Heads up FHA lenders and borrowers. There’s a new FHA handbook that takes effect later this month. The new handbook is more than 800 pages long and covers almost every aspect of the FHA mortgage-insurance program. It also replaces several other guides and policy letters, which will be phased out when the new book takes […]
A new initiative announced this week by the Department of Housing and Urban Development (HUD) could make it easier for people with credit issues in the past to qualify for an FHA loan. This is the latest in a series of steps taken by the agency to increase access to mortgage financing, particular for eligible but ‘underserved’ borrowers.
It appears as though the FHA loan-to-value (LTV) ratio limits for 2016 will be the same as this year, at least for a regular purchase loan. HUD recently released their new Single Family Housing Policy Handbook, which takes effect in September 2015. The maximum LTV for most home buyers will continue to be 96.5%.
According to the latest lender survey conducted by Freddie Mac, and a smaller survey conducted by the Home Buying Institute, 30-year FHA loan rates recently climbed to their highest level since March 12 of this year. What’s in store for the future? Here’s a current analysis to guide you.
Wells Fargo, the largest mortgage lender in the U.S., generated nearly $20 billion in FHA loans in 2013. In 2014, that number fell to $5.1 billion. But borrowers interested in this program needn’t worry. Other lenders are stepping in to fill the “void.” FHA will likely remain one of the most popular lending products for the foreseeable future.
HUD recently issued new rules and requirements for house flipping and FHA-insured mortgage loans. In most cases, borrowers who use these government-backed loans are prohibited from buying a house that was purchased and resold in 90 days or less (a “flip”). But there are a few exceptions to this general rule.
FHA loans are popular among home buyers for several reasons. The fact that the entire down payment can be a gift from a family member is chief among them. But HUD has some specific rules for gifted funds, and they can be found in the latest edition of their official handbook.
An informal survey of more than 50 mortgage lenders has revealed the top three reasons for FHA loan rejection / denial in 2015. A bad credit score, excessive debt, and insufficient income are the three most common obstacles for mortgage borrowers seeking a government-insured home loan. At the beginning of February, the Home Buying Institute […]
FHA mortgage rates rose a bit this week, according to the latest survey conducted by Freddie Mac. But they’re still hovering at historic lows, well below the 4% mark. Borrowers with excellent credit are currently locking in 30-year rates as low as 3.55%. Here’s an update on FHA mortgage rates past and present, and with […]
What will the FHA underwriting process look like in 2015? Much like it did last year. We do not expect any major changes to the Federal Housing Administration’s loan program, despite some new rules that came onto the scene over the last year or so. Here’s the latest.