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fha: A Few Reasons Why Now May Be The Least Expensive And Easiest Time To "Go FHA" - 04/15/09 01:13 AM
Shopping for low mortgage rates is a game of luck. 
Some days, mortgage rates are favorable.  Other days, they're not.  And while you can sometimes make an educated guess about where rates might be headed, you're not always going to guess right.
Even the experts get it wrong more often than they'd like.
But some parts of the rate shopping process can be predicted and one of them is the future of mortgage guidelines. 
In general, the more often homeowners default on their respective mortgages, the harder it is for future mortgage applicants to be approved.
This is why "now" may … (1 comments)

fha: Mandatory FHA Loan Fees Increase for Some, Fall for Others - 07/21/08 10:03 AM

The FHA risk-based pricing matrix For the first time in its history, the FHA changed its funding fees and mortgage insurance structure this week. FHA-insured home loans are now subject to a risk-based pricing adjustment, as shown by the table above.
Because of risk-based pricing, FHA home loans are now more expensive for borrowers with less-than-ideal credit profiles, and less expensive borrowers with perfect ones.
Prior to the changes, most FHA borrowers paid an up-front fee of 1.500 percent, plus on-going annual mortgage insurance payments equal to one-half-percent on the amount borrowed.
FHA-insured mortgages have grown in popularity this year … (0 comments)

fha: FHA Bans Seller-Financed Downpayment Assistance Programs - 10/03/07 03:45 PM
Effective November 7, 2007, the Federal Housing Administration is expected to ban home buyers' use of most seller-financed Downpayment Assistance programs. The Nehemiah program has been granted an exception through March 31, 2008.
DPAs are (were?) very popular in FHA mortgage circles as a way to help buyers finance their new homes.
FHA loans currently require a downpayment of at least three percent on a home purchase.  That three percent, however, is not required to come from the buyer's own funds; it can come from a "gift" as long as the gifter is a family member or a non-profit organization. 
… (6 comments)

 

Ilyce N. Powell, CMPS™ - Certified Mortgage Planning Specialist

Baltimore, MD

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AmeriSave Mortgage Corp./ United First Financial

Address: Lending in All 50 States + DC, Eliminating Debt and Building Wealth in United States and Canada

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