FHA approved reverse mortgage Counselors

FHA approved reverse mortgage Counselors

I have read different stories about a reverse mortgage and thought it was time I found out truly what a reverse mortgage is, who qualifies and what is needed for them to get a FHA Reverse Mortgage. I have heard good stories and bad stories, so I felt this was one of those items that should be discussed. According to U.S. Department of Housing and Urban Development, a reverse mortgage is a special type of home loan that lets a homeowner converts a portion of the equity in his or …

FHA Home Loan Guidelines

FHA Home Loan Guidelines

FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so your lender can offer you a better deal. Low down payments Low closing costs Easy credit qualifying What does FHA have for you? Buying your first home? FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan …

FHA Guarantee Reverse mortgage

FHA Guarantee Reverse mortgage

Television advertisements make reverse mortgages sound appealing. Some ads make misleading statements such as a borrower “will never lose your home, ” or that a reverse mortgage is a “government benefit, ” but there are several untoward things that can happen if borrowers do not fully understand the terms. Furthermore, because the Federal Housing Administration (FHA) insures reverse mortgages, future taxpayers could be on the hook for billions of dollars. How A Reverse Mortgage …

FHA reverse mortgage underwriting guidelines

FHA reverse mortgage underwriting guidelines

Foreclosure is devastating, both financially and emotionally. It affects your feeling of security and belonging. Many times, you cannot recover this feeling until you are in your own home again. If you have experienced foreclosure, FHA loans are your best bet for qualifying for a mortgage after a foreclosure. The Federal Housing Administration, which guarantees loans underwritten according to their guidelines, insures these mortgages. FHA-approved lenders may choose to hold higher …

Current FHA home loan interest rates

Current FHA home loan interest rates

Federal Housing Administration (FHA) loans are government insured home loans that allow for flexible credit guidelines, down payments as low as 3 percent and reasonable closing costs. These mortgages are insured by the FHA, which is part of the U.S. Department of Housing and Urban Development (HUD). One type of FHA loan is the 30-year fixed interest rate mortgage. Finding the current interest rate will help you decide if it s the best way to go. Tips for you: 1. Visit individual …

FHA Home mortgage Calculator

FHA Home mortgage Calculator

That makes them useful tools for prospective home buyers, especially buyers who need some extra help qualifying for a loan. Issued by the Federal Housing Administration, these mortgages require lenders to carry mortgage insurance. That protects the lender from a loss if there’s a default on the loan. Here’s what you need to know: Low down payment You’ll only need a down payment of 3.5% of the home’s purchase price with an FHA. So if you’re low on cash and want a home, one of these …

FHA reverse mortgages Guidelines

FHA reverse mortgages Guidelines

Although there are no cold hard figures to support it, the common belief regarding is that many of America’s retired seniors are NOT financially liquid but they DO have great equity. By definition, it does not mean that they are financially needy. It only means that the mortgage on their homes has been totally paid, but they do not have money to pay the bills. Luckily for seniors who are at least 62 years old, they can convert the equity of their homes into cash through a reverse …

FHA Home loans rates Today

FHA Home loans rates Today

What a normal year for foreclosures is? I think you mean tens of thousands more . NPR has a habit of going into hysterics to get listeners. The sub prime loans under current discussion still require a whole bunch more qualifications than the negative ammortization, no-qualification assumable loans offered by FHA in the late 70s. Remember them? Adjustable rate, started at 3-5%, at a time when prevailing rates were in the 20s. Would adjust 2% to 5% per year up, and some of them …

FHA reverse mortgage Servicing Guidelines

FHA reverse mortgage Servicing Guidelines

In late February, HUD released Mortgagee Letter 2012-3 with tougher guidelines for self-employed borrowers, disputed accounts and collections. Over the weekend, HUD amended the guidelines to have the disputed accounts and collections go into effect on July 1, 2012. However the new guidelines for self employed borrowers went into effect for case numbers as of April 1, 2012. Here is a quick(?) 4-1-1 of the new guidelines: Income documentation requirements for self-employed borrowers …

FHA Reverse mortgage moratorium

FHA Reverse mortgage moratorium

Some seniors with reverse mortgages In Brooklyn have used funds for any of the following items: Pay off an existing mortgage, if there are enough funds available Pay off existing home equity line of credit, if there are enough funds available Home remodeling or repairs Living expenses Seniors have been able to take advantage of several types of reverse mortgages in Brooklyn. There are several types of reverse mortgage products within the FHA program. There are currently products …