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We need to ABOLISH FHA Loans!!!!

By Jeff Belonger

Mortgage and Lending with Social Media - Infinity Home Mortgage Company, Inc

January 26, 2010 02:19 AM

FHA LOANS need to go !!!!

confused with many FHA loan questions

FHA loans need to go.... so many defaults... GROWING by the thousands. If we don't kill FHA mortgages now, the economy will crumble. Sound confusing?

Okay Jeff, have you flipped your lid? NOPE - I had written this blog last week, FHA loan rumors have become a reality. Because of this post, I have seen a few comments stating that we need to abolish FHA loans. Here are some comments in regards to these FHA changes in general...

"The FHA is basically bankrupt since they haven't figured out that making loans to people with lots of debt and practically no money isn't such a good idea."

"What continues to frustrate me is that all these government bank bailouts, loan purchasing, Fannie Mae and Freddie Mac guarantees, FHA expansion, tax credits, etc. are doing nothing more than temporarily artificially propping up the real estate market. The government cannot continue with these policies and the result will be another drop when they stop."

"When just putting 3.5% down, the borrower is already underwater from day 1, because it costs more than 3.5% to sell a home. This does not factor well in a declining market. Homes purchased with FHA mortgages will experience lots of foreclosures and short sales. FHA loans need to be abolished."

"Sounds like FHA doesn't want to loan money because of these changes."

First off, I agree that we need to stop artificially stimulating the economy. I wrote about it here : The Welfare Mentality of the Tax Credit We could spend a whole day just on this topic alone. But let's dig deeper in the comment that we should abolish FHA loans and to why we need to understand FHA and review some facts, not opinions of fear.

fha loan mortgage library

Quick History Lesson :

FHA was established in 1934. (directly from wikipedia) "The goals of this organization are: to improve housing standards and conditions; to provide an adequate home financing system through insurance of mortgage loans; and to stabilize the mortgage market."

Please read the rest of this, FHA being born, and how banks restructured loans and why FHA was brought into the mix after the banking system failed during the Great Depression.

Economy crumbling

The Economy has been crumbling.

Sorry people for negative news, but this is a reality. If we ABOLISH FHA LOANS, what do you think will happen?

Let's look at why some say we need to kick loose FHA mortgages.

Thousands of more FHA defaults in the last year.

Thousands of more homes with FHA loans have defaulted.

Let me ask you all this question... FHA has been doing pretty well up until the last 3 years. hhhhmmm.. just about the same time when the economy started crashing. Think about this before pointing fingers.

Now, let’s look at the reasons to why this might be happening more, why FHA loans are defaulting at a much higher rate than ever before.

FHA Market Share - FHA has gone from about a 14% market share 5 years ago to about 40% just in the last year. This alone should be a no brainer to why we have see so many more defaults and foreclosures, especially in one of the worst and most challenging economic eras ever.

Subprime loans disappearing - When subprime loans basically left the mortgage market 3 years ago, the next thing in line was FHA loans. How many times did you see a realtor or loan officer write that FHA loans are the next Subprime loans? Rut row...

Fraud - With many of these loan officers that focused on Subprime loans, some that pushed the envelope by committing fraud, this moved in the FHA sector. I have even heard loan officers before say that they placed a borrower in a subprime loan over FHA because it was easier for them, not the borrower.

FHA DE Underwriters - Delegated Underwriters that can approve FHA loans have grown by an astounding number in the last 3 years. We have seen this number multiply 4 times over. This means many new underwriters that have no experience or the knowledge, make more mistakes, and who have their owners pushing them to make more loans at times. Yes, this happens. HUD needs to crack down on such lenders. Brian Anderson wrote about this : HUD terminates 3 lenders ability to originate FHA Loans

Summary : I am not a big fan of government bailout. But there are times that we need to do this. What Mr. Bernanke did in the 3rd quarter probably saved our economy from a true collapse. (If I could interview Mr. Bernanke)

Overall, yes, I partially blame HUD for allowing some of this to happen when it comes to the FHA capital reserves falling below their 2% cushion. You can't tell me that they saw this coming over a year ago? Why wait to the last minute? Maybe because the government doesn't want to cast fear so early, because we like to curb all negative news and fears, giving the general public a sense of security. But what about one of the biggest issues, to why even FHA loans are taking a major hit.

How about the ECONOMY in general. How about UNEMPLOYMENT. Isn't this affecting all mortgages?

Shouldn't this be taken into account to why we have so many FHA defaults? Sure, I think HUD needs to make some changes, which has happened. I wrote about it here. New FHA changes & the Mortgagee Letter - Make your VOICE heard. But we can also let our voice be heard in regards to some of these changes, so please read my blog post.

The ending result? We need FHA loans… if we take this away, the REAL ESTATE MARKET will crumble and might not exist.

For those that might be semi lost on my opening statement.. I NEVER think that FHA loans should be abolished. I was trying to get my point across to what others have been saying. My beginning statement was an attention catcher.

thanks

Ken Cook wrote this post - Dispelling Myths about FHA mortgages - Please read the 3rd paragraph about default rates.

Is Fannie Mae & Freddie Mac on Death Row? by Esko Kiuru - We need to pay attention to what is going on around us...

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_________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

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Rebecca Gaujot, Realtor®

Lewisburg, WV

Lewisburg WV, the go to agent for all real estate

Jeff, a very informative post with some great comments. FHA loans are used a lot in my area...I absolutely agree with Lenn's comments...and we should ALWAYS be careful what we ask for.

Jan 27, 2010 01:54 AM

Karen Pannell

Real Living / Home Realty - Owensboro, KY

Owensboro KY Real Estate -270-903-2167 Homes, Cond

Jeff,

Great post. Thanks for all the facts instead of rhetoric. I have always been a fan of FHA. Most of the homes I have sold (with borrowers using FHA) were to working class people, who didn't have the highest paying jobs, but loved their children and wanted a better life for them. Knock on wood, none of my past clients are losing their homes due to default. I wish some of our senators and congressman would read these activerain posts and get in the real world! We have people making decisions who don't know squat!

Jan 27, 2010 03:27 AM

Michael Gordon - Colorado Springs Mortgage Lender

Peoples Mortgage Corporation - Colorado Springs, CO

Jeff... great work in tying multiple factors into the equation. There are so many moving parts to the economy now, that you cannot make adjustments in one are without impacting another. FHA still has a place in the market, they just have to go through the pain that we are all experiencing.

Jan 27, 2010 06:31 AM

Missy Caulk

Missy Caulk TEAM - Ann Arbor, MI

Savvy Realtor - Ann Arbor Real Estate

You had me at the title.....I knew you didn't mean it because I know you.

Your the FHA guy on Activerain.

I heard they got a blank check on December 31st. Is that not true?

Jan 27, 2010 08:28 AM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

JAMES.. comment # 29 ... . I think many of us can say that FHA is being used a lot. And yes, fear is huge. I personally believe that even if you have 20% to put down, that you put as little down as possible. Just so many unknowns out there now, even if you think your job is stable. Now, I would still work all the numbers for the client, and go over their options. On a FHA mortgage, even if you put 20% down, you still have monthly mortgage insurance for 5 years. And even if you got rid of mortgage insurance on a conventional, it still depends on your pricing hits and such, just to get a conventional mortgage. Just more things that loan officers need to do for their clients.

MICHAEL... . who is that question to? But I will answer it from my own point of view and I will be writing a blog about this today. Putting an additional 10% down, depending on credit scores and such, might not drop your mortgage payment as much as you would think... even if you lose the monthly mortgage insurance. I know this because I do these types of numbers daily. and I will be writing about it. thanks

LEIGH... . comment #32... . I am not going to disagree with some of your statements. But you have me confused, because some of your comments point to that getting rid of FHA would be good and having it around is a must. You talk about the fact that it could lower prices if not around, but if not around, that are market would suffer. And then in your last comment, #32, you ask me a question if prices would go down. I will say this.. yes, many of those no docs and stated income loans helped push prices up some. But there were many other factors than just that. You could point the fingers at 4 different things. Overall, my whole point to this post is if FHA would disappear tomorrow, we might as well kiss are butts and the real estate market goodbye. thanks for adding to this..

LEIGH... . you had stated this.. "I'm just asking that people take more responsibility...asking too much?" I agree.. many people don't take responsibility, even when things were going good. You again bring up some excellent points. Many things that I could talk about. But part of what I talk about is to not only educate the average consumer and realtor about mortgages and real estate, but that is to possibly get business.. helping these borrowers directly. Not sure if you have subscribed to my blog.. but please do so.. Not today, but in a few days, I will be writing about how even good loan officers have hurt us. And when I say good, I am talking about ones that claim they can close a loan and give very good rates. That is great... but when the borrower is still not educated on the types of mortgages and or that the loan officer has not gone over the borrowers goals and explain on how refinancing works , etc, etc.. this is another major issue.

In regards to your other statement about people putting 30% to 40% down... that just won't happen in 98% of all cases. Yes, there are more cash buyers now than before.. but these are usually investors that were smart... and have the money to gobble up houses that have dropped in prices. Thank god for some of these investors, otherwise our market would be more in a tank. In regards to some other great points that you brought up, about the average American and their 401-k.. another excellent yet scary topic... I agree.. it's scary... and maybe home buying should not be the main focus as so many put out there. But it should come with education..and it really doesn't. Who does one trust when getting a mortgage? Just because the loan officer gives you the best rate? In my opinion, hell no... and I will tell you why in my blog that I will be writing on Saturday, about this and what I mentioned above. thanks again for your excellent feedback.

AARON... . comment #34.. . I am going to semi disagree with you... a better score is not always the answer. Stricter underwriting guidelines won't change a lot of this mess, even if we had it before. Even putting 5% down wouldn't have stopped the bleeding... or even slowed it down. My main point and focus to this was unemployment. There have been thousands of families that even put 5% down and qualified easily, that have now lost their house and or face foreclosure. Yes, there were many bad loans from 2002 - 2005, those COFI arms and stated loans, when loan officers inflated the borrowers income to make the deal work.. we could be here all day on this. We both will agree though that FHA loans are an essential part of our market today.. thanks

Jan 28, 2010 01:22 AM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

MIKE... . comment # 37.. . is Richard Smith trying to do what's right for this housing market? Or maybe trying to make a name for himself? Or has an agenda? I see many that sell theory and other things out there, in this real estate market, scary to me... I am leery and careful. Manly because they make it sound easy or that it makes sense. But they don't give their reasons as to why. They skate around those issues. Hence why I am leery of people like Richard. Please, ask Richard why it really would matter if someone put 5% down? I still haven't heard direct statements to this fact. All I keep hearing is that people would have more skin in the game, and that it could help. It could? An extra 1 1/2% down? Here is the reality to that argument of his... if I lose my job and I am the primary wage earner in my family, what do you think will happen with my house in a few months? As I mentioned to Leigh above, in one of my comments.. I will be writing about this on Saturday, if I don't do this tomorrow. Some of these messes come down directly to the loan officer and on how they educate borrowers. I will get detailed with this in that post.

Overall.. these small numbers that you talk about don't mean much to me. Look at VA loans and USDA loans. They allow for 100% financing, yet their default rates are lower... I am not sure how much lower. And I would bet that USDA's numbers climb some since it has become more popular in the last year. Which is one of the points that I made above, in my post, that FHA mortgages have increased buy like 30% in the last 2 years. That and with bad loan officers, underwriters, and more jobs being lost, these are the reasons to why more FHA loans are defaulting. People have been putting 2.25% to 3% down on FHA loans since I have been in the business in 1992. FHA has been around since 1934... why is there such a problem now, with having more money down and harsher underwriting? I will say this again.. a very bad and unpredictable economy.

About 3 years ago, I spoke with 3 borrowers in one month, all who had gone conventional with 20% down... all 3 were going to walk away from their house because of financial reasons. This is huge and not talked about... and part of the reasons some walk away is because their house is upside down, under water... they don't care about the lost money, even if it ws 20% down. Overall, I am just trying to make some strong points to the fact that you have some of these.... I will be nice.. these people pushing for a little more skin in the game. We need to fix the larger problem at hand.. Jobs.. unemployment.. economy.. making things more affordable... IE. food such as milk, eggs, and so many other things that seem to get lost.. thanks PS.. I am not singling you out with this loan comment to you.. just the fact that it's long, I didn't want it to be lost in the other comments.. thanks

Jan 28, 2010 01:26 AM

Anonymous

Leigh (potential buyer in late 2010/2011)

I think your getting my comments mixed up w/ someone else's. I am not asking for 30-40% down. And I'm not sure where you are thinking that I'm for FHA, maybe FHA with higher dp's and higher credit scroes, yes. I don't think 10-20% is asking too much. I think what realtors and mortgage brokers fear is that if lending is tightened as it well should be, there will be less folks in the market which will drive prices down which will mean a smaller commissions.

Just think, if prices came down for the average family, that $10K in savings goes a lot further when you are talking percentages. My little downpayment grows percentage-wise as prices drop and drop they will in my area.

Jan 28, 2010 01:37 PM

#64

Scott Baker

www.eHomeReports.com Coldwell Banker Realty - Liberty Township, OH

Realtor Homes for Sale Cincinnati/Dayton Ohio

I always chuckle when somebody says the homebuyer should have more skin in the game, or the reason for the market collapsed was because of all of these bad buyers who didn't have to put enough money down etc... Having a normal person, that puts now 3.5% down on their first home/condo, decent job, average credit score, even if the real estate market went down 5% they are still going to pay their car payment, pay their bills, pay their mortgage etc. They are not going to walk away from their (to them) New home. They have to live somewhere. YES, there are exceptions. Right now legislation and talk seems to revolve around those exceptions, the 15% that are NOT normal, responsible people. FHA is not perfect, but what is? It still works for those that need it and I still think the good it does (85%) far outweighs the bad (15%).

Thank you

Feb 06, 2010 08:44 AM

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#66

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#75

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Jul 11, 2017 02:36 AM

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