FHA reverse mortgage inspection

FHA reverse mortgage inspection

FHA inspectors look to see if a home is safe and habitable for occupants. With an FHA mortgage, there are several property conditions that must be met in order to have loan approval. Properties chosen by borrowers seeking an FHA loan undergo an inspection to determine the condition of the property and make sure it meets the health and safety standards set forth by the Federal Housing Authority (FHA). It ensures that the home is habitable and safe to be occupied. The inspection …

FHA name for Reverse mortgage

FHA name for Reverse mortgage

Home > > Seniors to Find Reverse Mortgages Less Appealing with New FHA Rules The Federal Housing Administration or the FHA has brought about new rules on reverse mortgage. Most importantly, it has brought about some pertinent changes which holds a lot for seniors. In fact, reports have it that retirement just go harder. This is mostly because of the fact that reverse mortgages now become less attractive. The new regulations are supposed to come into effect from September …

FHA Reverse Mortgage case numbers

FHA Reverse Mortgage case numbers

HUD for the second time in two years has been forced to reduce the proceeds that borrowers receive in the FHA insured reverse mortgage program. These changes to the proceeds are necessary to ensure that the program is sustainable. October 4, 2010, the principal limits (gross proceeds) for the FHA reverse mortgage programs will decrease approximately between 1% and 5%. The changes will have less of an impact on younger borrowers whereas the older borrowers will see a bigger reduction …

FHA reverse mortgage insurance premium

FHA reverse mortgage insurance premium

If you haven’t heard, FHA announced on February 14th that it is raising the annual mortgage insurance premiums , also known as the FHA monthly mortgage insurance. These changes are mentioned in Mortgagee Letter 11-10 and become effective on or after . The new change is 25 bps more. I have already heard that some of you think this will hurt the housing market and our economic recovery. Why the changes? HUD wants to strengthen the FHA’s Mutual Mortgage Insurance Fund, known as the …

FHA mortgage first time home buyers

FHA mortgage first time home buyers

The Fall In FHA Loan Limits Will Affect Entry Level Parkland Homes In 2014 The federal government announced last week that the loan limits will fall in 2014 which will have an impact on entry level homes in Parkland, Florida. FHA Loans, which are popular with first-time homebuyers, are government insured loans that allow for borrowers to purchase homes with low down payments of 3.5% of the purchase price and with lower credit scores. The maximum loan amount backed by the Federal …

FHA reverse mortgage scams

FHA reverse mortgage scams

HUD No. 12-069 Lemar Wooley (202) 708-0685 HUD INDEFINITELY DEBARS FOUR INDIVIDUALS FOLLOWING REVERSE MORTGAGE SCAM THAT TARGETED SENIORS 3 Florida loan officers & Pittsburgh title agent serving prison terms following conviction WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) today announced the indefinite debarment of three South Florida mortgage loan officers and a Pittsburgh title agent following their criminal convictions on charges they defrauded …

FHA reverse mortgage payment options

FHA reverse mortgage payment options

Established in 1934, The Federal Housing Administration (FHA) offers mortgage insurance on loans through FHA-approved lenders. The FHA provides this coverage for single and multi-family homes, and other approved purchases. The FHA does not issue loans, but FHA mortgage insurance is quite attractive for a prospective lender. The main reason for this is simple; FHA mortgage insurance protects the lender s investment should a homeowner default on the mortgage. Loans insured by the …

Refinance FHA Home loan

Refinance FHA Home loan

FHA Streamline Refinance Loan in Sierra Vista, Arizona by Joseph Small Over the years, the FHA home loan has been a great option for homebuyers in Sierra Vista, as well as nearby communities like Bisbee and Tombstone, Arizona. As mortgage interest rates have continued to drop to historic lows, a lot of these FHA homeowners have wondered if they could possibly refinance and take advantage and lower their monthly payments. This is where the FHA Streamline Refinance Loan comes into …

Non FHA Reverse mortgage Florida

Non FHA Reverse mortgage Florida

Currently, the HECM (Home Equity Conversion Mortgage) is the most popular reverse loan program in Florida as well as the rest of the country. With a HECM reverse mortgage, you have several options to choose from including fixed rates, adjustable rates and purchase reverse mortgages. FHA Reverse Mortgages in Florida Seniors in Florida are really seeing a benefit due to the Government s passing of the American Recovery and Reinvestment Act of 2009, which increased the national reverse …

FHA loan home requirements

FHA loan home requirements

Loan limits for mortgages backed by the Federal Housing Administration (FHA) were scheduled to fall in 2014 due to the expiration of increased limits set during the housing crisis. However, the magnitude of change for the has caught many by surprise. Stimulus legislation established higher limits to ensure homebuyer access to credit during the Great Recession. In general, FHA loan limits are set according to local home prices, subject to certain caps and floors. This legislation …