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Tag: HUD

Will Trump End Reverse Mortgages?

Will Trump End Reverse Mortgages?

Reverse mortgages are in trouble. In fact, it’s fair to say that reverse mortgages may well be gone under the Trump Administration. “For most older people, the use of home equity in retirement is not a question of if, but when and how,” said Jay Greenberg, CEO of NCOA Services, a subsidiary of the National […]

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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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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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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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How The FHA Can Fix Its Reverse Mortgage Woes
By September 30, 2013 0 Comments Read More →

How The FHA Can Fix Its Reverse Mortgage Woes

The FHA reverse mortgage program is in trouble again, but as usual the wrong party is being blamed. In a letter to Congress FHA Commissioner Carole Galante says the FHA needs $1.7 billion in taxpayer dollars, in large measure because of losses on the reverse mortgages it insures. None of this is a surprise. To […]

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New Reverse Mortgage Rules Cut Senior Options

New Reverse Mortgage Rules Cut Senior Options

Uncle Sam is about the only one willing to insure reverse mortgages but with losses to date of $2.8 billion HUD has now come out with new rules which will reduce withdrawals, require new financial paperwork and raise borrower costs. The new rules impact reverse loans made after September 30th. In basic terms, reverse mortgages […]

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Are Three Missed Payments Required For FHA Short Sales?

Are Three Missed Payments Required For FHA Short Sales?

Question: In a short sale where the financing was insured by the FHA is the borrower first required to miss three payments? This was the advice given by a lender before it would allow a short sale to go forward. Answer: We sent this question over to HUD and received this response: “The information is […]

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Is It Time To Expand The FHA?

Is It Time To Expand The FHA?

With interest rates up during the past few months has the time come to expand the FHA mortgage program? Lower mortgage rates boost affordability and expand the pool of potential borrowers — precisely what’s needed in a real estate market which remains rickety and weak. But lower rates also have another value because when borrowers […]

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Should Borrowers Pay More For Big FHA Mortgages?

Should Borrowers Pay More For Big FHA Mortgages?

Should the FHA demand more money down from those who want big mortgages? This is the question that HUD raised with a notice last month asking for a bigger down payment from those who borrow $625,500 or more. The notice gave the general public 30 days to respond to the FHA proposal, a period which […]

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The FHA Questions Congress Is Afraid To Ask

The FHA Questions Congress Is Afraid To Ask

Your government is at work again. The House Committee on Financial Services — which could be balancing the budget or helping the Postal Service — is instead asking about “The Role of the Federal Housing Administration in Housing Finance.” The purpose, of course, is to make the FHA less competitive by raising rates and looping […]

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