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fha loan: FHA to Tighten Lending Standards - 12/05/09 03:01 PM
This week Housing and Urban Development (HUD) Secretary, Shaun Donovan, presented to Congress his plans to tighten FHA's lending standards. In his testimony to the House Committee on Financial Services, Donovan made it clear, FHA is NOT "the next subprime" despite the fact that FHA has fallen below its minimum capital reserve requirement of 2% to .53% of its total insurance-in-force. He once again reiterated that FHA can withstand the current economic downturn, "under all but highly severe economic scenarios." (i.e., "we'll be OK, unless things get REAL bad.")
FHA's market share has increased from 3% in 2006 to currently … (1 comments)
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fha loan: USDA's $0 Down Program Receives Over $11 Billion in Latest Stimulus - 02/23/09 05:01 PM
USDA's Rural Housing Service was another recipient of stimulus funds last week through HR 1. This comes as a surprise -- a representative from my local Rural Development (or RD) office said last week they were not anticipating a new appropriation of funds from Congress until March. USDA direct loans received $1,000,000,000 and guaranteed loans received $10,472,000,000 in last week's stimulus.
The country burned through RD funds last year as the loan program became wildly popular since it was one of the VERY few $0 down loan programs. Much like FHA, RD does not fund loans, but provides lenders … (4 comments)
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Nicole Lahti, Austin Texas Mortgage
Austin,
TX
More about me…
United Lending
Address: 8303 N. Mopac Bldg. A-201, Austin, TX, 78759
Office Phone: (512) 592-5468
Cell Phone: (512) 507-8312
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