Highly Appealing FHA Loans [Housing Tracker]

Mortgage Trends

LendingTree Moves into FHA Lead Generation. “Recent legislation passed by Congress and… signed by President Bush adds $300 billion in muscle to the Federal Housing Administration’s mortgage insurance program. And LendingTree… is timing a rollout of consumer-facing tools that ostensibly allow consumers to shop for an FHA-insured loan… Users can now submit a loan request for FHA-insured loans and have banks compete for their business, and touted a new “FHA loan tool” that helps consumers determine whether they may be FHA-eligible prior to submitting their loan information request. It’s an interesting shift for a company that… largely made its name helping consumers locate exotic loans at the lowest monthly payment during the housing boom.” (Housing Wire, July 29^th) 

Isn't It Rich? “NY Post: The Town of East Hampton faces a $12 million deficit… Part of the reason: Mortgage-tax revenue is down 42% on Long Island, and down almost exactly the same percentage in East Hampton. New York state exacts that levy on mortgages on sales of homes or refinancings, both of which have fallen off in the current market. Part of the reason is that mortgage rates have gotten dearer. WSJ reports rates on 30-year, fixed-rate conforming mortgages… jumped 40 basis points in the last week to an average of 6.71%, That's nearly the highest level in a year -- despite the Fed slashing its funds-rate target 325 basis points, all the way to 2%. Jumbo mortgages -- those exceeding $417,000, or $729,750 temporarily in high-priced real-estate markets -- averaged 7.84% for 30-year fixed terms. And that's for legit credit.” (Barron’s, July 28^th)

JPMorgan Chase, Lenders May Gain New Borrowers from Housing Law.“Bank of America Corp. (BAC), JPMorgan Chase and Co. (JPM) and U.S. lenders may sign up customers backed by the government, and shed bad home loans after Congress passed legislation to prop up Fannie Mae (FNM) and Freddie Mac (FRE). The bill lets the FHA guarantee new loans for 400,000 homeowners after lenders reduce the unpaid balance, and creates a new regulator for Fannie and Freddie, the government-sponsored companies that are the biggest providers of funding for U.S. mortgages.” (Bloomberg, July 27^th)

 

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Comments

[911loan:]

I aggree FHA loans are the way to go, The FHA loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Here are just some Examples of how FHA can help you buy a home,

Minimal Down Payment and Closing Costs.

Downpayment less than 3% of Sales Price
100% Financing options available
No reserves or required.
FHA regulated closing costs.
Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirments.
FHA will allow a home purchase 2 years after a Bankruptcy.
FHA will allow a home purchase 2 years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
Higher Debt Ratio's than other home loan programs.
Less than two years on the job is allowed.
Self-Employed individuals o.k.

www.fhamortgageprogram.../

2008 Dec 28 09:14 AM