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fha: Proposed bill in Congress to raise FHA minimum down payment requirements - 05/26/11 04:42 PM
Republicans on the House Financial Services Committee have drafted legislation that would raise the minimum down payment for FHA mortgages to 5% and cut the maximum FHA loan amounts in many markets. The bill looks to be more of a philosophical response - rather than a fiscal one - to the question of how much the federal government should be involved in the housing market. Ironically, the program originated during the Great Depression of the 1930s, when the rates of foreclosures and defaults rose sharply, and the program was intended to provide lenders with sufficient insurance. So, its contraction in … (0 comments)
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fha: FHA may increase allowable closing cost credits - 03/04/11 01:23 AM
Here's some good news that should help make selling (and buying) a home a little easier:
Last year the Federal Housing Administration (FHA) announced that it intended to cut the maximum seller contributions from 6 percent to 3 percent for purchasers using FHA-insured mortgages. Seller concessions or contributions are oftentimes a critical component to FHA-financed transactions since many buyers need the seller credits to pay for closing costs. They make otherwise unaffordable deals affordable by allowing buyers to use their cash towards down payments and allowing sellers to pay closing costs.
FHA is now considering a more flexible approach that may … (3 comments)
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fha: FHA proposes tighter rules for lenders - 12/09/09 12:35 PM
November 30, 2009 -- The Federal Housing Administration (FHA) has proposed tighter rules for lenders to reduce its risk and assure it can cover future losses. More on this as new information comes out, but here's a quick summary of why they are doing this and what impact it will have on our local real estate market in Edmonds, WA.
The FHA insures almost a quarter of all new loans made in 2009, and about 80 percent of that business is from first-time homebuyers. Especially with the $8,000 homebuyer tax credit, the rush for new purchases has perhaps given some lenders … (0 comments)
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Casey Bui
Edmonds,
WA
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Rockwell Realty
Address: Edmonds, WA
Cell Phone: (206) 234-5611
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