federal housing administration: New Rules for FHA Loans - 02/23/10 03:57 PM
FHA Loans - New Rules
The FHA, which currently makes up to 40% of all mortgage loans nationally, has set some new rules in place. In an effort to shore up its capital reserves and to do a better job at managing risk, the agency is tightening its lending requirements.
Last year an independent audit discovered that the FHA's capital reserves had dipped below the 2 percent required by Congress. The changes that are being made now are an effort to increase the quality of its borrowers therefore reducing the number of loans that go into default.
Some of the … (4 comments)
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federal housing administration: Will the FHA Need to be Bailed Out? - 10/09/09 12:42 PM
The FHA has backed nearly a quarter of all loans made this year and its loans have been the primary source of financing for borrowers who lack good credit or cannot afford to come up with large down payments. However, its defaults have been climbing, raising fears that taxpayers may be forced to rescue the mortgage provider.
With the collapse of the mortgage market in 2007, the FHA became one of the last sources of low down-payment mortgages allowing borrowers to put as little as 3.5% down on a home. But, lawmakers are seeking to increase that amount to 5% with … (6 comments)
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federal housing administration: Using the $8,000 Tax Credit as a Down Payment on a Home in Massachusetts - 06/10/09 05:50 PM
Is it possible to use the $8,000 tax credit as a down payment when you purchase your home in Massachusetts?
Although this has not been the case to date the situation may soon change.
In a recent speech, Secretary of Housing and Urban Development, Shaun Donovan mentioned that the FHA is currently working on a proposal that may allow home buyers being able to use the $8,000 tax credit as a down payment. Speaking to The National Association of Home Builders, he stated the Federal Housing Administration (FHA) will allow home buyers to apply the $8,000 first-time home buyer tax credit toward the purchase … (0 comments)
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