Articles Tagged With: HUD

February 24, 2011

FHA Streamline Refinance Loan Changes

There have been many changes recently to FHA Refinancing regulations--too many to cover in a single blog post, but we'll discuss them over the next several days. One important set of changes is to the Streamline Refinance program--a "non credit-qualifying" refinancing loan offered by the FHA. When a borrower applies for an FHA insured mortgage, they may do so fully intending to refinance it later on using an FHA Streamline Refinancing mortgage.

February 23, 2011

FHA Loan Down Payments: Who Can Pay?

By Joe Wallace

In our last blog post, we discussed FHA loan down payment amounts. The FHA has strict rules about not only the amount of the down payment, but also the source of that money. According to the FHA rulebook, down payments must be made by the buyer. The seller is allowed to offer concessions such as paying closing costs or other expenses related to selling the home, but the seller is prohibited from contributing a down payment.

February 23, 2011

How Much Is My FHA Loan Down Payment?

By Joe Wallace

FHA home loans differ from conventional loans in many ways. One of those differences is the amount of down payment required to purchase a home with an FHA insured loan. FHA loans, like their conventional counterparts, do not have a fixed dollar amount required as a down payment. Instead, a percentage of the loan amount is calculated, based on the sale price of the property.

February 22, 2011

Can I Use FHA Streamline Refinancing to Avoid Foreclosure?

By Joe Wallace

There are many options FHA borrowers have to avoid default and foreclosure on an FHA mortgage. Borrowers in trouble are encouraged to contact the FHA and their lender as early as possible in the process of dealing with financial difficulty--the earlier you act, the more options you have. There are several homeowner bailout programs available to help homeowners keep their homes, avoid missing additional mortgage payments and stay on financial track. For borrowers who are struggling with rising mortgage payments or who have payments that are currently too high, refinancing is an option that can help easy the monthly money crunch.

February 21, 2011

How to Shop For an FHA Home Loan

By Joe Wallace

Applying for an FHA loan is, in the minds of some borrowers, the beginning of the process. But when you fill out an application for an FHA insured mortgage, you should actually be ending one process and starting another. One of the most important aspects of getting an FHA loan is finding the right lender and the most favorable terms. But how should an FHA borrower do that? Some go into their FHA loan research thinking the only real data needed is a list of interest rates on offer and calculating the monthly payment amounts is enough.

February 18, 2011

FHA Loans: Important Details Of Adjustable Rate and Interest-Only Mortgages

By Bruce Reichstein

When a first-time home buyer is searching for a home to buy with an FHA guaranteed loan, the buyer isn't just shopping for a home--they're also shopping for a home loan. There are many options to choose from, one of which is the adjustable rate mortgage or ARM loan for short. Another is the interest-only mortgage loan, also known as an I-O mortgage. We

February 17, 2011

The FHA Borrower’s Rights Under RESPA Part 2

By Joe Wallace

In our last post we discussed FHA loans and the list of RESPA Borrower's Rights--a collection of rights FHA loan applicants need to know before applying for an FHA mortgage loan. The ten areas covered under RESPA Borrower's Rights include informed borrower requirements such as full disclosure of all non-refundable loan fees and other charges, disclosure as to the final cost of the loan and other important details.

February 16, 2011

The FHA and Fair Lending Laws

By Bruce Reichstein

The FHA official site has much to say about fair lending laws. Over the years the FHA loan program has seen its share of regulatory changes designed to give fair and equal access to all qualified borrowers regardless of race, color, national origin, religion, sex, family status or disability.

February 15, 2011

FHA Reverse Mortgages: Should I Use An Estate Planner To Find a Lender?

By Joe Wallace

In our last blog post we discussed FHA Reverse Mortgages and the scammers who try to prey on people who want to apply for such mortgages. The FHA issues regular warnings against paying for services and information that's available for free from the FHA. Some third-party companies are fairly brazen in their attempts to sell services or information that's available free of charge, others are a bit more subtle in the approach, blurring the lines between scam and legitimate customer service.

February 11, 2011

FHA Home Loans: The “Hidden” Expenses of Some Mortgages

By Bruce Reichstein

In our last blog post we covered some of the fees and costs associated with getting an FHA mortgage. New home buyers should be aware that the asking price of a home isn't the final amount that will be paid as part of closing the deal. The closing costs, interest rate, lender's fees and other expenses also factor in.