Tag Archives: credit
HUD Studies Reveal Important Benefits Associated With Housing Counseling
A press release from the Department of Housing and Urban Development says FHA/HUD approved housing counseling offers significant benefits “for families who purchase their first homes and those struggling to prevent foreclosure”. Those benefits were the focus of two HUD research projects. According to HUDNo.12-085, ” HUD found housing counseling significantly improved the likelihood homeowners
FHA Loans: Rights and Responsibilities
According to the FHA and HUD, FHA loans come with certain rights and responsibilities. Some borrowers don’t realize they have these rights or know what the lender’s obligation to the borrower might be under FHA/HUD rules and the Real Estate Settlement Procedures Act (RESPA). Knowing makes for an informed borrower–someone empowered to take action in
FHA and HUD Announce $202 Million Settlement With Deutsche Bank and MortgageIT
The Federal Housing Administration and the Department of Housing and Urban Development have announced a multi-million dollar settlement with Deutsche Bank and MortgageIT following a government lawsuit filed in 2011. According to an FHA/HUD press release, the United States government filed suit last year against MortgageIT (owned by Deutsche Bank) for “repeated false certifications to
FHA Loans: How Can I Estimate My Monthly Mortgage Payment?
One commonly asked question about FHA home loans involves the process of determining how much a borrower could pay on a monthly basis on the FHA guaranteed loan. For this purpose, the FHA official site refers potential borrowers to a loan calculator provided by GinnieMae.gov, which is designed to help borrowers get a general idea
Steps To An FHA 203(K) Fixer Upper Loan
Some FHA loan applicants are interested in what the FHA calls “Handyman Specials” or “Fixer-Upper Loans” known as the FHA 203(K) mortgage. The FHA 203(K) is a loan guaranteed by the FHA, issued through a private lender for the purpose of buying and repairing property at the same time. There is a down payment requirement,
FHA Loan Credit Score Requirements
The FHA recently published “The Facts on FHA” on the official blog of the Department of Housing and Urban Development. One of the highlights of that post included a list of actions FHA and HUD have taken since 2009–more steps “to eliminate unnecessary credit risk and assure strong premium revenue flows than any Administration in
FHA Loan Reader Question: Septic Systems
A reader asks, “I am looking to buy a home in the middle of a suburban neighborhood that is the only house in the area (that we know of) that is on septic. Everyone else is on city sewer.” “Now if the FHA comes out with an appraiser to inspect the home/property, will they require
The State of The FHA Loan Program
Carol Galante is Acting Federal Housing Administration (FHA) Commissioner and Assistant Secretary for Housing. In that capacity she recently wrote a blog post on the official FHA/HUD blog titled, “The Facts On FHA” which included her take on several myths currently in circulation about FHA loans, the health of the FHA program and other topics.
FHA Mortgage Insurance Premiums
Yesterday, we answered a reader question about FHA loan Mortgage Insurance Premiums. We were asked, “I thought that it was announced recently that FHA insurance premiums were being decreased, not increased?” Since these changes are coming in a matter of days, now is a good time for a refresher on the new rates. Some FHA
FHA Loans and Credit Reports
One frequently asked question about FHA home loans involves the credit check. Many borrowers want to know what credit score the lender is looking for, (many lenders require a minimum score of 620) but many more also want to know what kind of credit reporting data the loan officer needs to approve or deny an
