FHA Loans

As we’ve discussed a number of times in the past, lower high balance conforming loan limits are coming in September.

Governmental (FHA, VA, USDA) and quasi-governmental mortgage agencies (Fannie Mae, Freddie Mac) are only allowed to back or purchase mortgages up to a certain amount. More >

GE Capital is exiting its Australian and New Zealand home loans business by selling about $5 billion in mortgages to Pepper Homeloans.

GE, which offloaded the biggest part of its home loans portfolio to the Commonwealth Bank in 2008, has sold the rest of its mortgage book to Pepper as part of a plan to streamline its business. More >

Melanie Hadley with Cornerstone Mortgage has been able to close several what were once impossible FHA mortgage loans by utilizing S&S Private Capital, Inc.’s credit score optimization and credit report technology, S.O.S. – Score Optimization Systems, which is revolutionizing the credit repair and rapid rescore industries allowing mortgage professionals across the country to close more loans that were once unobtainable. More >

Homeowners can borrow up to $25,000 for home energy improvements under a new FHA home equity loan program announced today. More >

Because of changes in legislation, lending requirements and related issues, FHA regulations and underwriting requirements are subject to change from time to time. Some of the changes come as part of new laws that close legal loopholes, improve the fairness of the FHA mortgage loan process, or modernize the FHA loan program. Other alterations are made in response to current market conditions and economic issues. More >

In a recent article, a bad credit refinance mortgage is different from a reverse home mortgage. This is due to the fact that reverse mortgage borrowers are not required to repay the loan. Lenders use home equity for providing cash payments to homeowners as well as the principal and interests get recouped at the time of selling the house.

Getting an FHA refinance loan with reverse mortgages could be a great option after retirement. Also known as the Home equity Conversion Mortgage or HECM, for one to be able to meet the requirements for this type of loan, the borrower needs to meet the few requirements that are essential for meeting with the FHA program guidelines. Additionally homeowners need to understand the pros and cons of FHA Refinance Loan before applying for one. Applicants are required to take credit counselling sessions with FHA professionals.

For one to be qualified for an HECM, the age of the applicant must be at least 62 years old, primary residences are eligible for a refinance, homes from one to four unit can qualify for the plan, FHA requirements must be met, the applicant has to be the owner of the home, and finally, the owner should not be delinquent on federal debt.

The cost to get a loan insured by the FHA is about to go up.

FHA loans are popular because the minimum down payment is 3.5 percent, whereas most conventional loans require a down payment of at least 10 percent. FHA loans are also available up to a maximum amount of $729,750, so they work well even in areas like Irvine where the median home price is around $590,000. More >

It’s not easy being a condominium owner. Not only are sales down, but FHA restrictions on mortgages for condos will make it harder for homeowners to sell or refinance.

Condominiums have always offered the advantages of homeownership without all the headaches. More >

The Federal Housing Administration (FHA) runs several programs to promote home ownership. In most cases, FHA loans are mortgages obtained with the help of the FHA. With a small down payment, buyers can purchase a home. FHA loans make it easier for people to qualify for a mortgage, but they’re not for everybody. More >

After your home is foreclosed upon there is still the problem of having an open home equity loan. Once the bank takes your home it has the opportunity to sell it to another buyer. If the sale of the home generates enough money to pay of both the mortgage and the home equity loan then you may be off the hook for any debt. More >