fha: Revisiting FHA As The New Subprime - 12/07/08 06:05 PM
One of my strongest pet peeves has long been those who insist on calling FHA "The New Subprime". I have addressed it many times here and on my website at FHA Loan Advice (where I'm about to address it once again in more detail).
FHA has always underwritten loans based on … (0 comments)
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fha: HUD Secretary Alphonso Jackson Resigns In Scandal - 04/01/08 11:42 AM
The scandals have been swirling HUD Secretary Alphonso Jackson for quite some time. I have been wondering if this looming situation might have been a problem in getting FHA modernization accomplished. It seems that it would be a little difficult to lobby legislators while they are publicly calling for one's resignation. … (0 comments)
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fha: FHA Mortgage Reform: When Will Petty Politics Ever End! - 01/05/08 05:44 AM
FHA Mortgage Reform could again be delayed by ridiculous political antics. Who else but a bunch of politicians could take what should be a simple sprucing up of a program which is basically good enough already, needing only to be expanded to include a few more people, and turn it into … (3 comments)
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fha: Is It A Good Idea To Make It Easier For Mortgage Brokers To Do FHA? - 12/22/07 11:14 PM
The new FHA Modernization Act looks like it will end up making it easier for mortgage brokers to get approved for the FHA program. Eleanor Thorne of New Garden Mortgage in NC wrote about it here. I'm a little unsure about it. I sincerely want to see the FHA program made … (6 comments)
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fha: Update: FHA Reform Bill Passes The Senate - 12/14/07 04:30 PM
The Senate has just passed legislation that would open the door for FHA to become more competitive in the marketplace! The FHA Modernization bill, which now heads back to the House for “reconciliation” before heading to the White House, had been stalled in the Senate for weeks.
Details still to be … (0 comments)
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fha: FHA Secure Refinance - 12/14/07 12:09 AM
Will the 3 month old FHASecure Initiative save all the borrowers with subprime mortgages facing foreclosure? The crystal ball is still a little murky on this issue. However, according to statistics, more than 40,000 FHA Secure loans have been approved. Many of the subprime mortgages at issue have loan amounts far … (0 comments)
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fha: GA Bad Credit Refinance: Use FHA To Save Your Home From Your Rising ARM Rate - 12/13/07 11:32 PM
Every few minutes all day there is a new headline trumpeting the meltdown of the mortgage industry or another lender going down the tubes. It is becoming more difficult to obtain a conventional mortgage every day. Qualification guidelines are tighter than they have been in years and getting tighter. Mortgage insurance … (0 comments)
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fha: FHA Mortgage Reform: Finally Some Good News - 12/13/07 10:59 PM
According to several reports I have read, Senator Tom Coburn from OK, whom I came down hard on in a previous post, has let it be known that his objections to the FHA reform bill are small and primarily have to do with reverse mortgages. In an exchange with Senator Charles … (1 comments)
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fha: FHA Mortgage Reform: More Petty Misguided Politics In Action - 12/10/07 12:27 AM
Everyone interested in FHA mortgages needs to take a look at two informative blog posts. FHA mortgage reform is still being held up in the Senate for petty political reasons. You can find the information about it at
FHA Mortgage Reform: More Petty Politics In Action
You can also find an excellent article … (2 comments)
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fha: Subprime FHA? Why FHA Must Be Modernized - 10/18/07 03:36 PM
I am normally a huge fan of the Competitive Enterprise Institute and everything they do to support the cause of freedom in the world. John Berlau, their director of the Center for Entrepreneurship has recently published a commentary which has made its way through the major papers and is available here … (9 comments)
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fha: Could Down Payment Assistance for FHA Loans Still Be Alive After October? - 10/12/07 10:44 AM
I received a comment on one of my previous posts about the endangered non-profit assistance programs and FHA loans that mentions a trend I'm seeing in many solicitations lately.
Here's the quote:
"Earned Income DPA's are still alive and functioning and in fact are specifically approved in the new HUD Ruling. Here is … (1 comments)
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fha: Manufactured Home Refinance With FHA Part I - 10/11/07 10:41 PM
More information about FHA financing is available at FHA Loan Advice.
Purchasers of manufactured homes often use short term financing from a bank (for example, a five year balloon note) or short term, high interest rate owner financing to cover the cost of setting up their new home. Since each of these … (3 comments)
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fha: FHA Social Security Number Verification Update - 10/11/07 01:44 AM
Just a quick note for agents/lenders. FHA has made a minor change in their Social Security Number verification process. Details are below this paragraph. At first glance this change doesn't seem significant at all, but note the sentences in bold. If you are in a hurry on a file there may … (0 comments)
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fha: More FHA Down Payment Confusion! - 10/09/07 12:30 PM
I got a very interesting fax this morning from the Futures Down Payment Assistance group. They quoted a press release from Oct. 1st from Reps. Maxine Waters, Gary Miller and Al Green (I thought he was a singer) chastising HUD for getting rid of the program and saying Congress was going … (1 comments)
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fha: Warning: Why HUD May Stop Your Loan From Closing - 10/03/07 05:54 PM
Several years ago a problem cropped up all across the mortgage/real estate world and started causing a lot of problems for lenders whenever a mortgage defaulted. Every Tom, Dick and Harry that stayed up late at night wanted to become a real estate investor and "flip" houses. There is a very … (4 comments)
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fha: FHA Training for Loan Officers - 10/02/07 09:50 AM
The credit crunch that we are going through right now has delivered a devastating blow to the loan pipelines of many in the mortgage industry. I cannot recommend highly enough that those who are licensed in areas of the country where there are loans under the FHA limit to be done … (1 comments)
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fha: GA Bad Credit Mortgages - Refinancing Using FHA During the Subprime Mortgage Meltdown - 10/02/07 02:38 AM
Every time you turn on the news, there is a new headline trumpeting the meltdown of the mortgage industry. Obtaining a conventional mortgage is becoming more difficult by the minute. Qualification guidelines are tighter than they have been in years.This meltdown is occurring at the same time a record number of … (0 comments)
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fha: 5 Myths About FHA Loans - 10/01/07 11:56 PM
FHA loans are a great tool that allows many potential first time homebuyers with past credit problems to break into the housing market. Prices are low and seller concessions are high in the today’s real estate buyer’s market. However, many of the subprime mortgage 100% financing deals are gone. FHA is … (4 comments)
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