Mortgage Underwriting News from FHA News Editor
Friday, February 17, 2012 - 7:26pm
There is no doubt that one of FHA’s most attractive benefits is the FHA Streamline Refinance. These were designed by FHA to be easy, fast and without any tedious underwriting that would threaten or delay the mortgage from closing. Unfortunately, in recent times, this was not the case and many borrowers were not able to obtain the FHA streamline refinance. Unfortunately, many lenders did not want...
Thursday, February 9, 2012 - 7:33pm
In 2012, Asia’s premiere food and hospitality exhibition, Food&HotelAsia (FHA), scheduled to be held at Singapore Expo between April 17-20, expects to witness an increase in participation as compared to its last exhibition in 2010. According to Stephen Tan, Chief Executive, Singapore Exhibition Services Pvt Ltd, about 2,600 exhibitors of the food and hospitality industry from 60 countries of...
Thursday, February 9, 2012 - 7:31pm
Last week Freddie Mac saw mortgage rates hit record lows, according to their Primary Mortgage Market Survey. Although rates bounced up a little toward the end of the week on positive employment data, rates are still near historic levels. If you have been renting for a long time, now may be a great time to make the move to homeownership, locking in these historically low rates for years to come....
Friday, February 3, 2012 - 4:19pm
After announcing during his State of the Union address a new government refinance program for, "responsible" but "underwater" borrowers with privately held mortgages, President Obama is expected to detail the plan today. It will go through the government mortgage insurer, the Federal Housing Administration (FHA) and could cost between $5 billion and $10 billion dollars, according to senior...
Thursday, January 26, 2012 - 7:03pm
In Honolulu, on the southern coast of the island of Oahu, there’s a four-bedroom home priced at $785,000 that has views of the sun setting over the Pacific Ocean. The beaches of Waikiki are 15 minutes away. Starting this month, the property is available to buyers with a subprime credit score, limited cash reserves and a 3.5 percent down payment using a loan backed by the Federal Housing...
Thursday, January 26, 2012 - 7:02pm
The Federal Housing Administration (FHA) has issued a final rule regarding its efforts to strengthen the Mutual Mortgage Insurance (MMI) Fund by tightening Lender Insurance requirements. Its plans to enact more stringent lender performance standards were reaffirmed earlier this month, and now the new regulations have been posted on the FHA’s website and will soon be published in the Federal...
Friday, January 20, 2012 - 4:26pm
Last week saw mortgage rates set new all-time lows once again, according to Freddie Mac’s Primary Mortgage Market Survey. This is most likely a result of negative news regarding European debt, because recent U.S. economic data has been fairly strong (although last weeks’ initial unemployment figures and retail sales reports bucked this trend). Typically rates fall on bad news, and rise on good...
Friday, January 13, 2012 - 4:16pm
With several mortgage loan types available, borrowers are often confused as to what type is the best one for them to choose. It is important that the lender be knowledgeable enough to point out the differences of each type in order to show which is best suited for the individual borrower’s circumstances. In many instances, FHA mortgages may be the best choice when considering the benefits that...
Friday, January 13, 2012 - 4:03pm
Annual Federal Housing Administration reverse mortgage premiums could stand to rise following the passage by Congress of the payroll tax cut extension that took place in December. Just in time for Congress’s holiday recess, the tax cut extension passed, providing for anextension of the Social Security tax cut of 4.2% (initially set at 6.2%). The extension will in part be paid for by increasing...
Friday, January 6, 2012 - 6:07pm
Property conditions for FHA mortgage approval are an important part of the mortgage transaction. FHA property guidelines are put in place as a form of protection to all parties who have an interest in the transaction. FHA ‘s minimum property standards are designed to include the safety, security and soundness of the home. In other words, the home must protect the safety and health of all those...
Friday, December 30, 2011 - 3:56pm
In response to high foreclosure rates and a continually sluggish housing market, the Federal Housing Administration (FHA) announced today they will extend the temporary waiver of FHA's anti-flipping regulations through 2012. The waiver, which was first announced in 2010 and set to expire in December 2011, will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned...
Friday, December 30, 2011 - 2:53pm
Mortgagee Letter 2011-34 was issued in late September, but didn’t get a lot of attention. In this month’s article, I’ll point out the highlights of the update. The update announced changes to the Federal Housing Administration (FHA) requirements for obtaining, maintaining and utilizing a lender’s FHA approval. The lender must list all of its corporate officers who will be managing, overseeing or...
Thursday, December 22, 2011 - 7:35pm
FHA mortgages allow certain types of property that they will insure under the FHA single family housing program. These different types of dwellings are significantly different and must meet FHA property requirements in order to receive mortgage approval. Under the guidelines for FHA mortgages, a single family home is a stand alone unit. It can also be attached to another building as long as it is...
Thursday, December 22, 2011 - 7:34pm
Just in time for the holidays, the FHA (Federal Housing Administration) loan limit increase back to $729,750 from the $625,500 limit that existed prior to the mortgage crisis and for about half of 2011. The limit means a lot in our area, where the median housing price is near the top in the nation. Since a greater percentage of our homes are sold in the $500,000-700,000 price range than in most...
Friday, December 16, 2011 - 7:13pm
The Federal Housing Administration is getting a bum rap. The agency, which currently accounts for almost a third of all mortgages received by U.S. home buyers, has done an admirable job during the six-year housing crash. Although the FHA does need to reduce its role in the mortgage market eventually, this must be done judiciously. Private mortgage lending won’t revive until the government pulls...
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Fri, February 17th, 2012
Confusion is common when it comes to gift documentation requirements between conventional and government loan types. Below I’ve summarized donor, gift letter and documentation requirements for each...
Fri, February 17th, 2012
The Consumer Finance Protection Bureau (CFPB) has been busy. The Bureau was created by congress and officially started business in July 2011.
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Fri, February 17th, 2012
There is no doubt that one of FHA’s most attractive benefits is the FHA Streamline Refinance. These were designed by FHA to be easy, fast and without any tedious underwriting that would threaten or...
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