fha mortgage: FHA Mortgage Fees to Rise in April
- 02/15/11 07:16 AM
FHA mortgages are about to become more expensive. HUD Secretary Shaun Donovan announced yesterday in a press release that the FHA will increase its annual mortgage insurance premium (MIP) by a quarter point on all 15 and 30 year loans. Upfront MIP charges will remain at 1.0 percent. The increase in premiums is part of the Obama Administration’s new budget. The changes will take effect as of April 18, 2011. FHA Commissioner David Stevens commented: “After careful consideration and analysis, we determined it was necessary to increase the annual mortgage insurance premium at this time in order to bolster the FHA’s … (2 comments)
fha mortgage: Do I Need Flood Insurance?
- 07/02/10 07:38 AM
Find out what flood coverage you do and do not need when you are buying a home. First time home buyers will find out during the mortgage application process whether or not they will be required to get flood insurance. Even if not required, home buyers may want to consider flood insurance coverage depending on the flood zone of the property they are buying. Who Needs Flood Insurance? Federal law requires that any home with a mortgage from a federally owned insured lender such as Fannie Mae, Freddie Mac or FHA that is located in a high-risk flood zone must have … (1 comments)
fha mortgage: FHA Closing Costs | How To Lower Your Closing Costs With FHA Loans
- 07/01/10 05:19 AM
Closing costs are often confusing, but Total Mortgage makes closing costs simple. About Closing Costs Closing costs for refinancing home owners are often a black box of fees that are confusing to understand. Closing costs often end up substantially different at closing than from the initial disclosure borrowers receive at application. Fortunately, there are ways to reduce your closing costs. The simplest way, of course, is to work with a mortgage lender that charges less in closing costs than competing lenders. Total Mortgage: Keeping Costs Low Total Mortgage takes the mystery and guesswork out of closing costs and makes them easy … (0 comments)
fha mortgage: Could New Home Appraisal Rules Get Scrapped?
- 06/18/10 06:17 AM
There is an increasing amount of opposition to the new home appraisal rules as many mortgage brokers and real estate agents are serving up criticism that the Home Valuation Code of Conduct (HVCC) guidelines adopted in 2009 are resulting in inaccurate and low-ball appraisals. The main argument amongst critics is that the new rules have undesirable affects where appraisers are now being overextended, underpaid and forced to churn out appraisals in a hurried fashion. Conversely, many mortgage lenders, including J.P. Morgan and CitiGroup, have vested interests in the appraisal management companies that now play the role of divvying up appraisal … (122 comments)
fha mortgage: Go Green with FHA Mortgage Programs: The Energy Efficient Mortgage
- 06/02/10 02:38 AM
Learn how home buyers can include energy efficient improvements in their mortgage FHA offers a special mortgage program to help borrowers finance energy improvements when they are buying or refinancing a home. Called the Energy Efficient Mortgage (EEM), the two benefits for borrowers are the ability to qualify for a higher loan amount and savings on energy bills. How can an Energy Efficient Mortgage help me qualify for a larger mortgage amount? Borrowers can use the FHA mortgage program in combination with an EEM to get a loan that is higher than what is normally allowed. For example, a home … (2 comments)
fha mortgage: How To Calculate Your FHA Mortgage Insurance Premiums
- 06/01/10 04:13 AM
Find out about how to qualify for the lowest FHA mortgage insurance premium possible. Home Refinance Mortgage loans will require mortgage insurance when the loan-to-value of your loan is higher than 80% of the value of your home. For conventional loans, mortgage insurance is provided by private companies. Over the past year, the cost of private mortgage insurance for Fannie Mae and Freddie Mac loans has skyrocketed, while FHA mortgage insurance costs have actually been reduced. How Much Does FHA Mortgage Insurance Cost? FHA mortgage insurance premiums used to require a 3% up front premium added on to the total refinanced … (3 comments)
fha mortgage: How To Buy HUD Foreclosure Homes
- 06/01/10 04:06 AM
Learn how to search for, qualify for and purchase HUD foreclosure homes Many home buyers can get a great deal by buying a foreclosed home from the U.S. Department of Housing and Urban Development (HUD). HUD takes back homes that have been foreclosed on from the FHA mortgage loan program. If you are looking to buy your first home and you are interested in buying a HUD home, understanding the process can get you a great deal. Foreclosure Listings: Where do you find HUD Foreclosure Homes for Sale? Most HUD homes are listed for sale and are not sold at auction … (0 comments)
fha mortgage: How To Buy HUD Foreclosure Homes
- 05/28/10 04:33 AM
Learn how to search for, qualify for and purchase HUD foreclosure homes. Many home buyers can get a great deal by buying a foreclosed home from the U.S. Department of Housing and Urban Development (HUD). HUD takes back homes that have been foreclosed on from the FHA mortgage loan program. If you are looking to buy your first home and you are interested in buying a HUD home, understanding the process can get you a great deal. Foreclosure Listings: Where do you find HUD Foreclosure Homes for Sale? Most HUD homes are listed for sale and are not sold at auction … (0 comments)
fha mortgage: How To Qualify For An FHA Loan
- 05/28/10 04:22 AM
Find out if you can get an FHA loan What FHA mortgage underwriters look at when they review your credit How Much Does FHA Mortgage Insurance Cost? Getting approved for an FHA refinance mortgage means that an FHA approved underwriter will review your credit history to predict your likelihood of repaying your loan. Underwriters are seeking to limit the probability that a borrower will become delinquent and default on a loan. The following is a guide to FHA credit guidelines. 1. Rental or Mortgage Payment History. The payment history of the borrower's housing obligations holds significant importance in evaluating credit. The … (1 comments)
fha mortgage: FHA Revokes Approval from Three Mortgage Lenders
- 01/27/10 06:27 AM
As the Obama administration prepares to step up the enforcement of mortgage misconduct, the Federal Housing Administration (FHA) revealed that they have immediately and permanently withdrawn FHA approval from three mortgage lenders, while suspending a fourth. FHA's Mortgagee Review Board, which "oversees the performance of lenders participating in FHA insurance programs," has revoked all FHA privileges from Strategic Mortgage Corporation, ProMortgage Inc and Americare Investment Group Inc (doing business as Premium Capital Funding, LLC and Topdot Mortgage), while suspending Home Mortgage Inc for a minimum of six months. The Mortgagee Review Board has the ability to withdraw a lender's FHA approval … (0 comments)
FHA mortgages are about to become more expensive.
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