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Dennis Norman UPDATE June 21, 2010- I said I would update this post after the proposed rules were published on the Federal Register with info on how to submit a comment -If you would like to comment, see the comment instructions in the Federal Register (I highlighted them) by clicking here -end of update. June 4, [...]
Dennis Norman Yesterday the U.S. House of Representatives passed H.R. 5072, the FHA Reform Act of 2010 which is good news for home-buyers that may need to rely upon an FHA loan for a home purchase. The bill will still need to be passed by the Senate and then signed into law by the [...]
Dennis Norman Last week HUD announced changes to FHA home loan programs to provide refinancing options to homeowners who owe more than their home is worth. Under FHA’s new plan, existing underwater homeowners can refinance their existing non-FHA loan into a FHA loan as long as they are current on their loan and [...] FHA loans gained in popularity for borrowers as applications for FHA-guaranteed mortgages exceeded an annual rate of 3 million in October; nearly triple the level in 2007. In 2006, when subprime and other Wall Street programs were at full speed, the annual rate for applications was less than 600,000. As a result the Federal Housing Administration [...]
Dennis Norman FHA Announces Policy Changes to Address Risk and Strengthen Finances This week FHA announced policy changes that are going to help them shore up their finances but will make it more difficult and/or costly for your clients to purchase a home. The FHA policy changes include: Mortgage insurance premium (MIP) will be increased to build up [...] According to NAR 51 percent of recent homebuyers are first-time buyers and 39 percent of recent home sales have relied on an FHA loan Dennis Norman The National Association of REALTORS just released a report showing that 51 percent of the homes sold recently have been to first-time home buyers and that 39 percent [...] Loose lending standards in government-backed mortgages is setting up the next wave of defaults and sharp declines in housing prices.
Charles Hugh Smith, Of Two Minds Beneath the hype that housing has bottomed is an ugly little scenario: lending standards are still loose and the low-down payment, high-risk loans being guaranteed by government agencies are setting [...] |
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