FHA
Congress Restores Higher FHA Loan Limits
It is official – Congress has voted to bring back the higher FHA loan limits. The measure, once signed by the President, will push the FHA conforming loan limit in the highest priced real estate markets (like California and New York) to $729,750 through 2013. The current limits cap at $625,500 in these markets; they…
Read MoreDon’t Have a Big Downpayment? A Loan May Still Be Possible
These days it is more difficult than ever before to qualify for a loan. Lenders have such a tight grip on their money that they practically require you to sign over your firstborn to release it. Many buyers find themselves in tricky situations – first time buyers who might not have enough cash or credit…
Read MoreWeekly Real Estate News REcap 7/8/11
Obama Administration Extends Foreclosure Programs for the Unemployed. Those who are unemployed and have an FHA loan will soon be given up to a year of forbearance on their payments, giving them time to find a new job before losing their homes. This announcement arose from the fact that many Americans are unemployed for more…
Read MoreLow Credit and Want to Buy…You May be in Luck
Wells Fargo recently announced that those who desire to purchase a home but have credit scores as low as 500 will be able to qualify for FHA mortgages. This announcement came after a slew of articles about how the major banks are stifling home purchases by cranking up the minimum credit score requirement in order…
Read MoreHow Affordable is the San Diego Housing Market?
In case you were wondering, or if you have been sitting on the sidelines waiting to purchase a home in San Diego county, here is some fantastic news: housing affordability in San Diego reached a record high last quarter. Combined with other factors, it is an ideal time for buyers right now in San Diego,…
Read MoreDoes Lower FICO Score = Lender Loan Discrimination?
Could it be that lenders are discriminating against you if your FICO score is at the lower end of the required range for granting a loan? It could very well be. A series of federal lawsuits is about to be filed, claiming that lenders are purposefully denying loans to many applicants based on lower credit…
Read MoreGovernment May Help Pay for Your Home Improvements
The Department of Housing and Urban Development (HUD) recently announced that it has initiated a program that could help you pay for home energy improvements. This program will grant loans, called FHA PowerSaver Loans, to credit-worthy borrowers up to $25,000 to make energy efficient improvements of their choice. PowerSaver loans will be backed by the…
Read MoreCongress Approves Extension of Existing Loan Limits
Congress has approved HR 3081, extending existing loan limits through September 30, 2011 for Fannie Mae, Freddie Mac and FHA loans. This means that loans will continue to be guaranteed and insurance programs will remain in place which back loans up to $729,750 in markets where the cost of living is highest. This applies to…
Read MoreFHA Announces Changes
The FHA has announced it is to make changes that will provide easier access to home ownership for borrowers and strengthen its reserves, allowing it to better manage risks. The changes are expected to go into effect this spring and early summer. They include: 1. Increase the mortgage insurance premium (MIP). The goal is to…
Read MoreQualifying for Loans May Get Harder
If you are in the market to purchase property and are counting on getting an FHA-insured loan, you may want to act quickly. First, a quick explanation: the FHA, or Federal Housing Administration, is not a lender, but instead insures loans that are written under its guidelines, thus protecting lenders against losses on those loans.…
Read More