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88FHA Loan Requirements
FHA loan requirements have been relaxed as part of the Federal government's Housing and Economic Recovery Act, 2008. The purpose of the act is to provide some relief for home owners affected by the housing...
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73Mortgage Rates Predictions
Mortgage rates predictions are notoriously tricky, and at this particular point in time, trickier than usual. The financial world is still reeling from the subprime crisis, and the political pressure on...
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65The HUD FHA Insurance Fund
The HUD FHA insurance fund was established during the Great Depression, when rates of foreclosure and default rose sharply. The purpose of the fund was to protect lower income Americans from being squeezed out of the home ownership market. These days, we need it more than ever!
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61FHA Loans
FHA loans help millions of Americans to own their own homes. FHA loana are federal assistance mortgage loans in the United States, insured by the Federal Housing Administration. FHA loans may be issued by any federally qualified lender. The beauty of FHA loans is that they have more lenient lending requirements than conventional mortgages. Lenders are nervous about certain borrowers, because they appear to have a higher risk of default. FHA loans are insured, which reduces the lender's risk and
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67The FHA 203k Program
The FHA 203k program was designed to address the Catch-22 that exists for buyers who need to "fix up" or renovate their property in order to make it livable.Traditionally, lenders will only advance funds...
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66Behind On The Mortgage?
When you have missed mortgage payments, mortgage refinancing can help you get back on track. Refinancing a morgage can be tricky if you have bad credit, but if you consult a specialist you will often find you have more options than you realize.
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71FHA 203k Loans
FHA 203k loans solve a major problem for homebuyers. When your new dream home is a fixer-upper, getting a mortgage can be tough. Your bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done until the purchase house has been settled. FHA 203k loans were designed to address the Catch-22 that exists for buyers who need to "fix up" or renovate their property in order to make it livable. How do you pay the mortgage, pay for renovations, and pay rent,
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63Explain Mortgage Insurance
It's easy to explain mortgage insurance - you just need to remember that mortgage insurance is not insurance for you, the borrower. Mortgage insurance exists to protect the mortgage lender. If we are to explain mortgage insurance in simple terms, compare it with something a bit more concrete - car insurance, for example, or home insurance.
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69Recent Mortgage Rates Trends
Recent mortgage rates trends have defied all long-range predictions. Back in '07, when mortgage rates were sliding down towards 6%, all the pundits were saying that it couldn't last much longer. I mean we were talking mortgage rates lower than had been seen at any time since the oil price shocks to inflation in the early 1970s.
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55Refinancing Your Mortgage
Refinancing your home can reduce your monthly mortgage payments, help avoid foreclosure, pay off credit card debt, or provide a lump sum of cash in tough times. But be careful - watch for hidden costs, and be sure the decision is right for you.
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