fha: FHA must be the answer in 2008.
- 12/19/07 10:21 AM
The beginning of the week it was announced that the House & The Senate were trying to come up with a "Better FHA Loan" Some of you were concerned that this would be another "Sub-Prime" problem in the future. As a Mortgage Banker for over 35 years I must tell you that nothing is farther from the truth. Let's consider the FHA Loan and it's guidelines: FHA borrowers must have jobs. The income must be verified and the debt ratios must be met. Job stability is another factor in approving an FHA loan. Payment history (rent ) is also a major plus … (9 comments)
fha: THE NEW FHA?
- 12/17/07 04:41 AM
It looks like the House and The Senate are trying to come up with a better FHA Loan. As Of December 12,2007 here is where we are: DOWN PAYMENT: Senate$ 1.5 % House 1.5 % Max.Mortgage Amount: Senate: $417,000. House: $729,000. Seller Assistance: Senate: 0 House: 0 There is still talk about "Risk Based Pricing" where FICO Scores could change the amount of Mortgage Insurance from as low as 1.5 % to a high of 2.00 %. Everyone wants to see a change by year end, but with the Holiday schedule it appears that a change will happen in early 2008. This could be a … (6 comments)
The beginning of the week it was announced that the House & The Senate were trying to come up with a "Better FHA Loan" Some of you were concerned that this would be another "Sub-Prime" problem in the future. As a Mortgage Banker for over 35 years I must tell you that nothing is farther from the truth. Let's consider the FHA Loan and it's guidelines:
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