Articles Published in: April 2012

April 5, 2012

FHA Loan Reader Questions: Am I Being Discriminated Against?

A reader asks, “My spouse and I recently found a home we like and applied for a FHA loan. I draw disability every month. I have provided the loan advisor with a letter from the Social Security office stating how much my monthly income is, why I became disabled, the date I became disabled, and the date in which I started drawing disability.” “The loan advisor keeps turning us down stating that I am not providing him with efficient information about my disability income. He keeps asking for forms stating that my disability is permanent or a date in which it may stop, prof that it is continuous, and he just sent an email stating, ‘Have you considered asking her primary care physician for a letter stating that her disability | more...

April 4, 2012

Facts About the FHA

By Joe Wallace

Recently we discussed a blog post written by acting FHA Commissioner Carol Galante, who writes about the current state of the FHA loan program. “We welcome a robust and healthy discussion of ways to further strengthen FHA,” she says in the blog post entitled The Facts on FHA, but such an exchange is only possible when it is based upon accurate information. Today, we have posted

April 4, 2012

The State of The FHA Loan Program

By Joe Wallace

Carol Galante is Acting Federal Housing Administration (FHA) Commissioner and Assistant Secretary for Housing. In that capacity she recently wrote a blog post on the official FHA/HUD blog titled, “The Facts On FHA” which included her take on several myths currently in circulation about FHA loans, the health of the FHA program and other topics. Galante writes, “The health of the FHA and management of its business have been frequent topics of discussion in the media and among our stakeholders in recent months.

April 3, 2012

FHA Mortgage Insurance Premiums

By Joe Wallace

Yesterday, we answered a reader question about FHA loan Mortgage Insurance Premiums. We were asked, “I thought that it was announced recently that FHA insurance premiums were being decreased, not increased?

April 2, 2012

FHA Loan Questions: Mortgage Insurance Premiums

By Joe Wallace

A reader asks, “I thought that it was announced recently that FHA insurance premiums were being decreased not increased?” Effective June 11, 2012, FHA Up Front Mortgage Insurance Premiums (UFMIP) will decrease for certain types of FHA Streamline Refinance Loans. According to the FHA Mortgagee Letter 12-4, “For all SF Forward Streamline Refinance transactions that are