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FHA Loan Requirements

At FHA, Odd Accounting Burnished Stevens An "unprecedented crackdown." That's how Commissioner David Stevens described a get-tough program that took place under him at the Federal Housing Administration from mid-2009 until April of this year. As part of the push, the FHA's Mortgage Review Board issued more administrative actions against lenders in Stevens' first year than it had in the pr ... read more>>   Audit of 15 FHA Lenders Finds Problems Run Deep The Department of Housing and Urban Development's inspector general found "systemic problems" in lenders' compliance with underwriting requirements for Federal Housing Administration loans. Kim Randall, director of the inspector general's civil fraud division, recommended in a report Wednesday that 15 mortgage lenders singled out a year ago for re ... read more>> CCAGW Fuming Over FHA Loan Limit Increase Today, the Council for Citizens Against Government Waste (CCAGW) issued a statement of stern opposition to the inclusion of an amendment to the fiscal year (FY) 2012 Agriculture, Commerce, Justice, and Science, and Transportation/Housing and Urban Development (THUD) Appropriations “minibus” that would allow the Federal Housing Administration (FHA) ... read more>>   FHA Eases Streamline Rules The Federal Housing Administration is making it easier for existing FHA borrowers to qualify for streamlined refinancings. The FHA has revised the "net benefit test" allowing more borrowers to lower principal and interest payments even though they are facing higher taxes and insurance payments. The agency also is putting the brakes on lenders pack ... read more>> FHA Single-Family Endorsements Decline Federal Housing Administration endorsements of single-family loans fell 24% in the first quarter compared with the fourth quarter, as the slowdown in lending is even affecting low-down-payment products. The FHA endorsed $58.2 billion in one-to-four family loans in the first quarter, down from $76.9 billion in the prior quarter (based on the calend ... read more>>   FHAs Purchase Role Slipping The Federal Housing Administration has been the "go to" lending program of choice for homebuyers - especially first-timers - for the past few years. But that may be changing because of tighter government credit standards and higher mortgage insurance premiums. Last year, the FHA insured nearly 40% of all purchase mortgages, or roughly $200 billion ... read more>>

New FHA Loan articles this edition... Higher Borrowing Limit For FHA Loans Today, I've got answers to reader questions on home and student loans, but first an update from Congress, which was considering reinstating higher limits on government-backed home mortgages in about 670 high-cost counties, including most of the Bay Area. The maximum loan backed by Fannie Mae, Freddie Mac and the Federal Housing Administration in t ... read more>> Higher Loan Limits Now Available From FHA After a year characterized by grumpy partisan gridlock, Congress came up with a Thanksgiving compromise that could change the mortgage choices of buyers and refinancers in more than 660 markets across the country: It raised maximum loan limits for the Federal Housing Administration while leaving loan ceilings untouched for Fannie Mae and Freddie Ma ... read more>> Homeowners With FHA Loans Who Sell or Refinance Should Try to Schedule Closings at Months End Could the federal government'sbooming FHA mortgage program be forcing homeowners to pay tens of millions of dollars of extra interest charges when they sell their houses or refinance loans? Critics say yes. The government says the critics aren't providing the full picture. Those critics include Sen. Ben Cardin (D-Md.), who is sponsoring legislati ... read more>> Limiting Loan Limits Even if Congress and the Obama administration allow federal loan limits to fall back to precrisis levels in October, as expected, the limits will still be higher than they need to be, professors at The George Washington University School of Business have determined. "In the wake of significant declines in home prices, we believe the [Federal Housi ... read more>> Loan-Limit Drop May Hit FHA Hardest The coming change in the conforming loan limit will have a much larger impact on loans insured by the Federal Housing Administration than on those purchased or securitized by either Fannie Mae or Freddie Mac. According to an analysis by the FHA, loan limits on government insured mortgages are likely to decline in 669 of the 3,334 counties or count ... read more>> South Florida Mortgage Banker Closes FHA Loans Quickly, Beating Cash Offers WCS Lending is pleased to announce that South Florida Senior Mortgage Loan Originator Matt Weaver closed multiple FHA purchases in less than 20 days over the last few months. Matt’s transactions were in part due to his relationships with local Realtors and his ability to assure Listing and Selling agents that his clients were well-qualified which a ... read more>> Take Advantage of FHA Loan Streamlined Refinance I was listening to your radio show recently and a caller had a mortgage with a big bank and wanted to get his interest rate lowered. He stated that he wasn't behind in his payments but wanted more cash flow for the household. You stated that if he had an FHA loan, there was a program he could use to refinance. I missed what that program was called ... read more>>