Under this program, up-front mortgage insurance premiums will be reduced from 1.75% percent to 0.01 percent of the total loan amount for borrowers with FHA loans made before June 1, 2009. In addition, annual fees will be cut to 0.55 percent from 1.25 percent. This streamlined refinance program is available to borrowers who are current on their payments and may qualify even if they owe more than their homes are worth. [...]
|
|||||
 |
According to the LendingTree Monthly Mortgage Review, average mortgage rates inched up in March, with more borrowers than ever taking advantage of low Federal Housing Administration (FHA) loan rates which averaged just 3.85 percent on a 30 year loan, almost 1/2 of one percent less than a conventional mortgage. However, according to the report, this may change soon as a result of the FHA adjusting its loan program guidelines and insurance premium structure which will cause the cost of a loan for future FHA borrowers to most likely increase. [...] “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 [...] |
||||
|
Connecting St. Louis Information St. Louis Contact Us Copyright © 2012 Real Estate Consumer News - All Rights Reserved The owner and authors this site are providing the information on this web site for general informational purposes only and make no representations, warranties (expressed or implied) or guarantees of any kind whatsoever, as to the accuracy or completeness of any information on this site or of any information found by following any link on this site. Furthermore, the owner and authors of this site will not be liable in any manner whatsoever for any errors or omissions in information on this site, nor for the availability of this information. Additionally the owner and authors of this site will not be liable for for any losses, injuries or damages in any way from the display or use of this information or as the result of following external links displayed on this site, or by responding to advertisements displayed, or contained, on this site
In using this site, users acknowledge and agree that the information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information on this web site is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. Powered by WordPress & Atahualpa |
|||||