FHA Mortgage Applications Rise

Finally there was some good news for FHA lenders.  MBA announced today that both FHA and VA loan applications rose noticeably.  refinance loan guidelines have seen some tightening of one of the most popular programs, the FHA streamline in which borrowers are no longer allowed to finance the closing costs.  According to the FHA Loan Blog, “Many FHA lenders have said that this had hurt their FHA refinance business, but it appears the borrowers are still using FHA for refinancing transactions.”  Read the original FHA Loan Blog Post > FHA Lenders See Rise for FHA Refinancing and Home Buying

House Raises FHA Mortgage Insurance Premiums

Yesterday, the U.S. House of Representatives approved a bill to inject finances into the FHA by approving the authority to raise FHA mortgage insuance premiums.  The FHA reserves are low and it created significant cash flow problems that the government was forced to deal with.  It is no secret that Federal Housing Administration is strapped for cash because all of the recent FHA defaults that continue to mount.  The government also considered a measure to raise the FHA loan limits used to develop some apartment buildings.  In a 406-4 vote, lawmakers approved legislation to strengthen the finances that back the FHA home loans by giving it authority to nearly triple the annual fees it charges to borrowers, known as mortgage insurance premiums.  Read the original article > House Approves FHA Bill to Reestablish Finances

Will FHA Mortgage Programs Survive?

FHA has been in the news a lot lately. Yes, FHA mortgage rates are low, but the FHA mortgage program as a whole may be in jeopardy of existence.  Many FHA blogs have posed the reality that FHA financing is at serious risk to be shut down.  In this political climate it becomes obvious that anything is possible because Congress must pass bills to continue to fund the FHA mortgage programs.  FHA first time home buyer loans have been promoting home ownership since the great depression.  Even as we discuss their recent failures, the argument could be made that FHA is one of the most successful government initiative in the last century.  Read the original article > Is FHA Mortgage Financing in Trouble?

Future of FHA Mortgage Lending?

In a recent article, FHA Home Loan Refinancing posted an interesting perspective of FHA’s future.  The FHA loan publisher considers the risks that FHA lenders pose in addition to each FHA loan program as well.  The article reviews the following FHA programs: cash out refinance, FHA streamline, and the infamous, FHA home purchase product.  They noted that the FHA Commissioner and HUD had tightened the FHA guidelines for the streamline by not allowing borrowers to finance the lender closing costs.  When borrowers come out of pocket to pay their closing costs you can bet they are less likely to default on the loan.  Read the original article online at > Are FHA Home Loan Programs at Risk?

FHA Lenders Receive Warning from Commissioner

The Mortgage Bankers Association reported that FHA rates should remain affordable in the near future because of concerns in Europe financial problems, but they predict rate hikes in 2011.  Most real estate financial advisors agree that low FHA rates are helping the local housing communities recover.  Once again HUD has come down hard on FHA lenders over fraud and disclosure negligence.  FHA commissioner David Stevens stated in a MBA meeting, “This is a mortgage market surviving purely on life support and sustained by the federal government.” Stevens continued his theme of FHA mortgage reform and made an effort to persuade FHA mortgage lenders to sacrifice the commissions at this time for the good of the industry.

The government agency tightened FHA loan requirements with amendments on the FHA guidelines making qualifying more challenging for new home buyers.  Read the original FHA loan article online at > Home Buying Opportunities with Declining FHA Loan Rates

Assumable Loans with FHA

Did you know that FHA mortgage loans are  assumable? This means that if you sell your house, the buyers could actually take over your existing FHA mortgage. Using the “assumable” function with FHA loans extends some leverage to a seller that could potentially pass on a FHA mortgage with an interest rate that is locked well below the market.

According to FHA requirements, home buyers may qualify to assume the seller’s FHA mortgage loan. This is an attractive benefit if FHA rates are higher than your existing FHA loan at the time you’re selling your home.  FHA mortgage lending programs provide an important service to buyers, homeowners, and housing markets. FHA has been in the news a lot lately because HUD is looking for new opportunities to  rebuild the FHA mortgage reserves.

Top 5 Challenges for FHA Mortgage Loans

FHA Home Loan Refinancing posted an intriguing article today that shed some light on the challenges that HUD is facing with their FHA loan program that is insured by the US government. Let’s face it the housing market and mortgage industry has been in shambles nationwide over the last three or four years.  Blaming FHA is not fair and certainly will not solve the problem.  FHA mortgage lending has taken risks, but they have adapted to the lending obstacles and made changes that should mitigate the risks without compromising the FHA loan benefits for American consumers.  First time homebuyers and existing homeowners both benefit from FHA home loans.  

5 Concerns Noted by the FHA Home Loan Refinancing Company

1.  FHA loan defaults have risen dramatically over the last 48 months.

2.  FHA mortgage reserves have dropped to dangerously low levels.

3.  FHA guidelines have tightened significantly and most FHA lenders require a 640 credit score to refinance.

4.  The FHA requirements for FHA streamline programs thus fewer borrowers qualify.

5.  The change in the appraisal policy for FHA refinance loans has slowed the process and increased the closing costs for borrowers.

Read the original FHA Refinance Loans article online.

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