All Posts Tagged With: "FHA"
Should Government Set Mortgage Rates?
With all the talk of getting a new mortgage there’s one question which no one seems ready to touch: Why doesn’t the government ought to set mortgage rates? At first this may seem like an audacious idea, a violation somehow of the free market absolutism preferred by so many businesses and industries — at least [...]
26Sep2011 | Peter G. Miller | 0 comments | Continued
New FHA, VA and Conventional Mortgage Loan Limits
As of October 1, 2011 new and lower mortgage loan limits will be here unless Congress unites and stops the planned changes. Since Congress unites over very few things borrowers are likely to find bright and new loan limits as of Oct. 1st. Note: This material is now out of date. Please go to: FHA [...]
12Sep2011 | Peter G. Miller | 0 comments | Continued
Should FHA Mortgage Lenders Get 100% Protection?
There are two interesting FHA mortgage figures floating around that may surprise a lot of people: At the end of June, the FHA had 7,151,199 single-family mortgages outstanding and these loans represent had a balance of $994.6 billion. That means the trillion-dollar mark should be hit fairly soon, probably in the next month or so. [...]
27Jul2011 | Peter G. Miller | 0 comments | Continued
Will Lower FHA Loan Limits Impact You?
So how big a deal are the lower FHA loan limits scheduled for October 1st? According to a new study from George Washington University, not much. A new report by Robert Van Order and Anthony Yezer shows that “the FHA still could serve 95 percent of its historic targeted market even if the maximum FHA [...]
5Jul2011 | Peter G. Miller | 0 comments | Continued
Why You WON’T Need a 20% Down Payment For a Mortgage Loan
There’s been a lot of talk claiming that new mortgage rules will soon require borrowers to put down 20 percent if they want to buy a home. Such talk is nonsense. The alleged culprit in this matter is the Dodd-Frank Wall Street Reform and Consumer Protection Act. Having failed to prevent its passage, the lending [...]
28Jun2011 | Peter G. Miller | 0 comments | Continued
How The FHA Is Sinking Mortgage Borrowers
Millions of people have financed and refinanced with FHA mortgages, but what used to be a financial safe-haven is increasingly not-so-attractive. Higher costs and gotcha clauses are making the FHA less unique and more expensive every day. Don’t believe it? Let’s look at some facts: Lender Fees With most forms of mortgage financing lenders have [...]
23Jun2011 | Peter G. Miller | 0 comments | Continued
Are ARM mortgage interest rates about to rise?
The Consumer Financial Protection Bureau has come out with a new approach to mortgage financing, good faith estimate forms (GFEs) that are supposed to be better than the form introduced by HUD in 2010. This is important stuff for three reasons: First, HUD estimates that the 2010 GFE saves borrowers $700 per loan. Second, when [...]
31May2011 | Peter G. Miller | 0 comments | Continued
Is the government holding down mortgage interest rates?
One way to re-start the housing sector and thus a big part of the American economy would be to assure that mortgage quotes were as low as possible. And given that banks today can borrow money at pretty close to zero, is the government now forcing down mortgage rates to 5 percent or less? The [...]
23May2011 | Peter G. Miller | 0 comments | Continued
Less FHA Mortgage Loan Demand Undermines American Home Prices
A small change in FHA guidelines has now hit the market and the result has been both immediate and devastating. “Purchase applications fell last week, driven primarily by a sharp decrease in government purchase applications as new, higher FHA premiums went into effect,” said Michael Fratantoni, the Mortgage Bankers Association Vice President of Research and [...]
2May2011 | Peter G. Miller | 0 comments | Continued
New HUD Rule Goes After Fake Mortgage Loan Letters
Did you ever wonder why you get so many letters and emails from lenders who offer low mortgage quotes and seem to be affiliated with the FHA or HUD? The answer, very simply, is that you ought to wonder. Why? Lenders are not supposed to imply or infer any endorsement from the federal government. In [...]
26Apr2011 | Peter G. Miller | 0 comments | Continued
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