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By Mary Ellen Podmolik RISMEDIA, December 11, 2009—(MCT)—The Federal Housing Administration (FHA) is about to beef up the borrowing requirements for home buyers, a move that could dampen the fragile housing market’s recovery. Among the steps scheduled to be outlined are greater down payment requirements and higher credit scores for consumers who seek FHA-backed mortgages. Few specifics of [...] On a recent FHA post that I had, I wrote about how FHA is, bluntly speaking, up shi*s creek. Well, earlier this morning I received an update stating that HUD asked Congress to raise FHA requirements up to 5%. Enter FHA Taxpayer Protection Act of 2009… Basically because of all the financial issues the Federal Housing of Administration [...] FHA will continue to accept spot approvals on condos until Feb 1, 2010. I hate to tell everyone I told them so, but I posted a blog similar to this GREAT article a while back. I cannot stress to you enough how important it is to work with an FHA Lender in Texas that UNDERSTANDS and foresees these types of things! Read on. Addressing Continued Concerns About the FHA by [...] If you are vacating a residence that will remain occupied by the co-borrower, he/she is required to obtain a NEW FHA mortgage loan. Acceptable situations are: 1.) Instances of divorce, after which the vacating spouse will buy a new home, or - Just this morning, I was reading an article that I came across regarding a couple things that are going on with the Federal Housing Administration (FHA)….and it wasn’t pretty. Basically what’s going on right now is that there are justifiable rumors that the FHA’s reserves (capital) are hovering around dangerous levels. Congress requires that the magic number [...] Did you know that once you leave your current employer for an extended period of time, we can still use your income when you start to work again? Here are the conditions: 1. You must be back on the job for at least 6 months Starting January 1, 2009, all rate and terms will be 100% LTV (Loan-to-Value) including the UFMIP. Streamline Refinances will be at 98.5% and regular FHA refinances will be 98.25%. This is an excellent opportunity for everyone to now start taking advantage of these interest rates. They have not been this low in YEARS, and now is [...] 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 [...] The FHA is now taking steps to respond to “unhealthy” practices regarding the housing market, especially with FHA and FHA Approved Lenders. We have seen first-hand, and taken hundreds of applications on, homeowners that are vacating their current residences to purchase another property. Due to rising fuel costs, most people have been relocating to be closer [...] |
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