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

FHA Mortgage Guidelines 10% Down for Low FICOs

FHA continues to alter their FHA mortgage guidelines in an effort to improve its depleted cash reserves.  A few days ago, the Federal Housing Administration unveiled tighter FHA guidelines with changes to the FHA requirements for underwriting new home loans and refinancing.  For the first time, FHA credit requirements will penalize applicants with challenged credit.  One of the FHA requirements changes will mandate larger down-payments for borrowers with bad credit or low FICO scores. In addition FHA will increase in the upfront mortgage insurance premium to 225 basis points.  We also anticipate FHA, to expand their criteria for mortgage refinance guidelines in 2010.

FHA commissioner David Stevens declined to provide any guidance on how much money the changes will raise for the reserve fund. Most of the new FHA guidelines outlined Wednesday will go into effect in the next few months. The 10% down-payment is required for borrowers with FICOs of less than 580. The MIP will be increased in a few months from the current charge of 1.75 basis points.

FHA Mortgage Refinancing

FHA mortgage refinancing has risen as a preferred FHA lending option for borrowers with good and bad credit.  In the last few years, FHA refinance loans have become a popular option because the FHA rates are low and the credit guidelines are more forgiving than conforming  lending guidelines. 

Talk to a licensed FHA professional about your qualifications and see if FHA is a good fit for refinancing your mortgage.  Read the entire FHA refinance article online. In the last 3 years, FHA refinance loans have increased their market-share for home loans nationwide.

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