Emergency Homeowner Loan Program
The Emergency Homeowner Loan Program is a project spearheaded by the Department of Housing and Urban Development to assist people who want to have their own house or to help those individuals that are having problems in settling their dues. Through this program, the US government has released a total of a billion dollars to assist those who are in need of having a house or paying for their house. Read More....
FHA Short Refinance Program
For those who don’t have a FHA mortgage but would like more favorable mortgage terms, the U.S. Department of Housing and Urban Development (HUD) is offering a short refinance option. Read More....
FHA MIP Increase
Through the FHA MIP Increase, there will be a foreseen increase in the revenues of the Federal Housing Administration without having too much adverse effect on the clients of this housing agency. The customers and the homeowners relying on the FHA will not need to worry too much about the effect of this increase on their mortgages. Read More....
Regulation Changes for FHA Lenders Operations
On April 5, 2010, the Federal Housing Administration (FHA) announced more stringent criteria for lenders to become approved to issue FHA mortgage loans. In an effort to cut mortgage insurance losses, the new regulations are meant to sift out lending institutions that are not financially equipped to handle the risk associated with the increasing volume of FHA loan approvals. Read More....
FHA Lenders pay for bad mortgages
Those lenders who are not meeting the guidelines set by the Federal Housing Administration are now being held liable by the Department of Housing and Urban Development so as to meet these particular guidelines. Based on the guidelines set by the FHA, you have to consult an Agency Loan Counselor so that you will be assisted with getting a legal and appropriate mortgage for your house. Read More....
Increased Net Worth Requirements for FHA Lenders
HUD proposed to increase the net worth requirements for current FHA-approved mortgagees, including investing mortgagees, and applicants seeking FHA approval as mortgagees from $250,000 to $2.5 million over a period of 3 years. Read More....
FHA Streamline Refinance
The FHA streamline refinances could be done with or without an appraisal depending on the lender. To obtain a FHA streamline refinance, form HUD 92564-VC is essential, but the summary of the homebuyer will not be required. For a FHA streamline refinance the lender will not require any repairs to be done but it may be a condition of the loan. In this type of loan the FHA lender does not typically require a credit report or a termite inspection report, but the lender might require either of the two reports as part of its credit policy. Read More....
