Today's featured FHA question

"Should we use an FHA direct lender or FHA broker to get us our mortgage loan?"

Alfanso & Jennifer - Maine

"There are advantages and drawbacks to both as FHA lenders and brokers may have different requirements, rates and program guidelines..."

FHA Increases Monthly Mortgage Insurance

On February 14, the FHA announced a new premium for FHA single-family mortgages, increasing the annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30-year and 15-year loans.

Like most investors in the Real Estate and loans market, the FHA was adversely impacted by poorly performing loans originated around 2006 - 2008. In order to increase working capital and revenue, the FHA must increase the mortgage insurance premium they require borrowers to pay every month by .25% - This minimal increase will insure the ongoing stability of the Nations largest insurer, generating a projected an additional $2.5 - $3 billion annual for the FHA.

FHA loans still remain the most cost effective borrowing options for millions of American's and this is a "responsible step" towards insuring this remains to be.

Full article here

FHA Loan Update

August 2nd, 2011

FHA Loan Requirements

What will you need? Click the link below to read about FHA Loan Requirements, credit and income requirements, FHA lender guidelines and the documents that may be required by your FHA lender....

Using a Mortgage Broker?

As of April 1st, 2011, mortgage originators will no longer be allowed to collect Yield Spread Premium (YSP) - a fee charged by mortgage brokers that is normally paid for by the lender upon closing a purchase or refinance transaction. This can mean higher up front fees for [you] the consumer....

FHA Mortgage Insurance Increase

How will this affect you? [click]

For Home Buyers

Everything you need for Buying a Home FHA

FHA loans allow you to buy a home at very affordable terms. With FHA's low down payment requirements, light qualification guidelines and competitive fixed rates, millions of American's have turned to an FHA loan for their home purchase...

More about FHA loans for buying a home

FHA Refinance

Refinancing With a FHA Loan

If you are thinking about a refinance, an FHA refinance might be the solution. FHA loans offer rates just as low as conventional loans and in many cases are easier to qualify for...