All Posts Tagged With: "HUD"
Do FHA Mortgage Borrowers Still Face Credit Score Layering?
More that a year has passed since HUD announced that it would investigate 22 lenders. The issue? Layering, the addition of requirements on top of FHA standards. “The investigations,” said HUD, “are in response to 22 complaints the National Community Reinvestment Coalition (NCRC) filed with HUD alleging that the loan activities of the mortgage originators [...]
16Jan2012 | Peter G. Miller | 0 comments | Continued
FHA Mortgage Insurance Premium To Rise In 2012
Borrowers will pay more to get an FHA loan in 2012. The much-heralded payroll tax cut worked out by Congress will also raise the cost of an FHA mortgage by at least .2 percent and probably more in 2012. Think of it as a back-door tax increase. While the public was watching the payroll debate [...]
3Jan2012 | Peter G. Miller | 1 comment | Continued
Why FHA Premiums Should Not Be Raised
Will the FHA loan program raise its insurance premium for new borrowers? At first it might seem as though higher premiums are in order given that the FHA reserve fund — the Mutual Mortgage Insurance Fund or MMI — is well below the 2 percent required reserve. While that may be true, one must also [...]
5Dec2011 | Peter G. Miller | 0 comments | Continued
FHA Loan Limits Rise, Conventional & VA Mortgage Limits Stick
It didn’t take long for the lower mortgage limits that began October 1st to be changed. As of November 18th the mortgage rate limits were selectively revised with FHA loan limits increasing but with conventional loan limits staying the same. Does this change make a lot of sense? No. Is this change the law of [...]
25Nov2011 | Peter G. Miller | 0 comments | Continued
Will The FHA Go Bankrupt?
A new study says the FHA is likely to need a $50 billion bailout and perhaps as much as $100 billion. But is the FHA really in trouble? And if so, why? The paper, written by Joseph Gyourko, a professor of real estate and finance at the Wharton School of Business at the University of [...]
16Nov2011 | Peter G. Miller | 3 comments | Continued
American Chopper — Foreclosure Vs. No Foreclosure
So which is it: Was the Orange County Chopper world headquarters foreclosed or not? The answer as derived from the American Chopper TV show and public information is very simple: Both. Let’s start with foreclosure. It’s plain that a foreclosure action was initiated by the lender, the GE Commercial Finance Business Property Corp. The matter [...]
7Nov2011 | Peter G. Miller | Comments Off | Continued
Why Mortgage “Checks” Are Not In The Mail
The checks are no longer in the mail and this is one time you really can blame the government. Until recently the daily mail would often include one or more “checks” to buy or refinance real estate. Such checks looked real with lots of “official” numbers and “genuine” markings. Most importantly, they included your name [...]
27Oct2011 | Peter G. Miller | 0 comments | Continued
Are Big FHA Mortgages Really Risky?
Who will win and who will lose with FHA loan limits that were reduced as of October 1st? The answer may be surprising. In general terms there has been considerable support for lower FHA loan limits for several reasons. First, lower FHA limits mean more opportunities to sell private-sector loans. Second, the FHA has long [...]
13Oct2011 | Peter G. Miller | 0 comments | Continued
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
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