June 16, 2009
First time home buyers purchasing a home with an FHA loan or going through a HUD-approved charitable agency can use their 2009 First Time Homebuyer's Tax Credit to make their downpayment. The Department of Housing and Urban Development recently announced this new first-time homebuyer perk, which helps millions of FHA borrowers reduce the financial stress of making that first home purchase.
June 12, 2009
FHA borrowers were told they could use the loan as a down payment on their homes, but legal issues prevent banks from issuing down payment assistance on FHA mortgages. Since the initial May announcement, the rules have been revised so that such bridge loans are used within federal guidelines.
June 10, 2009
While indicators show conventional lending markets are still feeling the effects of the housing slump the FHA has taken a larger role in helping consumers get affordable home loans. Some of the most recent developments are making those on the fence about buying a new home in this economy give FHA loans a second look.
May 28, 2009
When you take out an FHA reverse mortgage or HECM, no payments are due until you sell the home. Did you know there are other situations that could make your loan come due? Here are four situations to be aware of that cause your FHA reverse mortgage to come due even if you haven't sold your home.
May 20, 2009
Homeowners who want to take advantage of the equity built up in their homes over the years have conventional loan options to choose from, but did you know the FHA also offers reverse mortgages to those who qualify? The FHA offers Home Equity Conversion Mortgage (HECM) loans, also known as FHA reverse mortgages.