Opinion: In housing finance, the FHA is not the way

BankThink Ben Carson is wrong. Law used to fight FHA fraud is essential. It is the FHA – not the lender – that is financially responsible if there is a loan default. Lenders’ failures to comply with the program’s rules have caused the FHA to pay hundreds of millions of dollars in ineligible claims. In addition, loan defaults and foreclosures have a devastating effect on homeowners.

 · Loan Limits. If your home is going to be priced above the loan limit, it is probably not worth your time to prep the property for FHA buyers. Unless they can come up with the difference between the loan maximum and the selling price, they will not be looking at your property. The FHA limits vary considerably by area.

corelogic chat shows short sale fraud evolving in unexpected ways Today, 3.7 percent of short sale transactions involve suspicious activity, according to CoreLogic data. The highest rates of such suspicious activity are centered in California, Florida, Arizona, and Nevada, according to CoreLogic. Source: "CoreLogic Chat Shows Short Sale Fraud Evolving in Unexpected Ways," HousingWire

1hotauntie, (great ‘name’ by-the-way) Be very careful to select a Direct, Mortgage BANKER and NOT a loan broker. As you can see from the broker’s comment just below, his answer regarding your credit’s affect on your husband’s loan qualification, is exactly opposite of what I provided earlier.

FHA does not lend money; FHA insures loans in order to encourage mortgagees to lend. Title I manufactured home loans are not Federal Government loans or grants. The interest rate, which is negotiated between the borrower and the lender, is required to be fixed for the entire term of the loan, which is generally 20 years.

State of New York accuses Evans Bank of redlining Guaranteed Rate ordered to pay $25M to Mount Olympus Mortgage for data theft Is Mount Olympus Mortgage Company involved in a court case or lawsuit? Find mount olympus mortgage company’s judgements, tax liens, lawsuit records, eviction records, divorce records, family records along with other publicly available court case records! · The lawsuit against Evans (NASDAQ: EVBN) is part on an ongoing investigation by Attorney General Eric Schneiderman into the practice of redlining’ at banks throughout New York state. Wyoming County-based Five Star Bank, the sixth-largest bank in the region, faced similar allegations in the Rochester market, but wound up settling with the state in January.Mortgage fraud rising most in low-downpayment loans Mortgage fraud is on the rise as more buyers are inflating their incomes in order to qualify for new purchases. Roughly one in every 109 mortgage applications has some indication of fraud.

 · Today’s FHA Is Not Your Father’s FHA. Then we looked at how FHA financing would compare to what we already had. The FHA rate was lower by .75% and the monthly mortgage insurance premium was $200 less. Even with the upfront mortgage insurance (added to the loan amount), the monthly payment savings were too significant to ignore.

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Even some of the originals still around – Ben Carson at Housing and Urban Development. was a U.S. attorney in Florida.

 · It’s often easier to qualify for an FHA loan even with a FICO credit score as low as 580. The minimum required down payment is only 3.5% of the purchase price, as opposed to the 20% down needed for a traditional loan. FHA loans are not processed or approved by the Federal Housing Administration itself.

Stonegate CEO Jim Cutillo abruptly leaves company Manhattan real estate has never been more expensive Here’s evidence showing the housing “recovery” isn’t real Housing contribution to GDP below historical watermark Here’s evidence showing the housing "recovery" isn’t real Yes, the housing sector’s recovery has shown some signs of slowing down, as recently noted by federal reserve members. home prices are rising, and so are mortgage rates, making it tough for.San Si includes of two shallow.As Curbed New York recently reported, more than 40% of the pricey billionaires’ row condos remain unsold, and some have been on the market for years, according to real-estate appraiser Jonathan.Stonegate Mortgage (SGM) Founder and CEO Jim Cutillo announced he is abruptly leaving the company effective Sept. 10, 2015, serving only.