FHA Loan Advice

  Yesterday Obama named Shaun Donovan, New York’s Housing commissioner who also worked in HUD during the Clinton administration, as his nominee for Secretary of Housing and Urban Development. I don’t know much about him other than what I read in this profile in the New York Times in which there ...

A lot has been going on in the world of FHA since my last post, so there is quite a bit of catching up to do! First, let me remind you about the changes that are happening with FHA loan limits and the down payment requirements in January. Don't let these catch you flat footed with your clients lo...

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One of my strongest pet peeves has long been those who insist on calling FHA "The New Subprime". I have addressed it many times here and on my website at FHA Loan Advice (where I'm about to address it once again in more detail). FHA has always underwritten loans based on a real concern for whethe...

Since the Hope for Homeowners program has been a failure so far in helping any homeowners avoid foreclosure, U.S. Housing and Urban Development Secretary Steve Preston announced today that standards for the program are being relaxed in the hopes that some actual borrowers might be helped by the p...

I have previously expressed my view that the “Hope For Homeowners” program is really more of a “Hope For Politicians” program designed to make the citizens believe that the politicians really care about them. According to articles I have seen quoting Fox News (although I haven’t found the source ...

FHA training for loan officers is more important than it has ever been. Times are tough in the mortgage business. Loan officers are dropping out like flies. Heck, even lenders are dropping like flies! The loan officers disappearing the quickest are those who aren't experts in originating FHA loan...

In answer to a recent comment on my post “H. R. 6694 Passes Out Of Committee” I made the statement that: “I’m absolutely not opposed to people putting money down. For most of my career in the mortgage business, buyers had to put down essentially 5%. FHA is a self supporting program where the borr...

From HUD: The Housing and Economic Recovery Act of 2008 amends the National Housing Act to authorize a new temporary FHA mortgage insurance program called the HOPE for Homeowners (H4H) Program. Under this Program, certain borrowers facing difficulty in paying their mortgages will be eligible to r...

Streamline 203K FHA Loans - The Basics Part 1 can be found here. Streamline 203K loans can be used to finance many different types of repairs and improvements. Many originators are surprised by some of the repairs that are eligible to be financed. Here is the list of eligible repairs and upgrades...