FHA currently offers financing qualifications that are a bit more relaxed than conventional financing (while maintaining basics- debt to income, job stability, etc.). For these reasons (along with a lower down payment requirement), potential home buyers have long considered FHA loan as a viable source for financing. This change lowers the amount of FHA loan…
The FHA 203K loan has been and is a popular insured mortgage for the purchase or refinance of single family properties ( one to 4 units) in need of major rehabilitation. The FHA 203K Streamline loan is for a smaller amount of repairs. It is a simplified 203K. The maximum amount you can borrow if…
Home Equity Conversion Mortgage (HECM)—This program is offered by the Department of Housing and Urban Development (HUD) and is insured by the Federal Housing Administration. These are the most popular reverse mortgages, representing about 95% of the market. There are two types of HECM reverse mortgages – the traditional HECM Standard loan, and the new…
This is an overview of the types of FHA Mortgage Loans and the requirements you must meet to obtain an FHA loan. For further information it is best to speak to a mortgage broker who handles FHA loans and have them explain in greater detail about these types of loans. PRODUCTS 203 (b) Loan Since…
Over the past couple of weeks there have been an enormous about of articles about the State of Connecticut GMAC and now JP Chase. GMAC and JP Chase have both put a moratorium on foreclosures. The State of Connecticut has stopped all foreclosures and several other states are following. Chase has stopped 56,000 foreclosures because…
New FHA Mortgage Changes H.R. 5981 Beginning October 4, 2010, new FHA Mortgage changes will be coming through, due to bill H.R. 5981 signed into law August 11th, 2010. · Credit scores. The FHA has never used credit scores as one of its approval metrics, until now. It’s proposing to implement a minimum credit score…
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