fha mortgages - Articles

Reverse Mortgage Program Needs a Bailout, FHA Chief Says

Rusty Clark/Flickr By Andrew Miga WASHINGTON -- A federal housing agency says it needs a $1.7 billion bailout from the Treasury to cover projected losses in a mortgage programs for seniors. At issue are reverse mortgage programs, which allow seniors to borrow against their homes for everyday living expenses. Carol... Continue Reading »

HUD Mortgage Sale Could Help Thousands of FHA-Insured Borrowers but Unfairly Exclude Others

The U.S. Department of Housing and Urban Development has begun selling off thousands of seriously delinquent mortgages insured by the Federal Housing Administration, a move that could save many distressed borrowers from losing their homes. But it also leaves thousands more who are saddled with equally distressed FHA... Continue Reading »

FHA Bailout May Be Needed, Report Says

For the first time in its 78-year history, the Federal Housing Administration may need a government bailout to stay in operation, The Wall Street Journal reports. The FHA, which insures mortgage lenders against losses, is expected to report this week that it's close to exhausting its reserves and may need to turn to... Continue Reading »

REO to Rental: Fannie Mae Dips Further Into Foreclosure Pool

Fannie Mae waded further into the foreclosure pool on Monday as it released new details on its plan to sell its repossessed homes as rental properties. The pilot program, first announced in August as an effort to clear the mortgage giant's backlog of foreclosures, is launching with an initial offering of 2,490 residential... Continue Reading »

FHA Mortgage Loan Limits To Rise Again

WASHINGTON -- Congressional bargainers have agreed to increase the size of mortgages insured by the Federal Housing Administration in a compromise being hailed by the housing industry but criticized by conservatives. Under the deal by House and Senate negotiators, the FHA would be able to insure mortgages worth up to... Continue Reading »

Mortgage Applications Dip, Or Is It Double Dip?

Blame it on mortgage insurance rates. Mortgage applications dropped 5.6 percent from a week earlier as of April 22, reported the Mortgage Bankers Association. This coincided with a hike in FHA loan premiums -- over the past month, applications had risen as home buyers tried to beat the deadline. There also was no... Continue Reading »

Reverse Mortgages Get Cheaper

Reverse mortgages are a common money-raiser for senior-citizen homeowners. Unfortunately the high fees associated with reverse mortgages often make them a poor choice. But a new program from the Federal Housing Administration called the Home Equity Conversion Mortgage Saver (HECM Saver) helps lower some of the costs... Continue Reading »

Negative Equity: Options If You're Upside Down in Your Mortgage

More Americans find themselves in a position of negative equity -- owing more on a mortgage than the home is currently worth. By itself, negative equity isn't necessarily trouble. Those who can afford their monthly mortgage payments and have a safe loan structure can wait out the market until home values improve. For... Continue Reading »

Homebuyer Tax Credit: Another on the Way?

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 »

Foreclosures at All-Time High, Buyers Are Bargain Hunting

While experts predict that the rate of foreclosures in 2010 will exceed those in 2009, there is some good news. RealtyTrac, an Irvine, Calif.-based data company, reported that the foreclosure rate dropped by about 5 percent during the first half of 2010. Still, in the first quarter of the year, one in seven mortgages was... Continue Reading »

FHA Reform Bill to Allow Smaller Down Payments, Higher Fees

The Federal Housing Administration reform bill overwhelmingly approved in the U.S. House of Representatives last Thursday will strengthen the housing finance agency, but will likely prove to be mixed blessing for homebuyers. The legislation, passed by a vote of 406 to 4, would raise fees for borrowers, give the FHA the... Continue Reading »

Mortgage Delinquencies Decline, but What Does It Mean?

Stricter lending rules have helped curb the number of mortgage delinquencies. Agencies from the FHA to Fannie Mae and Freddie Mac are reporting a decreasing number of people who are behind on mortgage payments. But while it seems that mortgage delinquencies have peaked, the number of people still behind on mortgage... Continue Reading »

Homeownership Dream in Decline, Says Survey

Despite still-low interest rates and home prices as a result of a market glut, there are many Americans who believe they will never be homeowners. A survey of visitors to the National Foundation for Credit Counseling's website reveals just how difficult people believe owning a home has become. Of the more than 2,000... Continue Reading »

FHA Mortgages: Get a Good Deal While You Can

Next time you're inclined to complain about the bankers' bailout, remember that homebuyers are now on government life support as much as anyone. This week, Federal Housing Administration chief David Stevens announced that his agency is now the largest source of home-purchase mortgages in the nation. According to the firm... Continue Reading »

Lower Mortgage Rates Make Refinancing a No-Brainer

Back at the end of March when the Fed stopped buying mortgage-backed assets, economists predicted that mortgage interest rates would start to drift higher toward 6 percent. Well, they were wrong: Rates dropped to 4.2 percent for a 15-year fixed-rate mortgage and 4.87 percent for a 30-year fixed-rate mortgage. What... Continue Reading »

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