Articles and news about FHA loans and HUD requirements. FHA loans are great for first-time homebuyers.

Category Archives: Taxes and Credits

FHA Loans, Seller Concessions, and Cash To The Borrower

Mortgage Loan Rate Trends

We recently got a question about an FHA loan situation where the seller of the home agreed to pay 3.5% of the closing costs on a transaction. According to the reader question, the “actual permitted seller concessions” were much lower. ...

The 2009 First Time Homebuyer Tax Credit: A Reader Question

A reader asks, “Is the tax credit still available to 1st time new home buyers? If not, are there any other credits available that can help new home buyers? Will I be considered a new home buyer if I purchased ...

FHA Advice: Don’t Pay For Foreclosure Avoidance Counseling

There are many ads on television by private companies offering debt counseling services. But when it comes specifically to foreclosure avoidance, did you know you do not have to pay for counseling services? According to the FHA official site, “Foreclosure ...

The FHA Borrower’s Rights Under RESPA Part 2

In our last post we discussed FHA loans and the list of RESPA Borrower's Rights--a collection of rights FHA loan applicants need to know before applying for an FHA mortgage loan. The ten areas covered under RESPA Borrower's Rights include informed borrower requirements such as full disclosure of all non-refundable loan fees and other charges, disclosure as to the final cost of the loan and other important details.

FHA Borrower’s Rights Under RESPA

The FHA official site has a section called RESPA Borrower's Rights which informs borrowers of a list of things they should be aware of when shopping for an FHA mortgage loan. There are ten areas addressed by the Borrower's Rights section--some are common knowledge, while others imply obligations the lender has to the borrower to fulfill parts of RESPA law that pertain to full disclosure requirements.

Using the 2009 First-Time Homebuyer Tax Credit

First time home buyers purchasing a home with an FHA loan or going through a HUD-approved charitable agency can use their 2009 First Time Homebuyer's Tax Credit to make their downpayment. The Department of Housing and Urban Development recently announced this new first-time homebuyer perk, which helps millions of FHA borrowers reduce the financial stress of making that first home purchase.

2009 Tax Credit and FHA Loan Down Payments Update

FHA borrowers were told they could use the loan as a down payment on their homes, but legal issues prevent banks from issuing down payment assistance on FHA mortgages. Since the initial May announcement, the rules have been revised so that such bridge loans are used within federal guidelines.

FHA Home Loan Numbers Increase in Spite of Housing Slump

While indicators show conventional lending markets are still feeling the effects of the housing slump the FHA has taken a larger role in helping consumers get affordable home loans. Some of the most recent developments are making those on the fence about buying a new home in this economy give FHA loans a second look.