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Trump, FHA Mortgages and Rethinking Discounts

Trump, FHA Mortgages and Rethinking Discounts

Speaking from the Capitol at his inauguration, our new President said “for too long, a small group in our nation’s capital has reaped the rewards of government while the people have borne the cost. Washington flourished, but the people did not share in its wealth.” And then, within an hour, it was announced that a […]

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How Trump Can Improve The FHA 203(k) Mortgage Program

How Trump Can Improve The FHA 203(k) Mortgage Program

One of the most-useful financial options in real estate is the FHA 203(k) loan, a handy bit of mortgage magic that deserves a lot more attention than it gets. The trick to the 203(k) is that under government rules borrowers can get loans which allow them to acquire or refinance a property and – at […]

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FHA Mortgages Face New Loan Competition

FHA Mortgages Face New Loan Competition

FHA mortgages have been under fire for a very long time, not because they’re a “bad” form of financing but because they’re an example of government directly competing with the private mortgage insurance companies. To resolve this “problem” there have been various back-door efforts to scuttle the FHA program, but now the lending industry is […]

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Can You Get FHA Mortgages With Your Credit Score?

Can You Get FHA Mortgages With Your Credit Score?

It’s never been easy to raise a down payment for FHA mortgages and this year is no different. The usual ways to get the money needed to buy a home have been to (1) get help from Mom and Dad; (2) eat hot dogs for six years and live like a hermit; (3) land a […]

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FHA Mortgages To Have A Banner Year

FHA Mortgages To Have A Banner Year

FHA mortgages will have a banner year in 2016. You can see this coming. It’s a mortal lock. It doesn’t matter whether FHA endorsements go up or down, the program will still have a great year. Here’s why. First, in 2015 the FHA cut its annual mortgage insurance premium (MIP) for most loans by .5 […]

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Ask OurBroker: Are FHA Mortgages A Rip-Off?

Ask OurBroker: Are FHA Mortgages A Rip-Off?

Question: FHA mortgages are government loans. I thought the government was going to help the home buyer and home owners out there to make affordable monthly payments? What’s up with the MIP? This is absolutely a big rip off for the buyer and homeowners. Answer: The FHA program has been around for a long time and […]

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FHA Mortgages Recover From Bush-era Losses

FHA Mortgages Recover From Bush-era Losses

Those who support FHA mortgages and the ability of homebuyers to purchase real estate with as little as 3.5 percent down got extremely good news this week: the latest annual report from the FHA showed that the program has now recovered from the policies of the Bush Administration and the massive losses they produced. For […]

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Are FHA Mortgages Really Insurance?

Are FHA Mortgages Really Insurance?

Question: Is the FHA mortgage program really insurance? Or is it a guarantee? What’s the difference and how does the distinction impact mortgage borrowers? Answer: The FHA mortgage program sure seems like insurance but there’s also a case to be made that it isn’t. First, a little explanation is in order. An “insurance contract” can […]

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How To Get Rid of FHA Mortgage Insurance

How To Get Rid of FHA Mortgage Insurance

Question: Can I get rid of my monthly FHA mortgage insurance premium (MIP)? I believe my HUD case number was assigned before June 3, 2013, even though my loan closed after that date. How do I find the case number and date for certain? My loan is 14 months old, and my appraisal qualifies the […]

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Congress Shoots Down FHA Mortgage Program

Congress Shoots Down FHA Mortgage Program

FHA mortgage borrowers and American homeowners will have fewer opportunities for success in the coming year as a result of the newly-minted 2015 budget bill. You won’t see such a headline anywhere but if you check page 1,560 of the just-approved federal budget you will find language which shows how Washington really works. “SEC. 235. […]

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