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Tag: HUD

Dim Prospects For FHA Mortgage Borrowers With Big Debts

Dim Prospects For FHA Mortgage Borrowers With Big Debts

New HUD regulations show how people with big debts and weak credit can get FHA financing. Or do they? HUD says that the “FHA will require lenders to manually underwrite loans for which borrowers have a decision credit score below 620 and a total debt-to-income (DTI) ratio greater than 43 percent. Lenders will be required […]

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New FHA Reverse Mortgage Warning Issued By HUD

New FHA Reverse Mortgage Warning Issued By HUD

It seems that the much-troubled FHA reverse mortgage program has a new problem: lender meddling in the supposedly-independent counseling process which is supposed to protect borrowers. Before getting a reverse mortgage borrowers are required to meet with an independent counselor to better understand how the program works. The counseling requirement is intended to assure that […]

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Official FHA Mortgage Insurance Cancel Rules Changed

Official FHA Mortgage Insurance Cancel Rules Changed

The ability to cancel monthly mortgage insurance premiums will shrink to zero for most new FHA borrowers beginning in June. Since 2001 the basic policy has been that borrowers could cancel their FHA mortgage insurance premium (MIP) once their loan balance was reduced to 78 percent of the original debt. If you borrowed $100,000 and […]

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Can A Gay Couple Get An FHA Mortgage?

Can A Gay Couple Get An FHA Mortgage?

While gay couples seeking VA mortgages face significant barriers and limitations imposed by Congress, the same is not true with gay couples who wish to finance with FHA mortgages, even in states where gay marriage is not recognized. Under VA rules a “spouse” is defined as someone of the opposite sex, meaning that the definition […]

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Government Proposes Flawed Mortgage Appraisal Rule

Government Proposes Flawed Mortgage Appraisal Rule

Buried in a new Consumer Financial Protection Bureau proposal is a new effort to control illegal flipping. On its face any effort to limit illegal flipping should be seen as a good thing because the practice of illegal flipping hurts not only buyers and lenders, it also knocks down community values once such properties inevitably […]

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Yes, FHA Loans Can Be Assumed

Yes, FHA Loans Can Be Assumed

During the past six years nearly 30,000 FHA loans have been assumed, a strategy which could help a lot of people buy and sell houses. In fact, FHA assumption activity is on the rise, with annual totals in 2011 several times greater than just a few years ago. It used to be that mortgages were […]

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FHA Dumps Tough Mortgage Credit Rule

FHA Dumps Tough Mortgage Credit Rule

It probably seemed like a good idea at the time: In February HUD said that FHA lenders could ignore credit disputes as long as the total amount owed by a borrower was less than $1,000 and at least two years old. “If the borrower has individual or multiple disputed credit accounts or collections with singular […]

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How Does Rental Ownership Impact FHA Mortgage Borrowing?

How Does Rental Ownership Impact FHA Mortgage Borrowing?

How does owning rental property impact an FHA mortgage application? Two ways. First, you cannot use FHA financing to acquire an investment property, at least if we define “investment property” as someplace you don’t live. However, you can get an FHA mortgage for a property with two, three, and four units. As long as you […]

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FHA Mortgage Applications Up, Approvals Down

FHA Mortgage Applications Up, Approvals Down

A lot of people who hope to buy real estate at bargain prices are finding that FHA mortgages have become hard to get. While home prices are generally down more than 19 percent from the highs seen in 2007, and while fixed-rate mortgages continue to be available at less than 4 percent, borrowers are finding […]

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2012 FHA Mortgage Guide Now Available
By April 30, 2012 0 Comments Read More →

2012 FHA Mortgage Guide Now Available

Ever wonder how FHA mortgages really work — but don’t want spend a month memorizing a 400-page manual? Instead, the 2012 edition of the The Quick & Dirty Guide To FHA Mortgages is now available, a clear and short explanation of the FHA program, how it works and how to qualify. And it’s all in […]

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