fha loans: FHA Tightens Lender Standards - 01/23/12 11:31 AM
On Friday, the Federal Housing Administration (FHA) announced it would toughen standards for lenders authorized to insure mortgages on its behalf, without first submitting documents to the agency. This news comes after it was revealed the 30-day delinquency rate on FHA mortgages neared 18 percent in December.
Some experts warn that FHA could soon require a bailout, something Main Street Americans certainly don't need. FHA Commissioner Carol Galante hopes the rule changes will loosen credit for borrowers and help speed up the housing recovery.
Some of the key changes include:
A stronger approval process Stricter monitoring of FHA-approved lenders Compensation to … (4 comments)
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fha loans: FHA Extends Anti-Flipping Waiver Through 2012 - 12/29/11 10:38 AM
There was big news from the Federal Housing Administration (FHA) yesterday: The FHA anti-flipping waiver, which was set to expire at the end of this month, has been extended through 2012. The hope is this extension will encourage the sale of foreclosed homes, stimulating those areas which have been decimated by the foreclosure crisis.
Carol Galante, acting FHA commissioner, had this to say yesterday regarding the move: "The extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight. FHA remains a critical source of mortgage financing and stability and we must … (9 comments)
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fha loans: George Washington University Experts Recommend Big Changes for Jumbo Loans - 07/22/11 01:47 PM
Are current FHA loan guarantees bloated, obsolete, and no longer useful in serving its traditional target audience of first time, minority and low-income homebuyers?
George Washington University’s Center for Real Estate and Urban Analysis (CREUA) released a study, co-authored by Anthony Yezer and Dr. Robert Van Order, professor of economics, that argues an emphatic "yes."The Obama Administration has proposed a modest decrease in the current upper FHA limit of $729,500, to take effect in October of this year. However, the report makes a compelling argument that this does not go nearly far enough.
Today on my CBS MoneyWatch blog, I review … (0 comments)
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fha loans: FHA Increases Net Worth Requirements For Lenders - 04/16/10 11:24 AM
The Federal Housing Administration (FHA) recently announced it will increase regulations to the net worth requirements of FHA-approved lenders. Other policy changes aiming to reinforce the FHA’s risk management function includes holding lenders liable for oversight of mortgage brokers, and hiring a Chief Risk Officer for the first time in FHA’s 75-year history.
Since 1993, the FHA required lenders to have a net worth minimum of $250,000. All new applicants must possess at least $1 million.
Read the full press release from the Department of Housing and Urban Development (HUD) on the full ThinkGlink.com story.
… (1 comments)
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fha loans: 67 Mortgage Lenders Failed To Meet Criteria For FHA Recertification - 02/09/10 05:05 PM
Taylor, Bean and Whitaker Mortgage Companies of Ocala, Fl had their FHA approval to grant loans suspended in early August. Its shutdown resulted in hundreds of thousands of homeowners being thrown into a mess of confusion, including bounced checks from Taylor Bean, and misleading information on which lenders took over Taylor, Bean and Whitaker loans.
Taylor Bean hasn't been the only one to have their certification revoked. The Department of Housing and Urban Development’s (HUD) Mortgagee Review Board from July 10, 2008 to August 4, 2009, reveals nearly 200 mortgage companies settled actions, paid civil money penalties, had their FHA approvals … (0 comments)
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fha loans: 6 Ways FHA Loan Requirements Are Changing - 12/10/09 11:15 AM
The real estate market is still in crisis. FHA reserves are falling and the FHA needs for determine how to handle its loan portfolio and future loans. With the continuing high unemployment rate, more homeowners are at risk of losing their homes. With more homes going into foreclosure, FHA stands to lose more money. What will FHA do to in the ever changing real estate market?
The Federal Housing Administration (FHA) isn’t broke – but its reserves aren’t quite where they’re supposed to be either.
FHA’s capital reserves are supposed to be 2 percent of the outstanding loans. According to the … (4 comments)
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fha loans: Is Your Mortgage Lender Allowed to Originate an FHA Loan? - 05/20/09 08:06 PM
Question: If you have a real estate license and a mortgage lenders license, can you originate FHA loans?
Answer: There is not a specific regulation that we could find in the FHA handbook prohibiting someone with a real estate license and a mortgage lenders license from originating an FHA loan. In other words, you can be a real estate agent and a mortgage lender and originate an FHA loan. But the spokesman for the FHA said that active real estate agents who were also active mortgage lenders might not be able to originate loans. Ilyce Glink suspects this is because of … (1 comments)
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fha loans: FHA Loan May Solve Mortgage Dilemma - 02/15/09 11:27 PM
Summary: If you bought a home and now your home is worth less than your purchase price you may be kicking yourself, especially if you're paying a high mortgage. While buying high end real estate is a risk, every home buyer who does so chooses to take on that responsibility. In a situation like this it may be worthwhile to check whether the FHA can offer you a new home loan.
Q: My daughter has a $500,000 interest-only loan with a term of 40 years. After 10 years, the loan converts into a principal and interest loan and she will start … (2 comments)
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fha loans: Adjust Family Budget to Afford Mortgage, Rent - 09/26/08 05:33 PM
What percentage of your family budget is your mortgage or rent check?
According to recently released 2007 census figures, 7.5 million Americans spend at least half their income on their housing expenses. That's 15 percent of all Americans, up some 400,000 from the year before.
For most family budgets, housing expenses combined with rising food and fuel prices is enough to break the bank.
"Rising unemployment, the continuing mortgage and credit crisis and rising food and fuel costs are causing people with good incomes to seek help paying their debt," said Suzanne Boas, president of Consumer Credit Counseling Service (CCCS) of … (1 comments)
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fha loans: Mortgage Applicants Choose Less Risky Loans - 08/20/08 10:52 AM
The Mortgage Bankers Association announced yesterday that more than 29 percent of July 2008 mortgage loans were for government-insured loans (mostly from the Federal Housing Administration). That's up from the 8.4 percent during July of last year. MBA announced that the July numbers show a steady increase since January of this year, when the percentage of government-issued loans was 9.4 percent.
MBA attributes the increase to the following: In March of this year, the Economic Stimulus Act of 2008 temporarily raised the FHA and conforming loan limits for most areas in the country, which broadened FHA financing for more borrowers. The … (0 comments)
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fha loans: First Time Home Buyer With No Down Payment - 08/07/08 11:15 AM
Summary: A self-employed first time home buyer asks for advice. The first time home buyer has a great credit score but no money for a down payment. Many non-profit programs that used to help with a down payment have gone away. What options does the first time home buyer have without money for a down payment?
Q: A few years ago I bought your wonderful book "100 Questions Every First-Time Home Buyer Should Ask" and it's the best book I've ever seen of its kind. I call it "the Bible of First-Timers" and have recommended it to many first time buyers.
… (0 comments)
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