CHICAGO (MarketWatch) — Consumers looking for home loans backed by the Federal Housing Administration will face tougher hurdles and higher costs under new legislation and new rules that could take effect as soon as this month.
Higher monthly fees, larger down payments and better credit scores are among the new initiatives intended to insure that the [...]
NEW YORK (CNNMoney.com) — The once wide-open doorway to homeownership closed a teensy bit more this week when a key government agency announced a proposal to no longer allow mortgages for borrowers with very low credit scores.
The Department of Housing and Urban Development said that it intends to require borrowers to have scores of at [...]
WASHINGTON (MarketWatch) — Question: I keep reading about how low mortgage rates are for Federal Housing Administration insured loans and mortgages under the conventional loan limit. But what’s going on in the jumbo market? Are things going to loosen up any time soon?
Answer: From what I read and hear, the jumbo sector is unwinding a [...]
(Reuters) – U.S. home prices fell 0.2 percent on a seasonally adjusted basis in February and dropped 3.4 percent in the year, the Federal Housing Finance Agency said on Thursday. The regulator’s price index, calculated using purchase prices of homes financed with mortgages that have been sold to or backed by Fannie Mae (FNM.N) or [...]
The Obama administration on Friday announced a $14 billion effort to try to stem a rising tide of home foreclosures by giving lenders incentives to erase some mortgage debt and slash mortgage payments for the unemployed. The new aid programs, funded from the $50 billion allocated to housing rescue under the Treasury Department’s Troubled Asset [...]
Anti-flipping rule banned use of FHA loan within 90 days of seller’s purchase.
Banks have yet to implement FHA’s waiver of the anti-flipping rule.
Waiver should open up post-foreclosure homes to buyers who need an FHA loan.
Homebuyers who need a loan insured by the Federal Housing Administration, or FHA, may be able to buy a recent foreclosure [...]
Starting today home “Flippers” are now welcome at the FHA. That’s right, with a glut of foreclosures plaguing the nation’s neighborhoods, the FHA is temporarily removing restrictions on investors who buy and sell homes within 90 days.
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The Federal Housing Administration said Wednesday that it would raise down-payment requirements, boost its mortgage-insurance premiums and tighten its loan underwriting practices in a bid to strengthen its capital reserves and remain solvent in the face of rising foreclosures and delinquencies.
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In January, Mike Rowland was so broke that he had to raid his retirement savings to move here from Boston. A week ago, he and a couple of buddies bought a two-unit apartment building for nearly a million dollars. They had only a little cash to bring to the table but, with the federal government [...]
Lots of big news rumbling out of FHA, which continues to rack up record market shares of the home mortgage business.
New FHA Commissioner David Stevens announced not only comprehensive changes to the agency’s appraisal rules, but also a 10 percent reduction in the amount of money senior home owners can receive from the popular reverse [...]
Pressure from loan defaults has pushed cash reserves at the Federal Housing Administration below mandated minimum levels, but the agency’s head says taxpayers won’t be asked to make up the difference.
Instead, the agency is moving is pressing ahead with policy changes aimed at reducing its exposure to risk as the FHA coffers have been hit [...]
As foreclosures continue to rise, there’s been a lot of talk lately about how well-capitalized the FHA is to handle defaults on all the loans it backs. The FHA, which doesn’t make loans itself, estimates it will insure over $400 billion in loans just this year.
FHA now backs around 23 percent of U.S. home loans, compared [...]
