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Although the FHA has changed some of their requirements, it’s important to take note that FHA loans are still assumable. That means buyers looking for a deal can “take over” FHA mortgages from sellers that have them. The Washington Post explains: “The major force behind assumptions is the ability of buyers to get financing at an interest [...] [...more]
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The Federal Housing Administration (FHA) recently set tough new requirements for they mortgages they back. According to the Edmond Sun the changes include the following: Beginning in the spring, borrowers will be charged an upfront fee of 2.25 percent for mortgage insurance, instead of 1.75 percent. The FHA will ask Congress for permission to raise the about [...] [...more]
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Recently, Canada announced tough new standards for anyone seeking a mortgage backed by Canada Mortgage and Housing Corp. The Calgary Herald reports: “All borrowers will have to demonstrate that they could make the payments on a five-year, fixed-rate mortgage — even if they end up choosing a mortgage such as a variable-rate mortgage, that would result in [...] [...more]
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The FHA 203(k) loan is a rather unique mortgage because it allows homeowners to borrow more than the property is currently worth for home renovations. However, the FHA 203(k) has quite a bit of paperwork and many professionals believe that too many borrowers get fed up before the process is over. Boston Real Estate Now puts it [...] [...more]
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FHA loans have become extremely popular in recent months because they are now the only traditional lending product that allows borrowers to make a low down payment (as low as 3.5% instead of the 20% most lenders require these days). In fact, a third of all mortgages created are now FHA insured. The growth of FHA [...] [...more]
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Recently, the Department of Housing and Urban Development released the new limits on FHA-insured mortgages. Previously, potential homeowners in some areas complained that they could not take out an FHA loan because properties in their county exceeded the loan limits. The increased limits are a result of legislation included in the new stimulus bill [...] [...more]
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Now that most lenders require a mandatory 20% down payment, potential borrowers are frantically searching for alternatives. Fortunately, one of the best ways to make a small down payment is relatively easy: take out an FHA insured loan. The FHA (Federal Housing Authority) is a government agency designed to help citizens purchase their own homes. While [...] [...more]
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A version of the stimulus bill currently making its way through Congress proposes to increase the limits on FHA loans. Inman News reports: “The House version of the bill would restore the upper limits for Fannie Mae, Freddie Mac and FHA loan guarantee programs to $729,750 in high-cost housing markets, where they stood for much of 2008 [...] [...more]
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Buying a home that’s been through foreclosure has the same requirements as purchasing any property. It is possible to take out an FHA loan to buy a foreclosure home. However, there’s one big problem: foreclosure properties are often so trashed that lenders won’t issue a mortgage for them. I once walked through a home where the [...] [...more]
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When I purchased my home in 2005, there were tons of options for borrowers who couldn’t bring a down payment to the table. In fact, it was possible to take out a mortgage without putting any money down or even submitting documents (a no-doc mortgage is based on a borrower’s credit score alone). But, these days [...] [...more]
