FHA Book

Southern Comfort

Here is a spot on analysis of a New York Times story about Countrywide Financial’s widespread problems. Not only does it effectively provide readers with the best summary of the article, there’s clever commentary to boot. That’s my kind of blogging!

Happily Ever After With HUD

Along with the FHA, HUD has many other great programs to help individuals looking to become homeowners. One of these programs is HUD homes. Check out this post on Move - The First Time Home Buyers blog all about HUD homes. The author, Cecilia, points out another great opportunity:

HUD does not offer loans directly, but many HUD homes qualify for FHA loans, which are easier to qualify for than conventional loans. This is due to the fact that the FHA insures the mortgage. There are different types of loans for these homes, such as fixed rate, adjustable rate, and purchase/rehabilitation loans.

Find a great HUD home, use an FHA loan, live happily ever after!

The FHA Today: Abridged Version

Check out this post from the Mortgage Cicerone that is chock full of information. It’s got information on DPAs, FHA benefits, and helpful lists with random FHA info and guidelines. Good insight and lots of information crammed in there. Here’s an excerpt:

FHA not only helps people buy a home, but helps them keep it as well. In return for protecting lenders against loss, FHA requires financial institution to offer assistance to borrowers experiencing difficulty making mortgage payments.

Let’s All Learn About… (2nd Edition)

Michael Mapes has a GREAT post on Active Rain explaining mortgage insurance and how it differs with different types of loans. Although the FHA section is rather short, it’s still beneficial. Plus, it’s important for consumers to be able to compare and contrast the different types when choosing a loan. Here’s the FHA bit:

The FHA (Federal Housing Administration) provides loans to borrowers with very low down payments. The concept is similar to conventional loans, with a few exceptions. The insurance dollars are paid to the FHA. An up-front premium is due at loan closing, and that premium may be included in the loan amount. A monthly insurance premium varies with the term of the loan and the loan-to-value ratio.

Helping HUD

Here’s a recent release from HUD featuring 10 tips to avoid foreclosure. This is another facet to HUD’s push to educate consumers and decrease foreclsoures. Here’s #7:

7. Prioritize your spending.

After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other “unsecured” debt until you have paid your mortgage.

Although some of the tips may seem like common sense, it’s always good to have a reminder.