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FHA Mortgage Rates & LoansThe demise of the conventional and alternative mortgage industry have brought FHA mortgage loans back into the spotlight. FHA mortgages are loans that are insured by the Federal Housing Administration (FHA) which is a division of HUD, a division of the government known as Housing and Urban Development. FHA mortgage loans are not offered directly by HUD, but rather by mortgage lenders, brokers and banks that are approved to finance loans that are underwritten according to the guidelines that FHA has established. FHA mortgages require mortgage insurance, a portion is paid up front and another portion is paid with each house payment. The mortgage insurance amount will be different if you apply for a 15 or 30 year loan term. The FHA plays a critical role in allowing both current home owners and new home owners to apply for mortgage loans that would not be approved under traditional underwriting guidelines. Some of the unique characteristics of FHA loans include: Â
FHA mortgage loans are always underwritten according to specific FHA loan guidelines. Mortgage lenders and banks must order home appraisals from FHA certified home appraisers. FHA appraisals require that the property meets certain guidelines such as a working furnace, structurally sound roof, and no potentially hazardous deficiencies such as cracked sidewalks, missing handrails, etc. A borrower must be able to fully document their income over a two year period and should be prepared to document their assets and may be required to document an additional two months work of assets to cover their upcoming house payment as reserves. If you are considering applying for a FHA mortgage then you should shop for the best possible mortgage terms and closely look at the interest rate and closing fees. Â |
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Rates, News & Advice Articles
June 13, 2011
The stock market tried to mount a rally on Monday, but finished the day relatively flat, a growing signal that the pessimism in the market may be around to stay for the summer. The DOW was up almost 100 points in early trading action as investors were looking to buy into some bargains from the sell...
QRM Yet Another Federal Blunder In Fixing The Housing Market
QRM – Qualified Residential Mortgages is probably the dumbest idea the government has rolled out in the past 24 hours. An idea whose origination stems from the colossal collapse of the economy and U.S. housing markets would ensure the collapse of the American Real Estate Market. The simple economics...
June 4, 2011
The continued decline in stock prices, weakness in housing and the employment markets over the past sixty days has very few silver linings. The one area that has benefitted from the market changes is the mortgage market, where fixed home mortgage rates have continued to improve. Loan rates dropped to...
May 26, 2011
May has been a great month for the mortgage market as long term interest rates have moves substantially lower this month following a dip in bond yields. The ten year treasury bond move below 3.1 this week, over seventy basis points off of its high levels of the year. The correlation to fixed mortgage...