May 20, 2019

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Articles Tagged With: FHA and HUD

FHA Home Loan Basics For First-Time Home Buyers

FHA Home Loan Basics For First-Time Home Buyers

First-time home buyers should know as much about their home loan options as possible going into the application process. FHA home loans are a good option to consider when buying your first real estate-do you know how flexible the FHA home loan program is? FHA Home Loan Basics For New Borrowers FHA home loans are intended for owner-occupiers who want to purchase a home at least one person obligated on the mortgage will occupy as the full-time residence. FHA home loans are not need-based mortgage loans, so there is no income cap or other limitations on who can apply. Some people confuse FHA home loans with USDA mortgages, which are governmnent-backed mortgages that do require income caps and are need based, unlike FHA mortgages. Who You Borrow Money From With | more...

 
HUD Announces Settlement in San Diego Fair Housing Case

HUD Announces Settlement In San Diego Fair Housing Case

April is Fair Housing Month, a time when the FHA and HUD raise awareness of Fair Housing Act issues and how violations of Fair Housing laws can make it difficult for house hunters of all kinds to find and keep a home. The month of April is not the only time when HUD publicizes its’ Fair Housing cases, but it is a time to pay more attention to these cases and their implications. The latest involves a settlement between HUD and a San Diego-based property management company that had a dispute with a rental tenant. According to a press release on the HUD official site. The Department of Housing and Urban Development announced “a fair housing agreement between a San Diego-area property management company and a family with a child | more...

 
HUD Announces Settlement In Maine Housing Discrimination Case

HUD Announces Settlement In Maine Housing Discrimination Case

April is Fair Housing Month, and while housing discrimination headlines are nothing new, April’s are especially relevant. Discrimination at any stage in the housing process can seriously interfere with those planning to buy a home, and sometimes the only line of defense against further violations of the Fair Housing Act is having the victims report the illegal activity. The Department of Housing and Urban Development has announced a settlement in a housing discrimination case in Maine. A press release on the HUD official site announces that “Page Realty, LLC, the owner of a Manchester, Maine, rental property, and its rental agent, Ramona Venskus, will pay $18,000 under a HUD Consent Order resolving allegations that they denied housing to families with children”. The Fair Housing Act, a federal law, prohibits housing | more...

 
Lower Home Prices And FHA Mortgages

Lower Home Prices And FHA Mortgages

House prices in 2019 seem to be “at risk” to go lower according to some industry reports. If you are researching home prices (especially for those in housing markets on the West Coast) you may read about these issues being higher than usual for a variety of reasons. How Do Declining Home prices Affect FHA Home Loans? If the value or asking price of a neighborhood is in decline, it may affect certain options you have to negotiate with the seller. Your seller may or may not be willing to negotiate on items like the allowable six-percent-of-the-sale-price contributions toward closing costs the seller can make. Sellers may agree to pay this six percent as an incentive for the borrower to purchase the real estate. But if prices are going down | more...

 
HUD Announces Settlement in San Diego Fair Housing Case

HUD Awards Millions To Fight Housing Discrimination

April is Fair Housing Month, a time when the Department of Housing and Urban Development wants to raise awareness about Fair Housing Act laws, remind people of their rights, and reinforce the agency’s commitment to fair housing for all. As part of that fight to end housing discrimination, the U.S. Department of Housing and Urban Development has awarded “an additional $15 million to support dozens of fair housing organizations working to confront violations of the nation’s landmark Fair Housing Act. These grants, made possible through the HUD Fair Housing Initiatives Program (FHIP), are intended to help victims of housing discrimination and to raise awareness of fair housing laws. The funds are intended to support a “wide range of fair housing enforcement, education, and outreach activities” under several categories:. Private Enforcement | more...

 
FHA Mortgage Loan Interest Rates

FHA Mortgage Loan Interest Rates

What do you need to know about FHA home loan interest rates? You may find certain finance blogs discussing home loan rates in general, or those that make blanket statements about mortgage rates. What’s the reality? One personal finance blog attempts to discuss what controls home loan interest rates and what does not; the publication discusses the fact that things like the 10-year Treasury not doesn’t control interest rates. Which is true. There is no **control**. But these publications forget to mention that investor activity in the Treasury market can INFLUENCE rates depending on circumstances. The same publication states very boldly that the Fed does not control mortgage loan interest rates either. And it’s true that the Fed does not have any day-to-day control over mortgage loan rates. But Fed | more...

 
HUD Announces Settlement In Maine Housing Discrimination Case

HUD Announces Findings In Illinois Housing Fraud Investigation

The Department of Housing and Urban Development has announced its’ findings related to the investigation of allegations of housing fraud by a Cook County couple. According to a press release by HUD, “… a Cook County, Illinois couple committed fraud by accepting housing assistance they were not qualified to receive in order to rent a property they jointly owned.” HUD had conducted an investigation into a married couple’s attempts to get rental assistance for a property they own in Matteson, Illinois. HUD alleges that in 2006 the couple, Korey Sloan and Christie Caldwell, and their four children “sought rental assistance from the Housing Authority of Cook County (HACC) to lease the home from Sloan, who posed as an unrelated landlord”. HUD further states that Caldwell “denied any relationship” with Sloan | more...

 
HUD Announces Changes To Down Payment Assistance Rules

HUD Announces Disaster Relief For Iowa and Nebraska Storm Victims

The Department of Housing and Urban Development recently announced disaster relief for victims of storms in Nebraska and Iowa. The agency issued press release stating it would “speed federal disaster assistance “to the State of Iowa and the State of Nebraska to offer “support to homeowners and low-income renters forced from their homes in areas affected by severe storms and flooding”. In March, there was a declaration of a major disaster area for Iowa counties including Fremont, Harrison, Mills, Monona, and Woodbury. There was also a major disaster declaration in March for Nebraska counties including Boone, Buffalo, Butler, Cass, Colfax, Custer, Dodge, Douglas, Knox, Nemaha, Richardson, Santee Indian Reservation, Sarpy, Saunders, Thurston, and Washington. These declarations allow HUD to offer FHA borrowers in the affected areas foreclosure relief in the | more...

 
Refinancing a Second Home With An FHA Mortgage Loan

FHA Home Loan Questions And Answers For First-Time Borrowers

FHA home loans offer first-time home buyers an advantage with low down payment requirements, more flexible lending standards, and the ability to apply for local down payment assistance help where offered (as long as that assistance meets FHA requirements). Do you have questions about the FHA home loan process as a first-time buyer? Some of these answers below may help. What Is An FHA Forward Mortgage? The term “forward mortgage” refers to any home loan used to buy a property. It’s also sometimes known as a purchase loan. Why Are Closing Costs Due At Closing Time And Why Can’t I Finance Them Into My Home Loan? Not all closing costs must be paid in cash at closing time-the FHA Up-Front Mortgage Insurance Premium is an example of an FHA home | more...

 
FHA Home Loan Facts

FHA Loan Facts

When you start doing research on home loans and want to learn what it takes to qualify for an FHA mortgage loan as either a first-time home buyer or as a return borrower, you will find websites with lists of loan approval requirements. Some of those FHA home loan approval requirement lists look like this: A credit score of 580 or higher for the lowest down payment A debt-to-income ratio of 43% or less 3.5% down payment 1-2 years of consistent employment history A property that meets FHA standards OR A home eligible for FHA 203k rehab loan financing You may find a caveat on lists like these stating that they are “general guidelines” and that is true. What isn’t always included in those caveats is that additional lender standards | more...