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Tag: FHA

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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Should We Dump Mortgage Insurance?

Should We Dump Mortgage Insurance?

Question: I have always felt that mortgage insurance benefits just a select few and if it were withdrawn or otherwise eliminated and people required to put at least 5 percent down and preferably not more than 10 percent, you would see huge home sale increases. People would also have a much easier time when they […]

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Fast Refinancing After A Short Sale — Here’s How

Fast Refinancing After A Short Sale — Here’s How

Question: We did a short sale on our home in May 2012. We then bought a house with cash in Oct 2012. Can we get a fast refinancing on our current home? Answer: A short-sale is a situation where a home has been sold for less than the mortgage debt, meaning the lender has taken […]

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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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Real Estate: Can Falling Pay Support Rising Home Values?

Real Estate: Can Falling Pay Support Rising Home Values?

The real estate market is always a jumble of facts, stats and rumors. Each year seems to produce a fresh and fertile crop of worries and troubles, so I’d like to take a look at today’s pressing issues to see what’s real and what’s not. And get ready because there is one worry which is […]

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Subprime mortgages are back, but is that a good thing?

Subprime mortgages are back, but is that a good thing?

Subprime loans seen today are very different from their cousins from 2000 through 2008. Under Dodd-Frank, lenders must show that borrowers have the ability to repay their loans, an absolutely obvious standard but one which was too often abandoned during the go-go mortgage era, a time infested with no-doc loan applications, subprime mortgages with prepayment […]

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Subprime Mortgages: 50 Shades of Risk

Subprime Mortgages: 50 Shades of Risk

Subprime mortgages continue to be the riskiest type of mortgage you can get — and yet things are looking better for both subprime borrowers and subprime lenders. How can that be? Subprime mortgages are a form of financing designed for those with impaired credit. That’s a polite term for individuals who have low credit scores, […]

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Are Subprime Mortgages Dying Or Dead?

Are Subprime Mortgages Dying Or Dead?

Subprime mortgages are an endangered species. The problem is not that such loans can’t be made under Wall Street Reform, and it’s not that such loans won’t be made, it’s just that there will be a lot fewer of them. Subprime mortgages are appropriate for individuals with poor credit histories because such borrowers are seen […]

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FHA Back To Work Mortgages — New Loans In 12 Months

FHA Back To Work Mortgages — New Loans In 12 Months

(Note to readers: This program ended September 30, 2016.) If you’ve been shut-off from new mortgage financing because of hard times you might want to take a look at the new FHA Back To Work mortgage program. Here, finally, is a program which can allow you to get an FHA loan in as little as […]

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$48 Billion Says The FHA Mortgage Plan Isn’t Broke

$48 Billion Says The FHA Mortgage Plan Isn’t Broke

To hear folks on Capitol Hill you might think the FHA mortgage program is just a blink away from failure, a blight on the American economy and a threat to homeowners everywhere. It’s nonsense. The FHA has $48 billion in cash on hand. So what’s the big deal? The FHA operates a mortgage insurance program. […]

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