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FHA Tightens Some Parts of Loan Requirements, Leaves Others Alone

FHA, which insures close to 6 million loans in our country, is tightening some standards, while leaving others alone. Several months ago the FHA reserves, which congress has mandated to be 2%, fell lower than .5% due largely to delinquent

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Current FHA Loan? Thinking of Re-fi? NOW is the Time

If you have a current FHA loan and have been thinking of looking at a re-fi, now would be the time. On November 17, 2009, new, much stricter guidelines go in to effect for those wanting to take advange of

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FHA Reserves to Drop Below 2%, Will See Tighter Restrictions

According to a  Washington Post  article yesterday, when the new audit report comes out in the next 2 weeks, it will show the FHA (Federal Housing Administration) reserves have fallen below 2%, which is their legally mandated minimum. FHA guarantees

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HUD Announces $8000 Tax Credit Can go to Closing Cost, etc.

In a zippy, an unexpected twist, HUD announced today the $8000 tax credit can be used as a bridge loan to help cover closing costs as well as an addition to the 3.5 % required down payment.  First time homebuyers

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FHA Increases Limits Nationwide – Stats for Kane County and Coconino County

Last week, President Bush signed into law a $152 billion economic stimulus bill that includes temporary increases in loan limits for the government sponsored enterprises ie. Freddie Mac, Fannie Mae and FHA until December 31. In order to help sort

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Posted in Mortgage News