Posts with tag fha

The most flexible first-time homebuyer loan just became a bit more stringent. Starting Oct. 4, homebuyers must have a minimum credit score of 500 to be eligible for a Federal Housing Administration-insured mortgage. Borrowers seeking a single-family home mortgage with credit scores ranging from 500 to 579 will be limited... Continue Reading »

Could this month's dreadful home sales numbers prompt the feds to offer another homebuyer tax credit? Mum's the word on Capitol Hill, but HUD Secretary Shaun Donovan would not rule out the option during an interview Sunday on CNN. Existing-home sales sank 27.2 percent in July, and sales of new homes dropped to their lowest... Continue Reading »

Is your home underwater? Do you owe the bank more than it's worth? if so, you may finally be able to get a fixed-rate Federal Housing Administration loan with principal reduction. Available to qualified homeowners on Sept. 7, these new FHA loans require banks to write down at least 10 percent of the unpaid balance of the... Continue Reading »

Miami home resales are hot and have been driving the market upward for about the last year and a half. But the condos and houses that are the force behind the upswing aren't the most desirable of the lot. There are several factors affecting the recent drop in prices and boom in resales which often are not detailed in... Continue Reading »

While some seem to think that all the Obama administration is doing is extending or delaying foreclosure procedures, others believe that, without these extensions, home prices would have fallen much further, much faster. Whatever you believe, the numbers seem to indicate that mortgage default and re-default rates are... Continue Reading »

Do you or your parents have a reverse mortgage for which they don't pay the property taxes or insurance? While in the past, the FHA and Fannie Mae would patiently wait until the property owner died or moved to pay off any liens, that practice is about to end. Many seniors don't realize that they can lose their home to... Continue Reading »

Homeowners, who are slipping on their mortgage payments and unable to change their financial position, may feel like they are in a dead-end spiral and have no option but to walk away or resort to a short sale. But brokers say that it is possible for underwater homeowners with adjustable-rate mortgages to obtain something... Continue Reading »

Unless you are among the 180,000 people who signed a contract to buy a house before May 1, yesterday's Senate gesture to extend the deal-closing deadline on the federal homebuyer tax credit is the proverbial drop in the bucket. Does anyone think that the closing of 180,000 more home sales on the market, in a national... Continue Reading »

Private mortgage insurance was all the rage when housing prices were high and down payments were tiny. But ever since the housing bubble burst, people seeking to buy a home with less than 20 percent down -- especially in declining markets such as Arizona, California, Florida, Michigan and Nevada -- had nowhere to turn for... Continue Reading »

Like many parts of the nation, but especially here in Southern California, the neighborhood known as South Los Angeles is pockmarked with foreclosed properties, the result of aggressive subprime lending. But unlike some other parts of town, house flipping just may save South L.A. from what would otherwise be a bleak... Continue Reading »

Chinese drywall and electrical wiring should be replaced -- that's the consensus opinion of both the Consumer Product Safety Commission and the Department of Housing and Urban Development. With tens of thousands of homes potentially affected, the big question is, who will pay for what will likely be billions of dollars in... Continue Reading »

Heard of HVCC? It's not a heating and ventilation system for the home (that's HVAC), nor is it an infectious disease. HVCC is the Home Valuation Code of Conduct, a controversial set of guidelines established by Fannie Mae and Freddie Mac in May 2009. By setting up a sort of firewall between lenders and appraisers, in the... Continue Reading »

Renters rejoice! If it seems like the government has been focused on helping homeowners (when they're not helping bankers, that is), now it's your turn. While the rest of the federal government is slashing its budget, the U.S. Department of Housing and Urban Development is aiming for a 5 percent hike in 2011 – much... Continue Reading »

Here's a neat trick: In the budget it released yesterday, the U.S. Department of Housing and Urban Development is proposing to increase spending in 2011, including a new billion-dollar fund to build affordable housing for rent. At the same time, it's cutting its budget request to Congress by 5 percent. How does HUD make... Continue Reading »

HUD is flip-flopping on its own flipping policy. Starting Feb. 1, the housing agency is temporarily lifting its ban on selling FHA-insured homes in fewer than 90 days. The ban was originally intended to discourage flippers. By lifting it, the housing agency is hoping to help stabilize home values and improve conditions in... Continue Reading »