7 things you need to know about FHA loans

7 things you should know about FHA financing

Posted Posted in FHA Loans, Mortgage Knowledge

What are the seven things you should know about FHA financing? Let’s take a look. The number 1 thing you should know about FHA financing is that FHA loans only require 3.5% down payment. That means that it becomes much more affordable for those of you who may not have a lot of money saved […]

Changes to FHA Mortgage Insurance Premiums

Posted Leave a commentPosted in FHA Loans, Mortgage Knowledge

Changes to FHA Mortgage Insurance Premiums expected The white house announced today that it has directed the Federal Housing Administration (FHA) to reduce the annual FHA Mortgage Insurance Premiums by 0.5% from 1.35% to 0.85%. The change in policy could mean increased affordability for some homeowners. Let’s look at one possible scenario to compare how a monthly […]

FHA Changes-Some buyers can now qualify 12 mos after Foreclosure or BK

Posted Leave a commentPosted in FHA Loans, Loan Progams

FHA Changes-Some buyers can now qualify 12 mos after Foreclosure or BK. Lost your job and lost your home or filed bankruptcy?FHA says you are not completely out of luck.   FHA guidelines on Foreclosures, Bankruptcy and short sales have up to now not accepted loss of job or income as an extenuating circumstance when trying […]

FHA guidelines changes on collections and self employed borrowers

Posted Leave a commentPosted in FHA Loans, Loan Progams, Mortgage Knowledge

FHA guidelines changes on collections and self employed borrowers In a Mortgagee letter issued on February 28, HUD announced new FHA Loan guidelines pertaining to open collections as well as requirements for Self Employed borrowers. All of these FHA loan guideline changes are effective with case numbers assigned on or after April 1, 2012.   […]