Bill Cunningham's (tampabill) Blog

On October 1, the Federal Housing Authority (FHA) went through some significant changes which many are confused about.  Let me clarify some of these changes: The downpayment for a new home purchase using a FHA Mortgage is now 3 1/2% of the purchase price, up from 3%.  Seller downpayment assistanc...

FHA 203K Loans The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done until the house has been purchased. FHA's (Federal Housing Authority) 203(k) program can hel...

HOPE FOR HOMEOWNERS    What is the HOPE for Homeowners Program (H4H)? This new program created by Congress is intended to help borrowers at risk of default and foreclosure refinance into more affordable loans.  If you are having trouble making your mortgage payments, this program may allow you to...

SNAPSHOT OF FHA REQUIREMENTS ADVANTAGES and BASIC INFORMATION    •Ø  FHA insured mortgages are conforming loan products.  As such, each loan is evaluated individually and may be subject to additional requirements and documentation. •Ø  NOT Credit Score driven for approval, interest rate, discount...

Fixed Rate Mortgages FHA fixed rate mortgages, or Section 203(b), are the most typical and popular type of FHA loan. A fixed mortgage is one in which the interest rate does not change. A fixed rate FHA mortgage insures the total amount of the mortgage against default to the lender. This type of l...

If you've been passing up buying homes that require cosmetic repairs for lack of funds to fix them up, FHA has a program for you. Not to be confused with FHA's more complicated 203K program, a Streamline-K loan eliminates much of the paperwork and simplifies the process to obtain rehab funds. Bil...