Why Does The FHA Approve Loans That Borrowers Can’t Afford?
FHA Delinquency Rate Raises Questions The latest delinquency rates reported by the FHA are troubling and raise serious questions about the qualification process for approving FHA borrowers. The latest FHA numbers focus on the number of [...]
Banks Offering 3.875% Fixed Rate Mortgages
TARP Dollars Deployed Two Washington State banks are now offering 30 year fixed rate mortgages at 3.875%. SPOKANE, Wash. – Spokane-based Sterling Savings Bank and Walla Walla-based Banner Bank are offering mortgages at interest rates below 4 [...]
Feds Say FHA May Need Taxpayer Bailout
FHA Bailout Appears Likely Government officials said that a taxpayer bailout of the FHA appears likely based on increased mortgage defaults. The FHA has traditionally had higher default levels than Fannie Mae or Freddie Mac due to [...]
FHA – Ready To Join Fannie And Freddie
Multiple Reasons For High FHA Default Rates Massive default rates in the FHA loan program are starting to raise a few eyebrows. Without major reform of fundamentally poor lending policies, the FHA could soon join the failed [...]
Loan Modification Searches Go Parabolic – Making Home Affordable Guidelines
Loan Modification Enters Mainstream Vocabulary If you had used the term “loan modification” six months ago, most people would have given you a blank stare. With the passage of the Homeowner Affordability and Stability Plan, the term [...]
Are Geithner’s Days Numbered? Banks And Investors Have Zero Confidence
First Impressions Hard To Reverse The old saying in the recruiting business is that one is judged in the first 15 seconds of a job interview. Irregardless of what happens for the rest of the interview, that [...]
First Time Homebuyers In 2009 Helped By $8,000 Tax Credit
Large Benefit For First Time Homebuyers The stimulus bill (American Recovery and Reinvestment Act of 2009) recently signed into law provides a large incentive to first time homebuyers. The purchaser of a principal residence made on or [...]
FHA Increases Minimum Credit Score Requirement
FHA And VA Increase Credit Score Requirement Effective March 6, 2009, a minimum credit score of 620 will be required to be eligible for FHA and VA loans. The credit score requirement had recently been changed less [...]
Banks Tighten Lending By Restricting FHA Cashout Refi
FHA Loans Become Tougher To Qualify For Effective January 1, 2009 HUD announced that any FHA cash out refinance would require two appraisals when the loan to value exceeds 85% – see FHA Takes A Closer Look [...]
