All Posts Tagged With: "HUD"
FHA “Short Refinance” — Is This The Way To Reduce Foreclosures?
Imagine that you have a mortgage and want to refinance to get a lower rate but the debt is greater than the value of the home. Imagine also that if you can refinance you can avoid foreclosure.
The government is now trying to address this scenario, something which is common across the country, especially for those [...]
9Aug2010 | Peter G. Miller | 2 comments | Continued
Responsibility: But Didn’t The Borrower Sign The Mortgage?
It hardly seems unfair. Aren’t borrowers responsible for the loans they take out? It’s not like someone is held at gunpoint and forced to accept the worst loan lenders can concoct.
That’s the thinking of a considerable segment of the population, a segment represented in some of the email I receive as well as in the [...]
American Homes Keep Getting Bigger
HUD has come out with a new housing survey and not surprisingly it finds that “U.S. homes today are bigger with more bedrooms and bathrooms than 1973.”
HUD’s 2009 American Housing Survey (AHS) also tells us that most families with young children live within a mile of a public elementary school. The most common home heating [...]
What Is A Mortgage Loan Worksheet?
Starting in 2010 the government introduced a new Good Faith Estimate form which required lenders to spell out loan costs in very precise and standardized language — information which lenders must honor at closing.
The new form from HUD has raised a question among some lenders as to whether a pre-approval letter or a pre-qualification letter [...]
HUD Scorecard: Home Prices Stabilizing
HUD has introduced a new public information report, a Monthly Housing Scorecard. This is an idea which makes a lot of sense, not only because of what it says but also because HUD includes data from both governmental agencies and the private sector in one place.
The News
To start, and given the events of the past [...]
Mortgage Reform Now — 6 Ways To Fix What’s Broke
For all the talk of reform on Wall Street, a quicker and easier way to assure that big banks don’t fail and small borrowers don’t get screwed is to simply fix the mortgage origination system.
Fixing the mortgage system is crucial if we’re to prevent another financial meltdown. If the mortgages are done right than mortgage-backed [...]
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 [...]
What Paperwork Do You Need To Get A Mortgage?
One of the biggest problems with the government’s Making Home Affordable loan modification program is that a large number of borrowers are making their payments but do not provide required paperwork — and thus are unable to permanently refinance their mortgage with a new and lower rate. Because they did not provide required paperwork these [...]
1Feb2010 | Peter G. Miller | 0 comments | Continued
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 [...]
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