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Buying a HUD Home with a FHA Loan
With the economic times being what they are, you see TV commercials about buying foreclosed and real estate owned homes (REOs). But, did you know that there is another way you can buy a reasonably priced home?
Small Changes on (H4H) Program Could Have a big Impact
Through the Housing and Economic Recovery Act of 2008, Congress created the Hope for Homeowners ("H4H") program to help reduce foreclosures. Key parts of Section 124 of this program have been modified that could help make the program more appealing to borrowers and lenders alike.
Refinancing Your Home Under the Hope for Homeowners Program
The Hope for Homeowners program is designed to help curb the tide of foreclosures by allowing borrowers to refinance their homes into low, fixed-rate FHA loans.To qualify for the H4H program, borrowers must have paid at least 6 payments on the current loan.
Double-check Your Credit Before Applying for a Refinance Loan
With the current credit crunch not anticipated to ease on the consumer level until mid 2010, it's even more important to pay attention to your credit scores. Even if you are applying for a FHA loan, having a better credit score will help increase your chances of qualifying for the loan.
Government Bails Out Wall Street
On October 3, 2008, President Bush signed the bail out plan that enables the administration to buy up the bad debts of failing banks. It was designed to kick-start the flow of credit through the economy. But, will it work?
Second Appraisal Requirements/Limits on Cash-Out Refinances
For mortgage amounts that will exceed the January 1, 2008 conforming limit of $417,000, FHA is establishing a second appraisal requirement for loans on properties in declining areas and limiting the loan-to-value for cash-out refinances.
FHA Mortgage Insurance Now Tax Deductible
FHA mortgage insurance (private mortgage insurance, also known as PMI) on your FHA home loan is now tax deductible. This means that now your FHA mortgage insurance can be written off for tax purposes.
FHA in the Mortgage News
FHA has dominated the mortgage news in 2008 because they are one of the few lending products that have not seen significant tightening of guidelines for purchase or refinancing.
SEC Short Selling Ban on Fannie Mae & Freddie Mac Stocks Expires
The SEC order on short selling stock for Fannie Mae and Freddie Mac expired August 12th 2008. The order temporarily prohibited a specific kind of short-selling of the stocks for the home financing companies Fannie Mae and Freddie Mac and seventeen other mortgage investment banks.
Choose Type of Loan
Finance a new home or get help buying a foreclosed property with an affordable mortgage from FHA Home Loan Services.
Refinancing your home with a FHA loan provides guaranteed interest rate protection, because the government insures and locks the rate for 15 or 30 year terms. FHA allows 95% LTV for home refinancing with cash out options. And, you may be able to do a 97.5% refinance with no cash.
Refinance and Save Money Now! FHA Mortgage Rates dropped below conforming rates in 2008, but with the economy and inflation concerns, interest rates will likely increase soon. Refinance today and get a fixed rate guarantee for thirty years.