FHA Reverse mortgage Applications

FHA Reverse mortgage Applications

August 19th, 2013 | by Jason Oliva Published in , | The number of Federal Housing Administration (FHA) single-family loan applications plummeted by nearly 50% in June compared to the previous month, according to a issued Friday by FHA. FHA loan applications fell 49% in June to 93, 734, compared to the previous month when there were a total of 182, 431 applications received. So far, June had the lowest application volume for FHA single-family loans than any other month in 2013 …

FHA home loans down payment

FHA home loans down payment

For those of us who may not have the recommended 20% down for purchasing a house, there is good news. Instead of being forced to turn to the FHA for a low down loan there are now some banks who are offering loans for as little as 5% down. Banks like TD Bank, Bank of America, and Wells Fargo are offering their home loans with down payments for as little as 5% down. Over the last few years, the FHA has been raising premiums because after the housing bubble burst the FHA dominated …

FHA reverse mortgage Qualifications

FHA reverse mortgage Qualifications

Actually, there is nothing at all preventing a condominium owner from qualifying for a reverse mortgage through the FHA and HUD. Any property that meets all FHA property standards and flood requirements may be potentially eligible. This includes single family homes, condominium projects, and manufactured homes. You just need to live in a condominium which meets with HUD approval. How do you figure out whether you live in a HUD approved condominium project? A good start is to visit …

FHA Home loans requirements 2013

FHA Home loans requirements 2013

The federal agency that regulates housing issues on the national level, the Department of Housing and Urban Development, announced FHA loan limits effective January 1, 2014. The limit for San Antonio, Bexar and adjacent counties will be $316, 250. This is reduction from the loan limit in 2013 of $332, 500. These amounts are for single homes. Limits for multiple same sited housing units, for example duplex and above will differ. See the chart below to compare FHA loan limit changes …

FHA reverse mortgages for Consumers

FHA reverse mortgages for Consumers

The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing …

FHA reverse mortgage Lending limits

FHA reverse mortgage Lending limits

December 6th, 2013 | by Elizabeth Ecker Published in , , , | The Department of Housing and Urban Development announced today it will keep reverse mortgage loan limits unchanged through 2014, though it has reduced forward lending limits in some counties across the country, namely high-cost areas. The limit for Home Equity Conversion Mortgages will remain at a maximum claim amount of $625, 500, with actual loan limits based on property value, borrower age and current interest rates …