Up Front Mortgage Insurance Payments For FHA Home Loans

A reader asks, “Can I roll my upfront MIP on to my loan above the county loan limits? The limit in San Diego is $697500, can I roll the upfront MIP on to the loan or do I have to pay cash?” Up front mortgage insurance payments, or UFMIP, have clearly defined rules as spelled […]

FHA Loan Reader Questions: Unsettled Credit Report Details

A reader asks, “There are two old debts from 2003 that I have not been able to verify on my credit report. The total of this is $520, the underwriter on the mortgage has been relentless about this debt. I will not pay for something that do not know what it is for. Does this […]

Saying Thanks To Our Veterans on Memorial Day

Memorial Day is traditionally a time to remember the sacrifices made by men and women in uniform. As Joseph Campbell once said, “A hero is someone who has given his or her life to something bigger than oneself.” But for many of us, Memorial Day remembrances always lead to thoughts of those currently serving–the sacrifices […]

FHA Rules For Streamline Refinancing With or Without a Credit Check

FHA Streamline Refinancing loans–which are issued for those with existing FHA mortgages–are available in two ways. One is a non-credit qualifying streamline loan which is available to qualified borrowers, the other is the “with credit check” or “credit qualifying” streamline refinance. When is a borrower eligible for a no-credit check FHA streamline loan? Part of […]

FHA Loans, Your Application, and Credit Reports

When you apply for an FHA home loan, there are several pieces of required information you need to complete the application. One is your work and residence history, another is the nature of your income, and still another is your credit data–what lines of credit you currently have and how much you owe. When the […]

More on FHA Loan Pre-Purchase Counseling

Recently we reported on a study conducted by FHA/HUD that examined the effects of pre-purchase counseling for house hunters. According to a May press release, HUD No. 12-085, the Pre-Purchase Counseling Outcome Study, “enrolled 573 individuals seeking pre-purchase counseling services in fall 2009 from 15 HUD-funded counseling agencies across the country.” “The objectives of the […]

Could FHA Condo Loans Become Easier to Get?

The Department of Housing and Urban Development official blog, The HUDdle, recently linked to an article on HousingWire.com that details possible changes to the way FHA condo loans are approved. Those changes could make it easier for some borrowers to get condo loans on projects that were previously ineligible for FHA home loans. According to […]

FHA Approved Housing Counseling Resources

Recently we posted about an FHA/HUD study that showed important benefits associated with housing counseling. According to HUD press release HUDNo.12-085, ” HUD found housing counseling significantly improved the likelihood homeowners remained in their homes”. Did you know there is a 24-hour hotline especially for those who need housing advice? According to the Department of […]

FHA Loan Rules For Credit Qualifying Streamline Refinancing Loans

FHA home loans aren’t just for new purchase mortgage transactions, there are also different types of refinancing loans available. FHA streamline refinancing, so named because of the reduced amount of paperwork and procedures associated with underwriting the refinancing, is one such option. FHA streamline loans come in two basic types–no-credit-check refinancing and credit qualifying refinancing […]

HUD Studies Reveal Important Benefits Associated With Housing Counseling

A press release from the Department of Housing and Urban Development says FHA/HUD approved housing counseling offers significant benefits “for families who purchase their first homes and those struggling to prevent foreclosure”. Those benefits were the focus of two HUD research projects. According to HUDNo.12-085, ” HUD found housing counseling significantly improved the likelihood homeowners […]