgage and have had a bankruptcy within the past 2 years or a foreclosure within the past 3 years, you may have heard the term "extenuating circumstance." What does this mean?

Normal FHA Guidelines require that 24 months pass after a bankruptcy discharge before you can get approved for an FHA Mortgage. The rule is 36 months for a foreclosure.

However, if you ...

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June 06, 2009 6:26

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MORTGAGE RATES RISING

Mortgage rates have climbed to the highest level we have seen since last fall.

Although still very low historically, people have gotten used to rates at 5% or even lower. Currently, rates sit in the mid-5%'s and it appears to be unlikely they will dip back down again to where they were.

The rise in rates seems to mainly be tied to the fact that there is too much supply of bonds in ...

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June 05, 2009 4:48

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