Congress created the Federal Housing Administration in 1934. At this time, nearly two million construction workers were laid off. Only four out of ten people owned their own home. In addition, mortgage loan terms were outrageous. Borrowers had to put 50 percent down, and the note ballooned in 3 to 5 years. So the mission [...]
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In the current credit squeeze, if you have less than a 20 percent down payment, there’s pretty much only one major source of mortgage financing available: the Federal Housing Administration, the Depression-era home loan insurance agency that still offers 3 percent down, 30-year, fixed-rate mortgages with consumer-friendly credit standards, even on jumbo loans in high-cost [...] This is the main reason you NEED to have an FHA EXPERT (such as us of course) working with you. Can you imagine being 2 weeks into the process and your part-time Loan Officer calling and saying, “Hi Bob… um, we have a little issue?” In our information age, you need what you want, and you need [...] After the Bush Administration’s $700 billion financial rescue proposal went down in flames during a House vote on Sept. 29, a slightly revamped version has risen from the ashes and went to the Senate Floor for an evening vote on Oct. 1. The measure passed easily, with 74 in favor and 25 against. Key among the changes [...] WASHINGTON — The Department of Housing and Urban Development launched a program Wednesday to help underwater borrowers refinance their mortgages, but its details appeared to pose fresh challenges for servicers and lenders. The agency said borrowers with payment- and debt-to-income ratios over a certain threshold must complete a three-month trial period in a new loan before [...] |
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