President Donald Trump, who paints himself as a champion of the middle class, hammers middle-income home buyers with FHA policy reversal. Within hours of being inaugurated, Donald Trump took a swipe at low-income and middle-class Americans — many of whom voted for him — by scrapping a planned mortgage fee reduction for FHA loans. In […]
Federal Housing Administration officials announced today that they will reduce the annual mortgage insurance premium for FHA loans by a quarter of a percent. The lower MIP rate will apply to most borrowers who use the FHA program to buy a home in 2017, and will save them an average of $500 per year. The […]
On December 1, 2016, the Department of Housing and Urban Development (HUD) announced the revised FHA loan limits for 2017. The maximum loan limits for purchase mortgages were increased in most counties across the U.S., and will remained unchanged in some counties. There were no counties with a decrease. Next year, FHA loan limits for […]
FHA loans are one of the most popular mortgage financing products for home buyers these days. They’re especially popular among first-time buyers, who often lack the funds for a large down payment. (FHA allows for a down payment as low as 3.5%.) But with home prices rising steadily across the country, some housing markets are […]
Want to use an FHA-insured mortgage loan to buy a house in 2016? If so, you’ll need to make a down payment of at least 3.5% of the purchase price or appraised value. But the money doesn’t have to come from you directly. It can be donated by a friend, a family member, or even an employer. Here’s an update on FHA down payment guidelines for 2016, based on the new HUD handbook.
Many home buyers who choose the FHA loan program are surprised to learn their credit scores are below the mortgage lender’s minimum cutoff, even though they meet the Federal Housing Administration’s official requirements. It happens fairly often, in fact, and it has to do with something called “overlays.” According to the Department of Housing and […]
The Federal Reserve recently announced it would maintain its current monetary course at least until October. So we might enjoy those super-low mortgage rates for a while longer. In related news, the average rate for a 30-year FHA-insured home loan recently sank to a 4-month low, based on our own surveys.