fha mortgages: FHA Stormfront
- 03/13/08 04:44 AM
There's something going on in the world of FHA loan origination that I find very troubling. Particularly since the FHA loan program is being so highly touted as the savior of the housing crisis. Every day, loans that make sense but are "on the borderline" - i.e require extra documentation and extra effort on the loan officer's and borrower's side to present a clear picture to the underwriter - are becoming increasingly difficult to do. Underwriters are becoming more and more reticent to move ahead with loans that used to be almost a slam dunk for an experienced, competent FHA loan … (2 comments)
fha mortgages: FHA Mortgage Reform: When Will Petty Politics Ever End!
- 01/04/08 09:44 PM
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 a multi-year ordeal. The House of Representatives version of the FHA Reform Bill included a provision for a trust fund to “boost the supply of housing for low income families.” The Senate version of the bill left this foolishness out, but Congressman Barney Frank has announced his intention to fight … (3 comments)
fha mortgages: Is It A Good Idea To Make It Easier For Mortgage Brokers To Do FHA?
- 12/22/07 03:14 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 available for more borrowers. At the same time, we don't need the same group of wild animals that ruined subprime to get their paws into FHA and ruin it. I posted a little about it on my website at: http://fhaloanadvice.com/index.php/2007/12/22/is-lowering-the-bar-for-fha-mortgage-broker-approval-a-good-thing/ I would appreciate hearing anyone's thoughts on the issue. … (5 comments)
fha mortgages: Update: FHA Reform Bill Passes The Senate
- 12/14/07 08:30 AM
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 worked out include the increasing of loan limits, term (up to 40 years), risk-based MIP pricing, lowering the down payment requirements and a few other details, but is expected to happen quickly. This is good news for the industry, consumers and FHA, as we battle with increasing pressure from the … (0 comments)
fha mortgages: FHA Secure Refinance
- 12/13/07 04:09 PM
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 above today's FHA mortgage limits. Legislation is under consideration that would raise those limits, but nothing is in place yet to do so. If this FHA reform does pass, many thousands of home owner's will be helped.The HUD Mortgagee Letter announcing the FHASecure program states:"If the new maximum FHA loan … (0 comments)
fha mortgages: FHA Mortgage Reform: Finally Some Good News
- 12/13/07 02:59 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 Schumer of NY on the Senate floor Wednesday morning, Senator Coburn hinted that he may be willing to limit debate on the bill and amendments and it may be possible for the bill to come up for a vote as early as next week! This is very good news since … (1 comments)
fha mortgages: FHA Mortgage Reform: More Petty Misguided Politics In Action
- 12/09/07 04:27 PM
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 supporting the above opinion at FHA Mortgages — Government Loans Show Low Foreclosure Rates Mortgage brokers and real estate agents who would like to see a sane answer to the problems in the credit markets might want to get out pen and paper and let their Senators hear about it. … (2 comments)
fha mortgages: Manufactured Home Refinance With FHA Part I
- 10/11/07 03:41 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 methods of financing the manufactured home must be paid off in a short period of time, owners of manufactured homes should begin looking for replacement financing as early as the end of the first year. The end of the first year is the beginning of the time that the loan … (3 comments)
fha mortgages: FHA Social Security Number Verification Update
- 10/10/07 06:44 PM
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 now be as much as a few days delay in getting the verification. This is more significant for lenders with in-house underwriting and situations where you have a file transferred in to close quickly. The lender is responsible for the verification being in the file when submitted for insurance, so … (0 comments)
fha mortgages: More FHA Down Payment Confusion!
- 10/09/07 05:30 AM
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 to do something about it. They seemed to be hinting that Congress was going to change the rule before it took effect. However, the most interesting part of it was that they announced that Futures was going to keep funding past the Oct. 31st deadline, because they do explicitly fit … (1 comments)
fha mortgages: FHASecure - Free Teleconference/Webinar for Loan Officers
- 10/04/07 06:05 AM
Attend a FREE teleconference/webinar on the FHASecure program by one of the leading FHA experts in the country, Chip Cummings! Over 3100 people registered for the training call on Monday and many couldn't get through, so there is going to be another call on Monday Oct. 8, 2007. I picked up a lot of good information from the first call.This call is for all the loan officers and real estate agents wondering how the FHASecure program can be used to help more borrowers solve their subprime problems. I know HUD’s original training call was customarily confusing.Chip will be going over the new … (0 comments)
fha mortgages: Warning: Why HUD May Stop Your Loan From Closing
- 10/03/07 10:54 AM
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 real market service being provided by legitimate investors who buy distressed property, restore it to market standards and sell it through an arm's length market transaction. Unfortunately, these investors flooding the market didn't quite fit that description. They would make an offer on a property having no possible way to … (4 comments)
fha mortgages: FHA Training for Loan Officers
- 10/02/07 02:50 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 take a serious look at making FHA mortgages a big part of their business. The hard part about originating FHA loans is that you can’t just fax the loan to your account rep and have them prequalify it and do your work. You actually have to learn how to do … (1 comments)
fha mortgages: GA Bad Credit Mortgages - Refinancing Using FHA During the Subprime Mortgage Meltdown
- 10/01/07 07:38 PM
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 adjustable rate mortgages are set to begin their rate adjustments. Because these ARMs usually had initial teaser rates that were artificially low, if you have an adjustable rate mortgage there is a near 100% chance that your rate will be going up. Most of the time, this first rate adjustment … (0 comments)
fha mortgages: Alan Greenspan’s New Book “The Age of Turbulence: Adventures in a New World"
- 10/01/07 07:27 PM
For those who don’t know, Alan Greenspan was the Chairman of the Federal Reserve Board from August 1987 through January 2006 and a very important person in the lives of those of us who make a living providing mortgages. Many people have blamed him for the subprime mortgage meltdown that is driving many borrower’s back to FHA mortgages now. Alan Greenspan has just released an autobiography entitled The Age of Turbulence: Adventures in a New World in which he shares the story of his life and gives an in depth insight into the mind of a man whose actions have left … (0 comments)
fha mortgages: 5 Myths About FHA Loans
- 10/01/07 04:56 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 the only way for many prospective buyers to get a mortgage. Also hundreds of thousands of homeowners who bought homes over the past few years using those subprime mortgages are now facing interest rate increases of 3 to 5 percent or more! Five minutes of watching business news lately will … (4 comments)
There's something going on in the world of FHA loan origination that I find very troubling. Particularly since the FHA loan program is being so highly touted as the savior of the housing crisis. 
;)
;)
