AP Bush Outlines Aid for Mortgage Holders Friday August 31, 1:27 pm ET By Deb Riechmann, Associated Press Writer Bush Outlines Proposals to Help Homeowners With Risky Mortgages Keep Their Homes WASHINGTON (AP) -- President Bush outlined ways the federal government can help troubled borrowers keep their homes Friday in an effort to address … [Read more...]
Borrower Eligibility
August 27, 2007 By Leave a Comment
U.S. Citizens • Standard guidelines • Borrower must have a social security number. • Borrower must demonstrate 2 years of employment Permanent Resident Aliens Acceptable: • FHA will insure mortgages made to lawful permanent resident aliens under the same terms and conditions as U.S. Citizens. • Borrower must have a social security … [Read more...]
Details you need to know about Private Mortgage Insurance (PMI)
August 27, 2007 By 2 Comments
The upfront MIP is determined by multiplying the base loan amount by the Upfront Premium factor. • The annual MIP is determined by multiplying the base loan amount by the appropriate Annual Premium factor. Since the Annual MIP is collected in monthly installments, divide the resulting number by 12 to obtain the monthly premium. This figure is … [Read more...]
FHA Loans 101
August 27, 2007 By Leave a Comment
What is an FHA mortgage loan? In 1965 the Department of Housing and Urban Development (HUD) was formed. Within HUD operates the Federal Housing Administration (FHA), which has the primary responsibility for administering the government home loan insurance program. This program allows a first time home buyer … [Read more...]
How FHA Could Help Borrowers
August 27, 2007 By 2 Comments
Bush Backs Giving Agency Flexibility to Offer Options For Mortgage Refinancing August 22, 2007; Page A4 WASHINGTON -- As the subprime-mortgage crisis ripples through the broader housing market, the Bush administration is eyeing an often overlooked federal mortgage insurer to help low- and middle-income homeowners avoid foreclosure. President … [Read more...]