Read more about the FHA Loan here.
Trying to find some info on a loan I heard a woman during the debate talking about. Some how it greatly reduces your loan payments and you pay the extra back when you sell the house.
Hi,
I sold my house in August of 2006. I am now renting from a family member. I would like to apply for the 203k loan.
Am I eligible for the first time home buyer credit? Do they give those on FHA loans? Do I meet the time requirements?
Also, can we complete the work ourselves, or do we HAVE to hire a licensed contractor? I have read MANY conflicting ideas on this.
Thanks!
Daisy
On August 11, 2010, bill HR 5981 was signed into law. What are the effects on prospective home buyers?
Here is a brief summary:
Hip Hip hooray!!! – If you are currently looking at an FHA loan with a value of $250,000, your closing costs will go down due to a decrease in the Upfront Mortgage Insurance Premium from 2.25% to 1%. On a $250,000 loan, that is savings of approximately $3,000 in closing costs.
Boo hiss – If you borrow more that 95% of the value of the home, your monthly payment is going up. FHA in increasing the amount they collect on their annual insurance premium (collected monthly). For example, on a $200,000 loan, the increase would be approximately $40 per month.
This is just a very brief summary of the new guidelines. For a more detailed look, please visit the HUD website at: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-28ml.pdf
Please call me if you need further guidance on interpreting what this means to you and to see if you qualify for a FHA mortgage loan.
View full post on Mortgage Daily
Are there drawbacks? Are they easy to get approved for? How much do they approve for? What counts against you?
Some details about us:
My credit is terrible(im working on that thought) my soon to be husband has good credit, not a lot but always makes payments on time.(two credit cards, a car in the past, cell phone, and apartment). We just bought a car but it is in my name. We are wanting the loan only in his name. He makes about 50k a year, has had the same job for 5 years.
Thanks for any answers.
Let’s cut right to the chase concerning Minnesota VA loan rates; they are lower now than they were one year ago! That’s right, even though we’ve seen some Minnesota VA mortgage rate rises in recent months they are still lower than last year. VA rates are about a full quarter point lower now than they were at this time in 2010. Frankly, our predictions of rate increases may have been premature.
The Minnesota housing market remains very fragile. The number of foreclosures is still extremely high here in Minnesota. According to California based Realty Trac the number of foreclosure filings in Minnesota in January was almost 2,600. This includes default notices, scheduled auctions and bank repossessions. That is a bit fewer than one year ago but the decline may be deceiving. The head of Realty Trac says it may not be a recovery in the housing market but a sign that lenders are bogged down by the number of foreclosures month after month. So what does this mean for VA loan rates?
As long as the housing market remains in such a slow state the demand for VA mortgage loans is lower. When demand remains low prices (rates) can remain low. The experts are saying they don’t see interest rates rising anytime soon. Some say it may be the end of 2012, others say it could happen this year.
If you are considering refinancing your VA loan, refinancing from a conventional loan to a VA loan (this is a very, very smart idea by the way!), or purchasing a home with a VA loan we recommend you do it sooner rather than later. In previous blogs posted here I relate the story of refinancing my own home loan when rates dropped to 10% because it was such a good deal! Keep that in perspective. We’re now in the 5% range. Remember, these are 100% financing with a VA mortgage loan. No monthly mortgage insurance premiums that plague conventional lending.
While we write about Minnesota VA loans because that’s where our family based business is headquartered this information on VA mortgage rates applies nationwide. VALoansMN.com focuses on Minnesota because we have become this state’s number one VA lender.
View full post on FHA Mortgage Blog
The House of Representatives is busily chewing away at the FHA program, but largely missing what needs to be done.
First, of course, there has been the passage of H.R.830, the FHA Refinance Program Termination Act. With a vote of 256 to 171 the House has moved to dump the FHA short refi program. Since this program has resulted in just 44 FHA loans it’s not a big deal and is likely to pass in the Senate.
Second, in the kick-people-while-they’re-down-department, the House also passed H.R.836, the Emergency Mortgage Relief Program Termination Act with a vote of 242 to 177. This legislation denies emergency mortgage assistance to individuals who have lost their jobs. The result, of course, will be more foreclosures and thus additional pressure to reduce local home values. Passage in the Senate is uncertain.
This legislative work curiously goes after one federal program that doesn’t matter and a second program which is a reasonable necessity at a time when the housing market remains hugely depressed. Such activity reminds one of George Santayana, who said “fanaticism” is when you redouble your efforts and forget your purpose.
The oddity here, one of them anyway, is that the House could actually have done something useful. Here’s how:
Risk
If we are to be worried about FHA mortgage risk then it follows that we should make such loans less risky. The fastest and easiest way to do this would be to lower FHA loan limits to the level that last enjoyed in 2008, before Congress raised the rates to today’s levels.
Today in a “high cost” area you can get an FHA mortgage for as much as $729,750. If you live in Alaska, Hawaii, Guam or the Virgin Islands then under FHA guidelines you can actually get insured financing for as much as $1,094,625.
The President has proposed that we lower limits and you might think that such a proposal would have bi-partisan support.
87 Percent
And so, a modest proposal.
The President wants to reduce conventional loan limits and there is an effort underway to artificially push aside the FHA so that private sector lenders can gain unearned market share.
Why not go back to the old system under which the FHA loan guidelines were very simply set at 87 percent of the conventional limit.
Thus, for example, if the 2011 conventional loan limit for a single family home is set at $417,000 then the FHA loan limit for the same area would be $352,790.
This arrangement would allow plenty of financing for entry-level FHA borrowers while allowing private sector lenders a competition-free zone at the higher end of the conventional market.
In other words, instead of raising the FHA premium by .25 percent as is now being done, the traditional aim of the FHA program to serve low and middle-income borrowers could be maintained without additional cost to the borrower while lenders could get the greater market share they want.
This entry was posted
on Wednesday, March 16th, 2011 at 12:40 am and is filed under .
You can follow any responses to this entry through the RSS 2.0 feed.
You can skip to the end and leave a response. Pinging is currently not allowed.
View full post on FHA Mortgage Guide
FHA loan question about buying a house that needs work.?
I just recently purchased a house for 52,500 to fix up and sale. Under my brokers advice I just decided to put it up for sale with only minor work for 68k. I have an a lot of cash offers and 1 offer for 68k from someone that is using a FHA loan. The house needs subfloor work, joists work and a cement pier repaired. It will also need a new roof soon. I did a sale contract to these people that was good for 15 days and got a back up contract with a cash offer in case the sale falls through. Whats the chance of the sale falling through if the people have decent credit, probably 0 down and are buying a house that needs work totalling around 10k? Thanks!
All of the websites seem to be fake and want to make me join etc.
I am wondering how to invest in real estate foreclosure listings for real!
Research and Markets: What Real Estate Lawyers Need to Know About Tax Law Updates That Will Impact Their Clients in 2011
DUBLIN–(BUSINESS WIRE)–Research and Markets (http://www.researchandmarkets.com/research/4e34d6/what_real_estate_l) has announced the addition of the “What Real Estate Lawyers Need to Know About Tax Law Updates That Will Impact Their Clients in 2011″ audioconference to their offering. In What Real Estate Lawyers Need to Know About Tax Law Updates That Will Impact …
Read more on Business Wire
Hello, my wife and I have been in contact with Chase Bank in San Diego regarding an FHA Loan as first time home buyers. We are a little hesitant going through Chase as we don’t know much about this bank. Would it be better to try and get a mortgage through a local San Diego Credit Union? My credit is excellent, no problems on the credit report. Thanks!