All Posts Tagged With: "FHA"
How Can I Pay Less For Mortgage Insurance?
Lenders require mortgage insurance when borrowers are unable to put at least 20 percent down when buying a home. The good news is that in some instances it may be possible to reduce mortgage insurance costs.
Mortgage insurance comes in three basic flavors, FHA, VA and private mortgage insurance (MI). Let’s look at each.
FHA Mortgages
If you [...]
Is Foreclosure Flipping Legal & Legit?
If by foreclosure flipping we mean quickly buying and re-selling a foreclosed property bought from a lender then there’s no reason why such a transaction cannot be legal and legit.
Think about stock. You buy stock in the morning and sell it in the evening. You flipped the stock. Does anyone care? No.
Think about a foreclosed [...]
FHA To Borrowers: Gimme More!
The FHA has announced higher mortgage insurance premiums,stiffer downpayment standards for those with weak credit and more oversight for FHA-approved lenders.
What’s going on here? A few things:
First, FHA reserves are falling. The insurance program needs more money. What happens when insurance programs need cash? They raise premiums. In the case of the FHA they want [...]
HUD Dumps FHA 90-Day Anti-Flipping Rule
Starting February 1st, HUD is suspending the FHA’s 90-day anti-flipping rule for one year. This is a smart idea which should increase local home sales, help investors and create additional real estate demand (because more FHA financing will be available).
The New Rule
HUD says that under the new rule homes sold within the past 90 days [...]
HUD Offers Free FHA Lender Locator Tool
It probably surprises people everyday, but nope — not all lenders originate FHA mortgages.
Given that FHA loans make up a big percentage of the marketplace this omission may seem odd, but in fact it makes much sense: To be an FHA-approved lender you need to meet certain capital requirements and other standards. As well, you [...]
Mortgage Loan Limits — Conventional, FHA, VA
The mortgage loan limits and policies established in 2008 and 2009 will continue through 2010.
There are several types of mortgage loan limits. Generally, most borrowers need to look at conventional, FHA and VA loan limits to see how much can be financed with the most-widely originated loans.
If you borrow at or below the conventional [...]
How To Read The New Good Faith Estimate Forms
Starting January 1, 2010 HUD will require lenders to use a new Good Faith Estimate form or GFE. This is important because whether you buy a mansion or a cottage, you want to know how much your mortgage is going to cost — not just the interest rate but all the fees and charges you’ll [...]
2Nov2009 | Peter G. Miller | 1 comment | Continued
Reverse Home Mortgage
With unemployment rising and home values falling it may seem odd that reverse mortgages are so popular. In fact, a reverse mortgage can make a lot of sense for those who have acquired real estate equity over time and now have a a need for cash or income.
If you’re at least age 62 and own [...]
How Does A Reverse Mortgage Work?
Everyone who finances real estate knows how a “forward” mortgage works so it seems logical that a “reverse” mortgage is just the opposite. That’s somewhat true, but not entirely. A reverse mortgage is a different kind of financial critter, one which requires a little background to understand.
With a forward loan you apply for a mortgage [...]
Reverse Mortgages Seniors
Some of the most common questions I get concern reverse mortgages — what are they and why are they for seniors?
In basic terms, a reverse mortgage is a way to access the equity in your home, the worth built up over the years as you have paid down the original mortgage and as the [...]
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