As we have reported, the Hope for Homeowners program has been, well, hopeless. For the month of October HUD reported that it received a total of 111 H4H loan applications — and approved none. In contrast, HUD also said that it approved 88,784 FHA mortgages during the second two weeks of October.
HUD now says that [.........
A few days ago we wrote about the new Good Faith Estimate form developed by HUD — a form which the government says will save consumers $700 per transaction, and also a form which is not required until January 1, 2010.
In response, Marc Brinitzer with LendingClarity.com posted the following note with us:
“Peter, I have reviewed [.........
The use of FHA mortgages is increasing at a phenomenal rate, something probably not seen since the FHA program began in the 1930s.
For the second two weeks of October, HUD reports that:
___99,197 would-be borrowers applied for FHA loans, up 79 percent over 2008.
___55,923 borrowers used FHA loans to purchase homes, a figure up 231.0 percent [.........
FHA home loans are available from a number of sources, both from retail and wholesale lending institutions. While some may prefer the idea of a brick and mortar bank such as Bank of America or Well’s Fargo, many individuals still rely on wholesale channels to fulfill their mortgage needs. Recently, FHA has gained in popularity [.........
New FHA Loan Limits
Earlier this month HUD had announced the new FHA loan limits set in place for January 1st 2009. If you’re still not sure about the ceiling and floor limits for your specific area, check out our recent post about the new loan limit guidelines. As we’re nearing the end of the year, [.........
Buying homes with nothing down is increasingly rare, a trend which should surprise no one. What should amaze folks is that in that in today’s financial environment so many buyers continue to purchase with no money up front.
The National Association of Realtors is out with the 2008 edition of its home buyers and sellers survey, [.........
It’s one of those good news, bad news stories.
After much deliberation HUD has come out with a new, better, clearer good faith estimate form, one that it estimates will reduce closing costs by $700 apiece.
The bad news: Lenders need not use the new form until January 1, 2010. Yes. Not 2009, but January 1, 2010.
Let’s [.........
Anybody notice something peculiar about the new conforming loan limits for 2009?
If you get a bright and shiny conventional mortgage the loan limit in the continental United States is generally $417,000. Go with an FHA loan and in many areas the maximum loan amount will be $625,000.
At first this seems like a complete reversal of [.........
With the presidential elections now a week behind us, the public has held high expectations for president-elect Barack Obama. And given the current economy, it’s fair to assume that he has quite a tall order ahead of him. Today, Obama visited the White House and also met with President Bush to begin the highly anticipated [.........
When HUD issued a letter back in April regarding non-traditional credit evaluation, we covered the basics and explained how it was a great solution for many individuals. Today, I wanted to revisit this topic and remind individuals how it applies to our current credit market. Unless you’ve been living under a rock the past year [.........
FHA Home Loan Experts by Paramount Mortgage 347 North Lindbergh Boulevard St. Louis, MO 63141
