Articles Tagged With: FHA Home Loan

May 2, 2016

Mortgage Loan Interest Rate Trends: Improving

Mortgage loan interest rates had started moving higher in the last ten business days–seven out of then had rates either creeping higher or holding steady after doing so. But in the last three business days, we’ve watched rates begin to move back downward, pushing 30-year fixed rate conventional mortgages back into a range of rates. Professional market watchers report that conventional rates have a higher degree of variation lately due to market volatility, but in general 30-year fixed rate conventional mortgages are at a best-execution range between 3.625% and 3.75%. FHA mortgage rates are still in a range between 3.25% and 3.5% best execution. Best execution rates aren’t available to all borrowers or from all lenders–your experience may vary depending on FICO scores, loan repayment history and other financial qualifications. | more...

April 28, 2016

HUD Charges Massachusetts Landlord With Fair Housing Act Violations

By Joe Wallace

April is Fair Housing Month, and as the month winds to a close, there are still a variety of government actions involving violations of federal fair housing law-actions taken against landlords, lenders, and others associated with housing. We report on these issues as press releases are issued from the Department of Housing and Urban Development for several reasons. The most important of those reasons is to raise awareness of Fair Housing laws and to remind our readers that the first line of defense against violations of the Fair Housing Act is often found at the consumer level. Those who report housing discrimination complaints to HUD help end future discrimination as well as get government action on the case at hand. Fair Housing Act violations affect everyone–borrowers, buyers, renters, lenders, etc. | more...

April 26, 2016

Mortgage Loan Interest Rate Trends: Higher Ahead of Fed Statement

By Joe Wallace

Last week on Friday, rates moved higher. The week ended with 30-year fixed rate mortgages in a higher range between 3.625% and 3.75%, and FHA rates in their own new range between 3.25% and 3.5%. On Monday, things stayed more or less the same, though market watchers say it could be a difficult week due to a variety of factors including the Fed Statement due to be released on Wednesday. (The Fed meets on Tuesday, but releases a statement the following day.) That statement has great potential to move rates. According to a report by Marketwatch.com, the Fed is expected to keep the option for a June interest rate hike on the table. In the past any talk of rate hikes is enough to bring knee-jerk reactions by investors over | more...

April 22, 2016

Mortgage Loan Interest Rate Trends: Higher

By Joe Wallace

Mortgage rates are definitely in an upward trend, short term, which some market watchers blame in part on bond market activity. The European Central Bank (ECB) meeting this week was also a possible factor; some financial headlines indicate that markets were “mixed” in Europe following the scheduled event. Regardless of how much or how little that may have changed rates here in the the U.S. mortgage loan rates are at the time of this writing being reported at four-week highs. 30-year fixed rate conventional mortgages are at a best execution range between 3.625% and 3.75%. More significantly, FHA rates have broken into a range of rates with the previously held 3.25% now at the bottom end of that range with 3.5% on the top side. FHA rates tend to change | more...

April 13, 2016

HUD Launches Improved Manufactured Housing Dispute Resolution Program

By Joe Wallace

The Department of Housing and Urban Development has launched improvements to its manufactured housing dispute resolution program, according to a press release on the FHA/HUD official site. According to HUDNo.16-046, the program is designed to “help consumers and the manufactured housing industry to resolve disputes involving the purchase and installation of manufactured housing.” The HUD Office of Manufactured Housing Programs (OMHP) has created a new website for homeowners, manufacturers, retailers and installers to, “navigate the dispute resolution process in those states that do not have their own process” According to the press release, there are more than twenty states that don’t have their own manufactured housing dispute resolution programs. “HUD is updating its dispute resolution program in the following states: Alaska, California, Connecticut, Hawaii, Idaho, Illinois, Indiana, Iowa, Louisiana, Maryland, | more...

April 11, 2016

Mortgage Rate Trends: Near Best Levels All Year?

By Joe Wallace

With only one day last week with rates moving upward, we’ve seen mortgage loan interest rates hit territory better than we’ve seen for a good portion of 2016. Much of last week was either improvement, or holding steady following that improvement. On Friday rates didn’t move downward, but they definitely held steady. 30 year fixed rate conventional mortgage rates with some very competitive lenders were as low as 3.5% best execution, with many more offering a best execution 3.625%. FHA mortgage loan rates remained at 3.25% best execution, having moved out of a previous range with 3.5% at the top end (best execution). It’s not clear whether this rate will become a new comfort zone for FHA loans or if we’re seeing a short term trend only. As always, best | more...

April 7, 2016

FHA Loan Income Standards: Stable and Reliable Income From Part Time Sources

By Joe Wallace

A reader asked us a question about FHA loan standards for income verification recently; “I was told today that my part time job could not be used because its not on a continuous basis. Is that true? I have worked this job part time for the last 4 years and its through out the year.” “Its home health care so I watch patients here and there throughout the year. As mentioned I have been employed there since 2012. Why will FHA not approve that income because I have not worked there in the last 30 days but Im still an employee. I also have a full time job.” FHA loan rules are very clear about the nature of part-time income when it comes to verifying it for the FHA loan. | more...

April 6, 2016

Mortgage Rate Trends: Decisively Lower

By Joe Wallace

Mortgage loan interest rates moved lower on Tuesday, putting them in a position close to lows we haven’t seen in a very long time. Part of the reason for the move lower has to do with Fed statements about the state of possible interest rate hikes (very cautious about them at this time) and part of the reason has to do with anticipated economic growth numbers among other factors. The move lower is, in the eyes of some market watchers, possibly a short term drop. With 30-year fixed rate conventional mortgage loan interest rates in a best execution range between 3.625% and 3.5% (among very competitive lenders), it’s definitely not a bad time to consider a mortgage rate lock. And for FHA borrowers who haven’t committed with the lender to | more...

April 4, 2016

FHA and HUD Kick Off Fair Housing Month

By Joe Wallace

April is Fair Housing Month, a time when efforts are made to raise the awareness of fair housing issues and federal law that protects those seeking a place to live from discrimination. That’s why the FHA and HUD began Fair Housing Month 2016 with the launch of a national media campaign designed to help the public, “to envision what communities with shared opportunity for all might look like. The new campaign is designed to further educate the public about their housing rights and the ideals behind HUDs new Affirmatively Furthering Fair Housing (AFFH) initiative” according to a 1 April press release. “The campaign, which was developed in partnership with the National Fair Housing Alliance (NFHA), will include print Public Service Announcements (PSAs) in various languages, television PSAs in English and | more...

March 30, 2016

FHA Loan Rules For Income and Debt Calculation: Collections

By Joe Wallace

FHA loan rules cover a lot of ground when it comes to a borrower’s creditworthiness. There are minimum FICO score requirements, instructions to the lender for reviewing the borrower’s record on-time payments (12 months of reliable payments on all financial obligations is strongly recommended), and much more. One area that is also covered in HUD 4000.1 is what the lender should do if collections are included in borrower’s credit history. The presence of a collection action on a loan applicant’s record may be cause for concern, but there are instructions to the lender on how to view collection accounts and what to do if those collections fall within the lender’s “tolerance” for loan approval. What will the lender require under FHA loan rules if the loan can move forward? HUD | more...