Welcome to Home Mortgages
Reverse Mortgage Program Article
This is a selection made from among articles on Reverse Mortgage Program. For a permanent link to this article, or to bookmark it for future reading, click here.
What the FHA?!
from:Have you ever thought of buying a house? Do you think you could not afford it? Relax, there is always a way thanks to the miracle of FHA home loan.
What is FHA?
A loan provided by FHA allows anyone to purchase any house using a minimal down payment of three percent, instead of percentages that are higher usually required in other conventional and traditional loans.
Through the loan program of the FHA, buyers who are to purchase a house for the first time as well as those who are short of funds will be the beneficiaries of this program.
Take note that FHA loan programs are not the ones responsible for making home loans, what the FHA actually does is insure these loans.
At any instance a particular buyer defaults, the one lending will be paid. The payment will come from the funds of the insurance.
In order to acquire an FHA loan, one has to have a good if not excellent credit history as well as income that is sufficient enough to be qualified.
FHA loans, could you afford it?
In order to be qualified for a loan via FHA, the housing monthly costs must not go beyond twenty nine percent of one’s monthly gross income.
Total costs for housing also include principal mortgage, interest, insurance and property taxes.
These terms almost always go together and is referred as PITI.
The following formula is a big help to make this concept more understandable. Monthly income multiplied by .29 is equal to the PITI at its maximum.
So if one’s monthly income is $3,000, the maximum PITI is $870. The monthly total costs with the PITI added and the debt (in the long term) will not exceed 41% of your monthly gross income.
Included in these long debt terms are balances in credit card and car loans.
Acquiring a loan via FHA
In order to acquire a loan, your income must be able to pay your debt monthly. You must also have appropriate cash in order to place an initial down payment during closing time.
Also, the costs for closing must also be paid by you. This is normally two to three percent of the home’s price. Included in these costs are the homeowner’s insurance, the fees for the attorney, a title search fee, insurance title as well as a Private Insurance Mortgage (that is if your payment is 20% less than the down.)
All in all, an FHA loan is a big help for those who are seriously considering to have a home sweet home to call their own.
Reverse Mortgage Program Specific links
Watch Free Videos At Mevio!
- Tons of Free Videos, Only At Mevio.com
-- http://www.mevio.com/
Reverse Mortgage Program News
Reverse mortgages can be good source of money for elderly homeowners - ABC15.com (KNXV-TV)
 ABC News | Reverse mortgages can be good source of money for elderly homeowners ABC15.com (KNXV-TV), AZ - One alternative: a reverse mortgage, a way to pull money out of your home without saddling yourself with monthly payments, as you would with a home equity ... Treasury mulls plan to lower mortgage rates to 4.5% Related RSS Feeds Freddie $1 Billion 5-Year Reopening Sold To Yield 2.861% |
Reverse mortgages a lifeline for seniors - San Diego Union Tribune
 San Diego Union Tribune | Reverse mortgages a lifeline for seniors San Diego Union Tribune, CA - More than 90 percent of reverse mortgages are insured by the Federal Housing Administration through the Home Equity Conversion Mortgage program. ... |
HUD Increases Loan Limit for Reverse Mortgages and Lowers Lender Fees - Originator Times
HUD Increases Loan Limit for Reverse Mortgages and Lowers Lender Fees Originator Times - These critical reforms to the Federal Housing Administration-insured Home Equity Conversion Mortgage (HECM) program were approved this past summer as part ... |
The Fed's Potentially Very Bad Policy - Seeking Alpha
 BBC News | The Fed's Potentially Very Bad Policy Seeking Alpha, NY - This is a program, however, that screams permanency. Once the federal government defines a right to low rate mortgages, they will find it very hard to ... FED FOCUS-Fed could aid fiscal stimulus with bond purchases Bernanke calls for new steps to stem foreclosures Quantitative easing: printing money like mad to ward off deflation |
LibertyStreet Financial Group Launches New Government-Backed ... - MarketWatch
LibertyStreet Financial Group Launches New Government-Backed ... MarketWatch - For information and additional resources on LibertyStreet's Reverse Mortgage Programs, log on to http://www.libertystreetfg.com or call (800) 646-4045. HUD announces new, permanent FHA mortgage loan limits |
Bush, Paulson, and their TARP of SNAFU - BuzzFlash
Bush, Paulson, and their TARP of SNAFU BuzzFlash, IL - The "evolving nature of the program," said the GAO, has "hampered efforts to put a comprehensive system of internal control in place. ... |
The Real Estate Adviser: Seniors can now buy homes by using a ... - Seattle Daily Journal of Commerce (subscription)
The Real Estate Adviser: Seniors can now buy homes by using a ... Seattle Daily Journal of Commerce (subscription), WA - The Federal Housing Administration, a component of the US Department of Housing and Urban Development, insures the nation's most popular reverse mortgage ... |
Even now, reverse mortgages a viable option - HeraldNet
Even now, reverse mortgages a viable option HeraldNet, WA - ... was the world's biggest supplier of jumbo reverse mortgage funds. The Senior Lending Network was offering its Equity Plus Advantage program and its ... |
A roundup of credit market news and views - American Banker
A roundup of credit market news and views American Banker, NY - By Allison Bisbey Colter and Harry Terris The Mortgage Bankers Association said Wednesday that its index of refinance applications more than tripled last ... |
They Created the Problem… and Now They’re Making it Worse! - Beacon Media News
They Created the Problem… and Now They’re Making it Worse! Beacon Media News, California - Good example as to what the banks have done with their method of pricing can be felt by those seniors that are attempting to obtain a Reverse Mortgage. ... |