In the world of mortgage financing there are “conventional” loans and “jumbo” mortgages. A conventional loan meets certain criteria but is limited to $417,000 for single-family homes in the continental US. (The limit is 50% higher in Alaska, Hawaii, Guam, and the U.S. Virgin Islands.)

If you borrow more than $417,000 then you have a “jumbo” mortgage read more

The National Association of Realtors is claiming that the mortgage market has eased and therefore we should see a sales increase at the start of next year.

It may well be true that mortgage standards are beginning to become less severe than what we saw in late summer. However, the fact remains read more

Beazer Homes is reporting that it may owe money to Uncle Sam in connection with FHA loans originated by its mortgage lending subsidiary.

In general terms, lenders can be required to buy-back loans read more

A new effort supported by the Treasury Department and HUD to help borrowers has been introduced.

What it actually does is unclear.

According to Treasury Secretary Henry Paulson this project involves “11 of the largest mortgage servicers representing 60 percent of the mortgages in America, several read more

The following news release has just been distributed by the House Financial Services Committee:

Washington, DC — The U.S. House of Representatives today passed H.R. 2895, the National Affordable Housing Trust Fund Act of 2007 by a vote of 264 to 148. The National Affordable Housing Trust Fund will be the largest expansion in federal housing programs read more

Is it possible that the White House might actually wind up vetoing FHA reform?

According to Reuters, the White House has “threatened to veto Democratic-written legislation designed to provide affordable housing for low-income families, saying it opposed the way a newly-created trust fund would be financed. (See: read more

Progress is being made in Washington regarding HR 3648, a bill that has two central provisions of interest and mortgage borrowers and has now passed the House of Representatives.

The bill deals with an oddity in the tax read more

For all the talk about the FHA program, FHA secure the need for modernization where the opposition to it, the bottom line is that mortgage insurance programs sponsored, organized and funded by the federal government are political creatures.

The enormous number foreclosures that we are now seeing represents an issue which is simply too large read more

Last week HUD announced that it would be just dandy if lenders were to pay community housing counselors, individuals who often suggest mortgage options to would-be borrowers. The idea raises the specter of obvious conflicts-of-interest because — after all — why would a lender contribute to community counselors if there is not some benefit?

In read more

HUD has announced that it will provide $44 million for housing counseling and counseling training, enough it estimates to help some 700,000 borrowers.

Just a few days ago, HUD announced that it would be just dandy if housing counseling organizations received funds from private lenders. That’s a financing approach read more

HUD has published a final rules which impacts those who live in condos and properties governed by homeowner associations.

HUD has considered the idea of escrowing condo association and HOA dues; that is, requiring FHA borrowers to pay dues and fees into an account and then paying the condo association from the money collected. The read more

The interest in FHA loans continues at a torrid pace. So far this year FHA loan applications have nearly doubled. Looking at figures for the first two weeks of September we see:

*Applications, seasonally adjusted, continued to climb and was estimated at an annual rate of 1,181,200 — 16.5 percent above the estimate for the prior two read more

As reported earlier, HUD is once-again attempting to end third-party downpayment programs. Now one of the leading providers of such down payment assistance, AmeriDream, is taking HUD to court.

Just a guess, but third-party downpayment programs are enormously popular on Capital Hill. It may well be that read more

Beginning October 29th, HUD will allow community housing counselors to be paid by, ta da, lenders.

According to new regulations published in the Federal Register, HUD says that “funding for housing counseling is a major concern among participating agencies. In a read more

RealtyTrac.com — the leading provider of foreclosure information and listings — has posted my detailed look at the FHASecure program. This is a good opportunity to see how FHASecure works and the political hurdles which had to be overcome to assure acceptance read more