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Posts Tagged ‘fha mortgage’


FHA Loan Rundown

If you are a first-time homebuyer, have less than perfect credit, or simply just do not have a 20% down-payment, then an FHA loan may be for you. We know everything there is to know about FHA loans. While FHA has been the hot and “new” topic for the past few years, we have been…Read the Rest of Article

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Jobless Claims In and a HUGE Day Tomorrow

Good morning all! The only economic report for today is the Jobless Claims, and that figure has come in at 434k, a little bit lower than the 439k that was expected, and not much different than the prior 433k. Mortgage bonds are not moving much from yesterdays losses, as we are currently up 3 basis…Read the Rest of Article

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Rates Not Taking a Break

Currently down 34 bps for the morning, rates may start .125% higher this morning. We’re teetering right under the 200 DMA and in volatile territory, so hopefully you’ve taken advantage of our FREE advice of locking in your loan programs a while ago. Right now is not a time to be risking your rate, and…Read the Rest of Article

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Rates Testing Support

MBS very volatile today due to all the reports. The New Home sales dropped 11.3% in November to 355K as opposed to the 438K that was expected, and while this helped MBS, the Treasury is now going to auction off $122B instead of the $118B that was expected, so this brought them back down. If…Read the Rest of Article

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Fed Governor Calls Attention to Tightened Mortgage Guidelines

by Adam Quinones The voice of mortgage originators and housing professionals was broadcast loud and clear by Federal Reserve Governor Elizabeth Duke today. Speaking at the Mortgage Foreclosure Policy Conference in Chicago today, Duke’s prepared speech, Envisioning a Future for Housing Finance, called attention to overtightened mortgage underwriting standards and pointed out the effects it…Read the Rest of Article

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FHA Changes Are Near

Potential home buyers looking for FHA loans are soon going to have to make larger down payments and will need to have a higher credit score under changes announced today by HUD Secretary Shaun Donovan. I have blogging about this for a VERY long time, as the writing has been on the wall from late…Read the Rest of Article

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Is FHA in Trouble?

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…Read the Rest of Article

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Identity-of-Interest Transaction Down Payments

An Identity-of-Interest transaction is where a sales transaction is made between parties with family/business relationships. To break it down very simply, and this is USUALLY always the case, when a family member sells to ANOTHER family member, FHA looks at that as an Identity-of-Interest Transaction. I get at least 1-2 calls per month with this…Read the Rest of Article

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Another FHA Fact

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 2. You must be able to document a 2 year…Read the Rest of Article

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The History of FHA

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…Read the Rest of Article

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FHA Energy Efficient Mortgages

The Energy Efficient Mortgages Program (EEM) helps homebuyers or homeowners save money on utility bills by enabling them to finance the cost of adding energy-efficiency features to new or existing housing as part of their FHA-insured home purchase or refinancing mortgage. This program seeks to help achieve national energy-efficiency goals (and reduce pollution) and provide…Read the Rest of Article

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