FHA Mortgages and Home Loans
FHA mortgages and loans are becoming an increasingly popular with the advent of the secondary mortgage market crisis. As such, many home buyers are turning back to the loan programs offered by the government. The government is taking many steps toward reform and reform legislation. For an overview of some of the items in process click here.
The Economic Stimulus Act of 2008, effective March 6, 2008, permits FHA to insure loans on amounts up to 125 percent of the area median house price, when that amount is between the national minimum ($271,050) and maximum ($729,750). The new minimum and maximum loan limits are based on 65 percent and 175 percent of the conforming loan limits for Government-Sponsored Enterprises in 2008, which is $417,000. In January 2009, FHA's maximum loan limit will return to $362,790. For the new loan limits in your area, see FHA Mortgage Limits. For more detail and information about the new FHA mortgage limits click here.
Another new FHA product to help homeowners keep their home in a rising tide of foreclosures is FHASecure. FHA Secure is a refinancing option that gives homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe. See FHASecure Fact Sheet and FAQ's for more information.
Not every lender is priviledged to write FHA loan products. However, Chap VanDongen and Universal Lending Corporation are able and available to assist you. Contact Chap today if you have any questions about FHA mortgages and home loans.
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