1 in 6 FHA Loans Delinquent
November 19, 2009
One in six FHA loans are delinquent, and a full 3.32% of them were in foreclosure. This is the highest number since 1979. Based on all the crazy FHA lending that has also taken place, we’d venture that this number is only going to get worse. The share of all types of mortgages with one [...]
Read More >>Housing Market Not As Healthy As Low End Would Suggest
November 18, 2009
For months now we’ve been hearing of the housing market picking up, starting with the low end. We’ve seen a healthy uptick in volume, and even price increases, but we’ve been skeptical about the durability. The reason being is that home lending by the FHA has filled the vacuum left by the departure of the [...]
Read More >>Laugh or Cry? 4-Year Old Buys A House
October 22, 2009
Ah, the great american tax credit. Not a deduction, but a fully refundable tax credit. And when you can get into a house for 3.5% down or less (with seller or other first time home buyer program help) with the government’s help, what did you expect to happen? It seems we’ve come a long way since the [...]
Read More >>When Nobody Else Will Lend, Where Do You Go? Taxpayers
October 18, 2009
Here’s a story from Clusterstock titled “20 Year Old Buys Home With $183,000 FHA Loan And Just 3.5% Down” which provides a live example of why the housing market on the low end is going gangbusters. Denise Tejada bought a house last month at the age of 20, thanks in large part to a loan guaranteed [...]
Read More >>New FHA Rules Make Life Tough For Condo Sellers
October 7, 2009
Beginning, October 1st, the FHA has instituted new rules around loans on condos. The full letter is embedded below. The new rules are pretty dramatic, particularly for new condo and vacation-unit developments seeking FHA approval. The rules require at least 50% of the units in the project to have been sold for new product, and [...]
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