FHA Mortgage Success with Making Home Affordable

The past week we saw the State of California pass a law that banned advance fees for loan modification companies with the announcement that more than 500,000 FHA loan modifications in progress under the Making Home Affordable program. These are better results for FHA that saw very few homeowners receive mortgage relief with the Hope for Homeowners and FHA Secure refinance products. What we had before 949 applications under the Hope for Homeowners Program and only 1 mortgage approval. The FHA Secure program allowed only 3,794 delinquent borrowers who had conforming mortgages to refinance with FHA mortgage lending in 2008.

In contrast, the Obama Administration reports that 2,484,783 borrowers have sought information under the Home Affordable Modification Program (HAMP) through the end of September. Of this number, 757,955 were offered three-month trial modification and 487,081 loan modification agreements have begun. If the borrower makes three lower payments during the trial period then the loan is permanently changed to that lower rate and hopefully the home is saved from foreclosure.

 

FHA Loan Modification Guidelines

Check out the latest FHA mortgage guidelines and FHA requirements for their new loan modification efforts for conventional home loans. FHASecure was the first FHA home loan program created to provide mortgage relief for delinquent homeowner who were not able to qualify for a conforming mortgage refinance loan. 

o    FHA announced their new mortgage modification plans to aid distressed FHA borrowers.

o    The FHA home loan is refinanced and 30% of the FHA loan is placed into an interest-free second mortgage that must be paid back when the property is sold or refinanced.

o    Homeowners must qualify with ratios of 31/55. The 1^st ratio says that up to 31% of the individual’s monthly income can be used for housing costs and that 55% can be used for housing costs plus other monthly debts.

o    The borrowers must be able to document a hardship (ie. an income change, loss of employment etc.) and HUD must be considered as a long term hardship.   

Read the original article online > FHA Loan Modification Program.

FHA Mortgage Loans Introduced to Stimulate Markets as Housing Recovery Faces Challenges

A recent rise in mortgage rates and rising foreclosures and job losses are just a few of the challenges standing in the way of a lasting recovery, economists say. New FHA loan programs have helped struggling homeowners qualify for mortgage refinancing.  In addition FHA announced new financing incentive for 1^st time homebuyers with attractive incentives to finance a new home.  HUD created these new FHA mortgage lending programs in an effort to stimulate the real estate market that has been sluggish nationwide for several years.  With the economy ailing, affordability remains the primary concerns for most Americans considering financing a home.

The US residential real estate market is caught in the worst correction in decades with few reasons to be optimistic as the economy worsens, according to a key housing report released Monday.   “Despite unprecedented federal efforts to stimulate the economy and help homeowners make current mortgage payments, house prices continued to fall and home foreclosures continued to mount in most areas through the 1^st quarter of 2009,” according to the executive summary of the State of the Nation’s Housing annual report released by Harvard University’s Joint Center for Housing Studies.   “While new and existing home sales and single-family starts have shown some signs of stabilizing, ongoing job losses, house price deflation and tighter mortgage underwriting and credit are placing any recovery at risk,” the report said.

“Although there are some signs of improvement or at least steadiness in new construction and sales, housing starts stand near 60-plus year lows, and any life in home sales is coming from distressed foreclosure sales, temporary 1^st -time buyer tax credits and low mortgage interest rates for purchase and refinance that moved higher in recent weeks,” said Nicolas Retsinas, director of Harvard’s Joint Center, in a press release.  “The best that can be said of the market is that house price corrections and steep cuts in housing production are creating the conditions that will lead to an eventual recovery,” added Eric Belsky, executive director of the Joint Center.  “For now, markets remain under considerable stress,” Belsky said.

The bleak study coincided with a separate report from the World Bank warning of more damage in the global economy.   This week, investors will be focusing on housing data and any commentary the Federal Reserve offers on the economy.  “On the economic front, new and existing home sales should show improvement but from very low levels,” said David Kelly, chief market strategist at JPMorgan Funds. “The recent back-up in FHA mortgage rates, although unwelcome, really should not be enough to prevent pent-up demand and still very good affordability from triggering a housing rebound.”   Resource: John Spence, Jeff Moran

FHA Lending Costs Rise for FHA Mortgage Loans

FHA home loan limits were raised materially in 2008, and again in 2009. In early 2009, FHA mortgage market share of new purchases was back to about 15% and its share of mortgage refinancing was substantially higher.   

Compare FHA mortgage rates and FHA lending costs: Borrowers have never been in a better position to qualify for lower mortgage rates.  We suggest analyzing 3 loan offers from different lenders or brokers.  Compare interest rates, loan amounts, origination fees, discount fees, processing fees, underwriting fees and the appraisal fees. Don’t forget that with FHA refinance loans all cash out transactions above 85% Loan to Value now require 2 appraisals from FHA licensed appraisers.  Don’t forget to factor in the upfront mortgage insurance premium, with FHA mortgage loans.  See the complete article at FHA Home Loan Costs.

FHA Mortgage Loans Update with New HUD Rules for Lenders

Check Mortgagee Letter 2009-12, a note from HUD explaining how FHA mortgage loans are to be originated and administered.  In most cases these FHA letters have little content, but this one is a gem. Clearly HUD is concerned about FHA loan defaults, foreclosures and bad mortgages on the public books.

HUD believes that many FHA mortgage lenders have not lived up to the ethic codes and high standards required with FHA underwriting guidelines. That has become a problem because FHA loans that do not meet FHA mortgage lending standards to the letter are likely to be the very loans which cause FHA losses.   In an effort to eliminate this growing concern, HUD says that it “continues to introduce proactive measures to appropriately manage its risk. Recently, FHA reactivated its Special Work Assessment Teams to conduct single-focus on-site reviews of lenders whose originations are exhibiting signs of distress.”

Many insiders, like FHA Mortgage Guide, believe that HUD will be auditing FHA mortgage lenders to make sure these finance companies are originating FHA loans effectively with HUD’s government standards. HUD also said that it “must hold mortgagees accountable for their lending practices in order to protect the public trust and the FHA Insurance Fund.

The Department expects each mortgagee to exercise the same level of care in originating, underwriting and servicing an FHA-insured mortgage as it would for a loan in which the mortgagee would be entirely dependent on the property as security to protect its investment.   When a mortgagee fails to comply with HUD’s policies and procedures, HUD will take the appropriate action. For example, lenders that materially violate FHA loan program statutes, regulations and handbook requirements may be referred to the Mortgagee Review Board for appropriate sanctions, which may include termination of mortgagee approval.”  

HUD has made it clear that compliance with their FHA loan programs is essential or they will remove you from their mortgage lending system. How would you define reasonable and allowable lending fees for FHA home loans? Previously HUD had allowed anywhere from 1-2 points per transaction. The way the mortgage crisis has played out, it has become imperative for most mortgage brokers and lending companies to be able to offer FHA mortgages for new home buying and refinance transactions.  FHA mortgage rates remains at or below 5% for thirty year fixed rate mortgages, so being FHA-approved is at the top of most marketing lists for mortgage companies because the product remains the cornerstone of lending in 2009 and beyond.

HUD’ Checklist for Originating FHA Mortgage Loans-The lenders must at a minimum meet the following criteria listed below:

ü  Reviews all FHA loans with early payment defaults to try and stave off foreclosure.

ü  Has a comprehensive quality control plan.

ü  Does not engage in fraudulent or false or misrepresentative advertising.

ü  Full documentation demonstrating the stability each borrower employment income

ü  No “excessive charges and unallowable fees to the borrower”.

California Leads FHA Mortgage Lending Volumes by State

Once again, California ranked 1st in nearly every home loan category of FHA mortgage lending as 2008 finished out.  According to a source regarding the FHA Lending analysis of state lending data, California leads the way for market share of FHA loans all-time high.  The FHA mortgage surge significantly in the second half of the year appeared to take significant business from Fannie Mae and Freddie Mac in numerous states.

In an effort to keep foreclosure rates down, many FHA mortgage lenders recently began imposing their own minimum credit score requirements.

In an effort to keep foreclosure rates down, many FHA mortgage lenders recently began imposing their own minimum credit score requirements. These are additional lending requirements that go beyond the scope of FHA loan guidelines.  Mortgage lenders continue to require more income documentation to help prove that borrowers have the ability to repay the loan.

 

Clearly, they’re trying to protect themselves: if a particular mortgage broker or lender’s default rate exceeds neighboring lenders, they can be audited and even removed from the program.“In the last month and a half, there has been a dramatic increase in the minimum credit score required,” said Michael Moskowitz, president of Equity Now, a New York FHA mortgage lending that makes FHA home mortgages. “Some lenders increased their credit score minimums to 580 and other lenders raised the minimum requirements up to 620.”

 

 

FHA Financing Helped in American Recovery & Reinvestment Act

The American Recovery and Reinvestment Act provides additional provisions:

 

FHA Mortgage Loan Limits – FHA home loan amount limits will be raised to $729,750 for homes in high-cost areas. Areas with higher-valued homes will enjoy the many benefits of a FHA mortgage, such as low rates and easier qualification standards. The bill reinstates 2008 FHA loan limits, with a maximum cap of $729,750. The bill also provides the option, if warranted, to increase loan limits for any “sub-area”, i.e.an area smaller than a county. These limits will expire December 31, 2009.

 

Home Ownership Tax Credit – A non-refundable tax credit of up to $8,000 will be available for buyers who purchase a home this year–before December 1, 2009–and who have not bought a house in the previous 3 years. This tax credit amount is based on 10-percent of the home’s purchase price, up to $8,000. To qualify, homeowners must keep their home for at least 3 years.

 

Simplified Mortgage Refinancing – Borrowers with less than a 20% equity stake in a traditional loan guaranteed by Fannie Mae or Freddie Mac (commonly referred to as “conforming” loans) may now refinance to up to 95% of their home’s market value without purchasing private mortgage insurance, which typically can increase monthly payments by hundreds of dollars.

 

Neighborhood Stabilization – $2 billion in additional funding is also made available to create the Neighborhood Stabilization Program (NSP) to address the problems facing whole neighborhoods that are decimated by foreclosures. Funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. States and localities can also use these funds to establish home financing methods for purchasing and redeveloping foreclosed properties.

 

Reverse Mortgages – Mortgage loan limits on Home Equity Conversion Mortgage (HECM) – or “reverse mortgage” loans will increase to $625,500 until the end of 2009. Current limits, which mirror conforming loan limits, will be raised to open up reverse mortgage options for many seniors who may want to rely on home equity as a stable source of income.

 

Low Income Housing – States will receive financing for construction and rehabilitation of low-income housing.

 

Rural Housing Programs – 100% home financing will be made available for rural housing loan programs.

 

Energy Efficiency Benefits – Tax credits for energy-efficient upgrades will be extended through 2010.

 

Foreclosure Protection – $75 billion program will be established to subsidize mortgage loan modifications for participating mortgage lenders to assist many distressed homeowners facing foreclosure.

 

“FHA mortgage rates are still at historically low levels and this is still a great time to refinance,” says Isaacs. “However, there has been much talk that banks and lenders will make it harder for borrowers to qualify for loans for both new and refinanced home loans, especially for borrowers with less than perfect credit scores. I urge people considering a new home loan, mortgage refinancing of an existing loan or a loan modification to move quickly to lock in their best loan rate and options.”

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• FHA Mortgage Articles

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  • Increased Down Payments for FHA Mortgages with Less than Perfect Credit
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  • FHA Lending in 2011
  • Getting Approved for a FHA Home Loan
  • FHA Loan Program Longevity
  • No More Wholesale FHA Lending with BofA
  • FHA Mortgage Limits In Limbo for 2011
  • FHA Mortgage Costs Rising
  • Is FHA Mortgage Lending Seeking a More Limited Role?

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