We keep getting emails regarding the FHASecure program, the FHA mortgage plan announced by President Bush in August that was specifically designed to save delinquent conventional borrowers.

HUD says “in only the first 4 months of FHASecure, more than 40,000 households have refinanced read more

No wonder demand for FHA mortgages is soaring — who could possibly want a toxic loan? Folks have finally figured out that teaser rates, negative amortization and prepayment penalties are a trap, too often the first step toward foreclosure and bankruptcy.

Final figures from Realtytrac.com are in read more

The Federal Reserve has decided to reduce both the federal funds rate and the discount rate by a half percent. The effect of this action is to reduce the cost banks incur when they borrow money, a discount which hopefully will be passed on to the public.

The complete Fed statement is below:

Release Date: read more

For weeks we have been disclosing the difference between what HUD has claimed regarding the FHASecure program. In essence, the FHA mortgage program was originally sold as a way to help delinquent conventional borrowers. While HUD says that “In only the read more

U.S. News & World Report has a good interview with Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee, regarding the proposed financial stimulus package. Frank discusses a number of issues, including the FHA mortgage program.

It should be said that Frank represents the high-cost Boston area — an area with very high read more

What can you do about the oncoming recession?

If you don’t have one, consider a fixed-rate mortgage. The FHA mortgage program is terrific, but there are equally good conventional fixed-rate loan programs out there. As is always the case, you have to shop around and speak with read more

Can you imagine if the FHA mortgage limit is increased from $362,790 to $635,100? It could actually happen in the next few weeks.

Rumors are swirling around Capitol Hill that the House will raise the conventional loan limit under a stimulus bill from the current $417,000 ceiling to $625,000 or read more

You have to read past a lot of stuff to get to it, but according to the National Association of Realtors existing home prices fell 1.8 percent during the past year while unit sales dropped 12.8 percent.

Given rising FHA mortgage originations and slowing home sales, it’s clear that the FHA program is gaining marketshare. Opps. That’s read more

Amid all the hubbub on Wall Street, home mortgage interest rates are falling through the floor. Freddie Mac says that rates for 30-year fixed rate loans reached 5.69 percent with .5 points.

With FHA mortgages, your cost basis will be the interest rate plus that pesky .5 percent monthly insurance premium. Even so, rates are falling at such read more

Over at Blown Mortgage, one of our favorite blogs, Michael explains how Wall Street operators have lost billions of dollars buying mortgage securities. The answer? Leverage.

FHA mortgages remain hot, however, as Michael explains: “The good news is we’re back to a conforming and FHA/VA mortgage market.”

read more

Carrie says she faces foreclosure. Would an FHA mortgage help?

“I am affected by the foreclosure problem in Massachusetts and have gone through a finance application with my lender who has done absolutely nothing to help me with my finance problem.

“I have been trying to locate read more

According to HUD’s own mortgagee letter, the basic FHA mortgage instruction it provides to lenders, the purpose of the FHASecure program could not be more clear.

*”This mortgagee letter describes how lenders and homeowners may refinance mortgages that, due to the increased mortgage payment following the reset, have become delinquent.”

*”This mortgagee letter extends eligibility read more

Someone asked why the mutating HUD definition of the FHASecure loan program is such a big deal. Is it just a few loud people creating an artificial issue about FHA mortgages?

Nope.

The FHASecure program started out as a way to help people with delinquent conventional loans read more

Over at FHALoanAdvice.com, Carl Pruitt — a 21-year veteran of the mortgage and real estate industries — has this to say about the FHASecure program and FHA mortgages in general:

“Personally, I have pretty much given up on FHASecure. If I find someone who miraculously read more

Because this site has grown so remarkably in just a few months we have been asked if it is possible for others to become contributors.

If you have experience with FHA mortgages, the FHASecure program and related subjects — and if you can write with reason, facts and links — then we would surely like read more