A few weeks ago it was announced that President Obama was taking major new step with his Administration is taking to make mortgages more affordable and accessible for creditworthy families. The Federal Housing Administration (FHA) has reduced the annual mortgage insurance premiums by 0.5 percentage point from 1.35 percent to 0.85 percent. For the typical first-time homebuyer, this […]
FHA Trims Waiting Period to Buy to 1 Year after Foreclosure
FHA mortgages are very attractive to many first-time homebuyers, as well as buyers who wish to put down a lower down payment. Only 3.5% of the total purchase price is required as a down payment with an FHA mortgage. Until recently, the Federal Housing Administration (FHA) wasn’t allowing borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or […]
5 Signs Real Estate Recovery is Here
David Stevens, president and CEO of the Mortgage Bankers Association, is bullish on home ownership. Stevens — a former Long & Foster Cos. executive who stepped down as head the Federal Housing Administration (FHA) in March — thinks there’s sunshine on the horizon and it may be here sooner than anyone realizes. Recently Inman News […]
