Articles in Category: FHA Lenders

November 15, 2010

Who Selects the FHA Appraiser?

When applying for a loan to purchase a home with an FHA mortgage, the appraisal of that home is one of the most important steps in the process. Without an FHA appraisal, the entire process is stalled after a certain point until the job is done. FHA appraisals require the buyer to anticipate fees associated with doing the work, and the seller must anticipate costs associated with repairing items that could lower the appraised value of the property.

November 11, 2010

What is an Escrow Account and Why Do I Need One for an FHA Loan?

By Joe Wallace

If you're thinking of buying that first home, you've probably read plenty of real estate articles and brochures with a wealth of new vocabulary. One of these is "escrow". Until applying for an FHA home loan, many people have never needed an escrow account so it's no surprise that "What is an escrow account and why do I need one for an FHA mortgage?" is such a common question.

November 3, 2010

FHA Loans and the Borrower’s Rights

By Joe Wallace

First time home buyers often feel a bit lost in the sea of loan vocabulary, federal laws and credit requirements they have to deal with in order to buy their new home. If you want to buy a new home with an FHA loan, there are plenty of people willing to help. Unfortunately not all of them have the home buyer's best interests in mind. That's one of the reasons for the Real Estate Settlement Procedures Act or RESPA for short, which requires lenders to provide a standardized Good Faith Estimate -- a document that clearly lists the terms of the home loan and closing costs.

November 2, 2010

Proposed FHA Loan Changes Would Increase Lender Scrutiny, Protect Customers

By Joe Wallace

In October 2010, the U.S. Department of Housing and Urban Development proposed tighter regulations that would require lenders to reimburse the Federal Housing Administration for claims on FHA home loans that don't meet FHA requirements. The proposed legislation is part of a move initiated at the start of 2010 to change FHA policy in order to protect the FHA loan program and hold banks more accountable for the FHA loans they approve.