On Friday December 6th the Department of Housing and Urban Development or HUD for short announced that they are once again making changes to the FHA Single Family Loan Limits. These changes will be implemented for FHA case numbers that are requested after January 1st 2014. Read more…
Posts Tagged: FHA
FHA Guideline Changes Coming October 15th
As FHA continues to make efforts to strengthen their capital reserve requirements and focus on making quality loans for qualified borrowers, we can all expect for there to be some sensible changes to remove credit risk from the mortgage industry. Beginning October 15th 2013 there will be some updates made to the Read more…
FHA Reduces Waiting Periods for Previous Bankruptcies & Foreclosures
Last month in a press release, FHA rolled out details for a fantastic new program to assist potential home owners who were negatively affected by the Great Recession of the last few years. This new FHA guideline will remove the once mandated waiting periods after credit events such as Read more…
Is the Refinance Boom Over?
Is the refinance boom over? The answer to this question would depend on your specific need. For the past several years the refinance boom has been fueled by a Federal Reserve buffet of bond buying programs and a historically low mortgage rate environment. But, as the US economy continues to gain traction, the Federal Reserve will begin to implement their exit strategy and taper off their tens of billions of dollars a month of asset purchases. With the 800 lb bond gorilla no longer in the room mortgage rates will Read more…
FHA Financing Still Popular
FHA insured mortgage programs have been assisting Massachusetts residents fulfill their dream of home ownership for decades. Since the FHA’s inception in 1934 with the National Housing Act, its’ goal has always been to improve housing standards and provide a viable system of mortgage financing. The last five years has been a period of growth and exposure management for FHA and with those challenges have come the dramatic increase to their Mortgage Insurance Premium costs. Despite this increase in borrowing costs, the FHA insured mortgage continues to be a great way Read more…
The Gift of Equity Down Payment Option
One of the most important aspects of preparing your finances to purchase a new home is deciding how you are going to come up with your initial down payment money. There are several options that can be considered, but one that is often overlooked is Read more…
Using Compensating Factors to Beef up Your FHA Application
The FHA insured loan offers more flexible underwriting standards that its cousins Fannie Mae and Freddie Mac. As a result, prospective Massachusetts home owners have been turning to FHA insured mortgage products more and more in recent years. HUD and FHA have recently announced their commitment to strengthen the FHA insurance fund and make sure that the FHA insured mortgage option is available for the next generation. This is a sugar coated way of saying that FHA doesn’t have enough money to back up its mortgage portfolio and in turn they have increased mortgage insurance premiums and are tightening up their underwriting guidelines. These changes come at a time when more and more renters are looking to get pre-approved for the first time, but don’t let this discourage you from the dream of home ownership. FHA has little known blue print to help you Read more…
FHA Insurance Changes Now in Effect
The Federal Housing Administration (FHA) was created as part of the National Housing Act of 1934. Its purpose is to insure mortgage products made by various approved lenders and add stability to mortgage lending and the housing market. FHA insured loans offer an affordable alternative to its conventional lending cousins Fannie Mae and Freddie Mac by facilitating mortgage financing solutions with lower down payments and more flexible underwriting guidelines. As of April 1st 2013 FHA has implemented changes to its Read more…