Ahead of the Bell: FHA overhaul

September 18, 2007

WASHINGTON House lawmakers are planning to vote Tuesday on an overhaul of a federal agency that insures mortgages against default in an effort to help struggling homeowners avoid foreclosure. The plan of leading House Democrats to expand the role of the Federal Housing Administration goes further than the Bush administration’s plan to ease some of [...]

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New Limits on FHA loans could reach $500,000

September 14, 2007

U.S. Representative says GSE amendment would make loan cap $500,000   Last Update: 2:01 PM ET Sep 11, 2007 Print E-mail Subscribe to RSS Disable Live Quotes (Updates to add details) By Damian Paletta Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)–U.S. House Financial Services Committee Chairman Barney Frank said Tuesday an amendment he plans to [...]

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The substitute to Subprime?

September 14, 2007

FHA saddles up to help delinquent borrowers As millions of homeowners lie bleeding in the Subprime Corral, the feds ride in on an old mare to rescue a few borrowers suffering from scratches.The bailout plan, called FHASecure, is designed to prevent foreclosures among homeowners who fell behind because the rates went up on their adjustable-rate [...]

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Refi rescue

September 13, 2007

And potentially some tax help, too. Here are breaks that borrowers in a pickle may receive in the next few months. By Jeanne Sahadi, CNNMoney.com senior writer September 12 2007: 1:52 PM EDT NEW YORK (CNNMoney.com) — Hundreds of thousands of homeowners who may struggle to make mortgage payments are likely to get some relief [...]

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Are the current iniciatives by the Fed and the President enough?

September 11, 2007

On Aug. 31, while many of us were getting ready for a long holiday weekend, President Bush addressed the nation about the mounting concerns in the housing market. His speech took place exactly one month before we’ll see a record-breaking $50 billion in mortgages reset to a new rate. That’s right, in the month of [...]

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Letter from HUD regarding FHA-secure

September 8, 2007

MORTGAGEE LETTER 2007-11September 5, 2007  TO:                 ALL APPROVED MORTGAGEES                        ALL FHA ROSTER APPRAISERS  SUBJECT:    The FHASecure Initiative and Guidance on Appraisal Practices in Declining Markets                          The Federal Housing Administration is pleased to announce an initiative that will enable homeowners to refinance various types of adjustable rate mortgages (ARMs) that have recently “reset.”  This mortgagee [...]

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Bush Plan To Help The Ailing Housing Markets

September 6, 2007

Word came late last week from both the Federal Reserve and the White House that the federal government does not intend to stand by and watch the housing and credit crisis drive the country into recession. President George W. Bush announced a series of proposals intended to help homeowners faced with mortgage defaults and Federal [...]

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FHA Secure

September 6, 2007

Bush will apparently propose reforms to the Federal Housing Administration (FHA) which would allow the FHA to insure 80,000 more loans, a 50% increase in FHA-insured loans. Assuming an $200,000 loan size for subprime loans originated in 2005-2006, with roughly $30 billion in resets per month over the next year, this works out to around [...]

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President Bush in the News again

August 31, 2007

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 rising [...]

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Borrower Eligibility

August 27, 2007

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 number. • The [...]

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Details you need to know about Private Mortgage Insurance (PMI)

August 27, 2007

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 [...]

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FHA Loans 101

August 27, 2007

       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  who might otherwise not qualify for a home [...]

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How FHA Could Help Borrowers

August 27, 2007

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 Bush has balked at allowing mortgage giants Fannie Mae [...]

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