Recent News Updates
5 January 2009 | 11:20 am
As the New Year has finally begun, I wanted to point out two key changes FHA borrowers can expect to see in this coming year. The first issue has been the change to the FHA down payment requirement; a change that we’ve heavily covered and seen some borrowers face since late last year. But in [...
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5 January 2009 | 2:07 am
If you think that Washington is a monolithic entity where every department and agency marches in lock-step, just take a look at how foreclosures are being handled.
First up, we have HUD and the FHASecure program. Announced as a foreclosure prevention program that would save huge numbers of homeowne...
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30 December 2008 | 1:57 am
What should you do if you have an FHA loan and face foreclosure?
HUD has come out with a new letter for lenders which explains how to handle situations where a property owner cannot make their payments.
“The Pre-Foreclosure Sale (PFS) option,” says HUD, “allows mortgagors in defau...
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29 December 2008 | 1:04 pm
Rising foreclosure rates have been plaguing homeowners around the nation and even FHA borrowers have not been immune. In response, HUD has recently issued a letter to all FHA mortgagees and mortgage lenders regarding the FHA Pre-Foreclosure Sale [PFS] Program.
The PFS program has been available na...
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29 December 2008 | 1:08 am
After December 31st the FHASecure program will be no more.
The official explanation for the closure looks like this:
“While FHA will retain its standard rate-and-term refinance program for borrowers who are current on their existing mortgages, the FHASecure program under which FHA was able to ...
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27 December 2008 | 5:37 pm
The FHA Streamline Refinance program has 2 main criteria to qualify: no mortgage late payments and currently have an FHA mortgage loan.
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27 December 2008 | 7:41 am
The FHA Streamline Refinance program requires no income qualification or credit qualification. The FHA streamline refinance program is designed to help FHA homeowners who are in good standing take advantage of lower interest rates without fully re-qualifying for a new loan.
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26 December 2008 | 4:25 pm
All you really need to qualify for an FHA streamline refinance is an existing FHA loan with no late payments in the last 12 months.
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26 December 2008 | 2:38 am
The FHA streamline program is available to people who are currently in an FHA loan and want to lower their interest rate.
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