Fears of FHA needing a bailout persist
Filed under Government Financing Assistance
With more than 9% of FHA loans now seriously delinquent the fears that the Federal Housing Administration will need to be be bailed out are not going away. Of course that does not mean the FHA will cease lending but it could mean tighter standards and higher fees down the road. We get this from a recent Washington Post article on the subject:
About 9.1 percent of FHA borrowers had missed at least three payments as of December, up from 6.5 percent a year ago, the agency’s figures show.
Although the FHA’s default rate has been climbing for months and eating into the agency’s cash, the latest figures show that the FHA’s woes are getting worse even as the housing market shows signs of improvement. The problems are rooted in FHA mortgages made in 2007 and 2008. Those loans are now maturing into their worst years because failures most often occur two to three years after a mortgage is made.
If the trend continues and the FHA’s cash reserves are exhausted, the federal government would automatically use taxpayer money to cover the losses — a first for the agency, which has always used the fees it charges borrowers to pay for its losses.
FHA upfront mortgage insurance premium increases starting April 5, 2010
Filed under Government Financing Assistance
Right now the upfront FHA fee is 1.75%. Starting on April 5th 2010 that will increase to 2.25%. When you combine that with the fact that interest rates will likely be rising soon now is definitely the time to refinance with the FHA if you are a candidate.
FHA upfront mortgage insurance premium increases starting April 5, 2010
Filed under Government Financing Assistance
Right now the upfront FHA fee is 1.75%. Starting on April 5th 2010 that will increase to 2.25%. When you combine that with the fact that interest rates will likely be rising soon now is definitely the time to refinance with the FHA if you are a candidate.
FHA upfront mortgage insurance premium increases starting April 5, 2010
Filed under Government Financing Assistance
Right now the upfront FHA fee is 1.75%. Starting on April 5th 2010 that will increase to 2.25%. When you combine that with the fact that interest rates will likely be rising soon now is definitely the time to refinance with the FHA if you are a candidate.
FHA upfront mortgage insurance premium increases starting April 5, 2010
Filed under Government Financing Assistance
Right now the upfront FHA fee is 1.75%. Starting on April 5th 2010 that will increase to 2.25%. When you combine that with the fact that interest rates will likely be rising soon now is definitely the time to refinance with the FHA if you are a candidate.
FHA upfront mortgage insurance premium increases starting April 5, 2010
Filed under Government Financing Assistance
Right now the upfront FHA fee is 1.75%. Starting on April 5th 2010 that will increase to 2.25%. When you combine that with the fact that interest rates will likely be rising soon now is definitely the time to refinance with the FHA if you are a candidate.
Gosh, making 3-3.5% down loans to people who are also getting a $7,500-$8,000 tax credit, and possibly 6% back in “seller’s concessions” (wink, wink) in a down market resulted in losses????? Wow, I’m so totally shocked!
Gosh, making 3-3.5% down loans to people who are also getting a $7,500-$8,000 tax credit, and possibly 6% back in “seller’s concessions” (wink, wink) in a down market resulted in losses????? Wow, I’m so totally shocked!
Gosh, making 3-3.5% down loans to people who are also getting a $7,500-$8,000 tax credit, and possibly 6% back in “seller’s concessions” (wink, wink) in a down market resulted in losses????? Wow, I’m so totally shocked!
Gosh, making 3-3.5% down loans to people who are also getting a $7,500-$8,000 tax credit, and possibly 6% back in “seller’s concessions” (wink, wink) in a down market resulted in losses????? Wow, I’m so totally shocked!
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