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| The New FHA – A Popular Alternative for Purchases & Refinancing |
| Benchmark Mortgage | 1750 E. Golf Rd., Suite 310 | Schaumburg. IL 60173 |
The Federal Housing Administration, generally known as "FHA",
provides mortgage insurance on loans made by FHA-approved
lenders throughout the United States.
FHA has a new presence and has emerged as a viable option for
many people buying a home and existing homeowners needing to
qualify for a home mortgage. The stigma of FHA being difficult is
definitely a thing of the past.
Many of the requirements that FHA use to look for in a property
have been eliminated.
FHA insures mortgages on single family and multifamily homes. It is
the largest insurer of mortgages in the world, insuring over 34
million properties since its inception in 1934.
In 1965, the FHA became part of the Department of Housing and
Urban Development's Office of Housing.
provides mortgage insurance on loans made by FHA-approved
lenders throughout the United States.
FHA has a new presence and has emerged as a viable option for
many people buying a home and existing homeowners needing to
qualify for a home mortgage. The stigma of FHA being difficult is
definitely a thing of the past.
Many of the requirements that FHA use to look for in a property
have been eliminated.
FHA insures mortgages on single family and multifamily homes. It is
the largest insurer of mortgages in the world, insuring over 34
million properties since its inception in 1934.
In 1965, the FHA became part of the Department of Housing and
Urban Development's Office of Housing.
• If you're right out of college and haven't established enough time on your
job or built up enough credit
• If you’re looking for lower monthly mortgage insurance rates
• If you’re a First time Homebuyer
• If you’re a Military Veteran
• If your credit is not perfect
job or built up enough credit
• If you’re looking for lower monthly mortgage insurance rates
• If you’re a First time Homebuyer
• If you’re a Military Veteran
• If your credit is not perfect
Every year, new loan limits are announced for one- to four-family loans may be
purchased by Federal Home Loan Mortgage Corporation (or Freddie Mac) and Federal
National Mortgage Association (or Fannie Mae).
These corporations are the two largest "secondary market" agencies -- corporations
which purchase closed loans from mortgage lenders.
purchased by Federal Home Loan Mortgage Corporation (or Freddie Mac) and Federal
National Mortgage Association (or Fannie Mae).
These corporations are the two largest "secondary market" agencies -- corporations
which purchase closed loans from mortgage lenders.
New FHA Loan Limits Effective 3/6/08
mortgage financing available for each type of
property being financed:
• 1 Unit: $ 410,000
• 2 Unit: $ 524,850
• 3 Unit: $ 634,450
• 4 Unit: $ 788,450
mortgage financing available for each type of
property being financed:
• 1 Unit: $ 410,000
• 2 Unit: $ 524,850
• 3 Unit: $ 634,450
• 4 Unit: $ 788,450
The Federal Government announced on August 31, 2007, that FHA will help a substantial number of
have “sub-prime adjustable” rates and are having difficulty with the rising cost of their home, may
qualify under this program and allow them to keep their home.
Under the new FHASecure plan, FHA will allow families with good credit histories who had been
making timely mortgage payments before their adjustable rate loans reset, but are now in default,
help to qualify for refinancing. For a better understanding of the FHASecure program and answers
to the most frequently asked questions, please follow this link: FHASECURE
If you need help in determining if you qualify for FHASecure or any FHA loan program
call Deb at (847) 321-0814.
have “sub-prime adjustable” rates and are having difficulty with the rising cost of their home, may
qualify under this program and allow them to keep their home.
Under the new FHASecure plan, FHA will allow families with good credit histories who had been
making timely mortgage payments before their adjustable rate loans reset, but are now in default,
help to qualify for refinancing. For a better understanding of the FHASecure program and answers
to the most frequently asked questions, please follow this link: FHASECURE
If you need help in determining if you qualify for FHASecure or any FHA loan program
call Deb at (847) 321-0814.
Why Would You Consider FHA?
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FHA Loan Limits
FHASecure
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| The Mortgage Source Daily Mortgage Blogging From Deb Sineni |