FHA loans are not credit-score driven. Although many wholesale lenders have minimum credit scores, many do not. They traditionally underwrite the file, according to FHA guidelines. If you have no credit or no good tradelines, then FHA loans also allow you to use alternative credit. Monthly obligations like gas, electric, and cell phone bills—wherever money’s […]
There will be a Free First Time Home Buyer Seminar on Saturday December 15, 2007 at 10:00 AM. The seminar will last about 2 hours and each participate will be able to recieve a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in […]
Congress created the Federal Housing Administration in 1934. At this time, nearly two million construction workers were laid off. Only four out of ten people owned their own home. In addition, mortgage loan terms were outrageous. Borrowers had to put 50 percent down, and the note ballooned in 3 to 5 years. So the mission […]
Posted in Delaware Mortgage Rates, Mortgage News, Newark Delaware, Wilmington Delaware, New Castle Delaware, Adjustable Rate Mortgage, Delaware Mortgage Loans, Delaware Sub-Prime Mortgages, FHA, Bear Delaware, Dover Delaware, FHA Loans, Lewes Delaware, Rehoboth Delaware, Delaware Foreclosures on September 5th, 2007 6 Comments »
On August 31, President Bush annouced that HUD will help families avoid Foreclosure by providing a brand new FHA loan called the FHA Secured loan. This loan will directly impact Delaware Home Owners facing foreclosure. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments […]
Posted in Delaware Mortgage Rates, Real Estate Seminars, Mortgage Education, Credit Repair, Newark Delaware, Wilmington Delaware, New Castle Delaware, First Time Home Buyer, Delaware Mortgage Loans, Mortgage Planning, Bear Delaware, Dover Delaware, FHA Loans, Lewes Delaware, Rehoboth Delaware on August 18th, 2007 No Comments »
There will be a First Time Home Buyer Seminar on Saturday September 29th from 10:00 AM to 12:00 PM at the Citizens Lending Group office in Newark, Delaware. The Seminar is FREE!!! Come learn what it takes to buy a home in Delaware. First time home buyer programs will be covered. Program will also cover how to improve your credit […]
Posted in Delaware Mortgage Rates, Mortgage Insurance, Real Estate Investing, Mortgage Education, Newark Delaware, Wilmington Delaware, New Castle Delaware, First Time Home Buyer, Delaware Mortgage Loans, FHA, Bear Delaware, Dover Delaware, FHA Loans on July 26th, 2007 No Comments »
FHA does not fund loans directly; rather, it provides a guarantee to the lender against default.
There are two separate fees that HUD collects to provide a level of guarantee coverage to the lender:
Up-front mortgage insurance premiums (UFMIP).
Monthly renewal mortgage insurance (monthly MI).
The up-front mortgage insurance premium, if required, will be 1.5% of the base loan […]
I am a Delaware native who has been actively involved in the Mortgage and Finanace industries for over 10 years