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 | “FHA still could serve 95 percent of its historic targeted market even if the maximum FHA loan limits were reduced by nearly 50 percent.” Last week,George Washington University released a report,“FHA Assessment Report:The Role and Reform of the Federal Housing Administration in a Recovering U. S. Housing Market,”in which it [...] Yesterday my wife received a letter from the condo association for a complex she owns a rental in with “OWNER ALERT!!!!!!!”(yes,that many exclamation points) at the top of it in big letters. The reason for the “alert”was to let condo owners know that FHA certification for this condominium complex expired December 31,[...] The Federal Housing Administration (FHA) announced the temporary waiver of the “anti-flipping”rule has been extended through December 31,2011. In my opinion the “anti-flipping”rule was a bad idea to start with and in the current housing market the last thing we need is anything to discourage investors from buying homes so this is [...] New regulations signed into law by the President allow HUD to increase the amount of premiums charged for FHA single family housing mortgage insurance programs,however lower that actual up-front cost paid by borrowers. [...] Dennis Norman Yesterday the U.S. House of Representatives passed H.R. 5072,the FHA Reform Act of 2010 which is good news for home-buyers that may need to rely upon an FHA loan for a home purchase. The bill will still need to be passed by the Senate and then signed into law by the [...] Dennis Norman Last week HUD announced changes to FHA home loan programs to provide refinancing options to homeowners who owe more than their home is worth. Under FHA’s new plan,existing underwater homeowners can refinance their existing non-FHA loan into a FHA loan as long as they are current on their loan and their [...] Dennis Norman This week FHA announced policy changes that are going to help them shore up their finances but will make it more difficult and/or costly for a borrower. The FHA policy changes include:[...] According to NAR 51 percent of recent homebuyers are first-time buyers and 39 percent of recent home sales have relied on an FHA loan Dennis Norman The National Association of REALTORS just released a report showing that 51 percent of the homes sold recently have been to first-time home buyers and that 39 percent of all recent buyers have turned to [...] Loose lending standards in government-backed mortgages is setting up the next wave of defaults and sharp declines in housing prices. Charles Hugh Smith,Of Two Minds Beneath the hype that housing has bottomed is an ugly little scenario:lending standards are still loose and the low-down payment,high-risk loans being guaranteed by government [...] By:Dennis Norman Dennis Norman Effective April 1,2009,FHA will lower the amount you can borrow when refinancing your home loan if it is a “cash-out”refi. The term “cash-out”simply means you are borrowing more than your existing debt…thereby resulting in you getting “cash-out”of your home’s equity. In the past FHA has [...] By:Dennis Norman Many seniors find themselves in a situation where there are struggling to keep up with rising costs of gasoline,utilities,property taxes and insurance but yet they own a home that is either paid for or has a significant amount of equity. Since,in many cases,they have been in their homes [...] By:Dennis Norman Today many people that never thought they would find themselves in this plight are now facing the potential of losing their homes to foreclosure. Aggressive lenders,creative loans and a super charged real estate market for about 5 years until sometime in 2006 all helped put many people in a difficult position [...] | ||||
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