All Posts Tagged With: "HUD"
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
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
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
Why Rand Paul Is Wrong On Public Housing
Newly-minted Senator Rand Paul (R-KY) has a way to instantly save $53 billion from the federal budget. His plan? Eliminate HUD, cut its budget to zero. According to Senator Paul, among other things, we need to end public housing and rental subsidies. “Rather than providing a one-time stop for families on their way out of [...]
31Jan2011 | Peter G. Miller | 119 comments | Continued
Are FHA mortgage loans freely assumable?
In tough times is it true that FHA loans are assumable? You see spread across the Internet a resounding “yes” when the question of FHA mortgages and assumptions is raised. Unfortunately, a flat “yes” is not the whole story. FHA loans are not freely assumable; that is, a buyer cannot take over an existing mortgage [...]
24Jan2011 | Peter G. Miller | 0 comments | Continued
FHA to lenders: Show us your license
HUD has come out with a new standard for lenders, the requirement to see the license number for each lender or loan officer who does an FHA loan. The numbers are recorded with the Nationwide Mortgage Licensing System and Registry (NMLS). Okay, what does this mean and why should borrowers care? When you sell a [...]
10Jan2011 | Peter G. Miller | 1 comment | Continued
Are demands for higher FHA mortgage loan credit scores discriminatory?
Can lenders demand a higher credit score than FHA guidelines require? Are demands for such higher scores evidence of discrimination? “This decision is arbitrary,” says John Taylor, president & CEO of the National Community Reinvestment Coalition, “because the loans are 100% guaranteed, whether the borrower’s credit score is 580 or 780. That means the loans [...]
20Dec2010 | Peter G. Miller | 0 comments | Continued
Despite Wall Street reform mortgage banker profits surge
Despite worries that the Wall Street reform legislation passed last summer would crimp earnings, the Mortgage bankers Association is reporting that profits per loan soared in the third quarter. “Independent mortgage banks and subsidiaries made an average profit of $1,423 on each loan they originated in the third quarter of 2010, up from $917 per [...]
15Dec2010 | Peter G. Miller | 0 comments | Continued
Mortgage Loan Limits — Conventional, FHA, VA
The high mortgage loan limits and policies started during the foreclosure worries of 2008 will continue through 2011. Note: This material is now out of date. Please go to: FHA Loan Limits Rise, Conventional & VA Mortgage Limits Stick. There are several types of mortgage loan limits. Generally, most borrowers need to look at conventional, [...]
15Nov2010 | Peter G. Miller | 1 comment | Continued
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 [...]
9Aug2010 | Peter G. Miller | 2 comments | Continued
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