On the heels of Bank of America’s pledge to forgive mortgage principal for people with adjustable rate mortgages, the government has announced a more comprehensive plan to help many American who are struggling with their mortgage payments. I have to say that the Making Homes Affordable Program HAMP was a complete failure. Only 170,000 homeowners [...]
Entries Tagged as 'FHA'
Government Mortgage Assistance Plan Announced
March 26th, 2010 · No Comments · Mortgages
Tags: FHA·homeowners·HUD·Making Homes Affordable Program·mortgage assistance·mortgage qualification·Mortgages·refinance·second mortgages·unemployed
New Lending Policies Announced by FHA
March 15th, 2010 · No Comments · Mortgages, Real Estate
If you have been listening to the news regarding the housing market, you’ve probably already heard about some lending changes that were announced recently by the Federal Housing Administration (FHA). While many of these news reports were confusing, the bottom line is fairly clear – and fortunately, not as bad as many people have interpreted it to [...]
Tags: FHA·FHA financing·FHA lending·mortgage lending·Mortgages·Real Estate
Down Payment Requirements for Some Conventional Loans Being Relaxed
December 30th, 2009 · No Comments · Banking, Mortgages, Real Estate
Finally, some news indicating that potential home buyers may soon have slightly fewer obstacles to overcome to get into a new home. A recent article in the Wall Street Journal gives examples of several mortgage insurers, MGIC Insurance Corp and Genworth Financial, both of which have made the decision to loosen restrictions for down payments in specific [...]
Tags: convention financing·down payment requirements·FHA·mortgage insurers·Mortgages·private mortgage lenders·Real Estate
FHA First-Time Buyer $8000 Tax Credit Allowed as Down Payment?
May 22nd, 2009 · No Comments · Mortgages
The Federal Housing Administration (FHA) last week announced they were in support of a program that would allow approved lenders, nonprofits, and state and local governments to fund short term loans that could be used as down payments to be repaid once the borrower received the tax credit. Congress approved the tax credit in February’s [...]
Tags: $8000 tax credit·boost housing market·federal tax credit·FHA·First Time Homebuyer·First time homebuyer tax credit·HUD·use tax credit for downpayment
