Peter G. Miller
June 8th, 2007
The FHA is now part of the Department of Housing and Urban Development, however it wasn’t always this way. FHA started out as an independent agency in 1934 under Franklin Roosevelt. HUD was formed in 1965 under Lyndon Johnson.
Given that the government is forever re-organizing, perhaps it’s time to downsize HUD. After all, what additional value read more
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Peter G. Miller
June 7th, 2007
Speaking on public radio’s Marketplace, David Berenbaum with the National Community Reinvestment Coalition, came out in favor of FHA reform efforts.
Berenbaum told Marketplace that “we do believe there is a place for the FHA to repackage loans or to refinance loans to read more
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Peter G. Miller
June 6th, 2007
A story has been floating around the Internet for some time regarding a property in New Orleans which the FHA allegedly refused to finance. The problem: Establishing title.
Here’s the story as it appears on HomespotSix.
A New Orleans lawyer sought an FHA loan for a read more
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Peter G. Miller
June 6th, 2007
Usually when politicians speak their words are as smooth and oily as a piston. But now Alphonso Jackson, the Secretary of Housing and Urban Development has come out with a stinging criticism of “nontraditional” loans — those forms of financing which are definitely not like FHA mortgages. Speaking at the National Press Club in Washington read more
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Peter G. Miller
June 5th, 2007
“Comprehensive FHA reform would mean greater flexibility in responding to the needs of borrowers, enabling more working families to become homeowners, and providing a viable alternative to the volatile subprime market,” says Jerry Howard, Executive Vice President of the National Association of Home Builders.
“National Homeownership Month is the perfect opportunity to highlight this area read more
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Peter G. Miller
June 5th, 2007
There’s a great oddity with FHA downpayment requirements.
On one hand, the FHA says you need 3 percent down. That money must come from you but help from a relative, employer, union or charity is okay. What’s not okay is a down payment credit from the seller.
On the other hand, the FHA says an owner read more
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Peter G. Miller
June 4th, 2007
Sales are slowing in many markets and owners are wondering what they can do to spice up buyer interest. One option allowed under the FHA program is to make a “seller contribution” to offset buyer closing costs.
Note animportant distinction here: Sellers CAN provide credits equal to as much as 6 percent of the sale price read more
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Peter G. Miller
June 4th, 2007
Suppose you can’t get an FHA loan. You know, because you can’t document income, don’t have 3 percent down or recently went bankrupt or had a foreclosure. Why not try “nontraditional” financing, say an interest-only mortgage or an “option” ARM?
For the past few years such loans have been available to virtually anyone with a pulse. read more
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Peter G. Miller
June 1st, 2007
I was over on the Ginne Mae site and discovered an interesting set of calculators.
Ginnie Mae is a federal agency that buys loans from lenders. It’s a part of the “secondary market” like Fannie Mae and Freddie Mac, except that it remains a part of the federal government and is not owned by private read more
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