FHA Mortgage Rates for July 29, 2010

Total Mortgage has some of the finest FHA mortgage programs in the country. In order to obtain a FHA mortgage you must first find an FHA-approved lender. Luckily, Total Mortgage is FHA-approved.

FHA fixed rate mortgages are very similar to a conventional fixed rate mortgage. Both have mortgage rates that remain fixed throughout the life of the loan. The difference between the two is that an FHA mortgage is insured by the Federal Housing Administration. This means that if a borrower defaults on his/her loan the Federal Housing Administration is still liable to pay off the lender. Read the Whole story...

Other useful Resources:

Fha Vs Conventional Loan Comparison

Fha Comparison

Former FHA official predicts ‘pivotal’ year for reverse mortgages

Former Federal Housing Administration Commissioner Brian Montgomery, who oversaw the nation’s most popular reverse mortgage product for nearly five years, sees a “pivotal” year ahead for the industry that allows seniors to tap the equity in their homes.

”This is a service that helps solve a social need,” said Montgomery, now a partner in a Washington, D.C.-based consulting firm. “Because of cash shortfalls in the program, the amount seniors can borrow will be reduced for the second time. In the big picture, the number we’re talking about amounts to a rounding error in the federal budget.” Read the entire story

Or visit other resources:

Fha Conventional Comparison

Home Loan Money Saver

VIEWPOINTS: FHA bill doesn't address future issues

The House of Representatives recently passed H.R. 5072 by a huge margin to shore up finances of the Federal Housing Administration (FHA). Rep. Allen Boyd voted for the bill. The FHA does not actually fund mortgages, but insures mortgages against default. FHA requires only a minimal down payment (3.5 percent) and is a major source of financing to first-time home buyers as well as lower income borrowers. Read More..

Other resources

FHA Vs Conventional Mortgage

Mortgage Amortization Secrets

Allied mortgage company survives despite repeated sanctions

By Charles Ornstein and Tracy Weber,ProPublica

As his competitors imploded one by one, Jim Hodge, the folksy founder of Allied Home Mortgage Capital, touted his sprawling Houston firm as a survivor.

Not only was Allied still standing, Hodge told employees in a company newsletter in December, it was thriving. "The good news," Hodge wrote, "is that even though we are all having to work harder, most branches are making lots of money." Read More

Also Try:

FHA Conventional Guide

Amortization Money Saver

The FHA 203(k) Loan: A home repair loan and mortgage all in one

Are you interested in buying a fixer-upper, but don't have the cash to remodel it? Or maybe you have saved money for remodeling and you've found a house you love, but your lender won't allow you to buy it because the house isn't considered habitable without toilets.

There are always properties on the market that weren't maintained by cash-strapped former owners, were treated poorly by renters or were deliberately trashed by formers owners before they lost their home to foreclosure. Shouldn't there be a way for someone like you to fix up these neighborhood eyesores and bring them back to life? Read More...

Useful Resources:

FHA Guide

Amortization Guide

House Pases Important FHA Finance Bill

  By Jessica Holzer    Of DOW JONES NEWSWIRES  

WASHINGTON (Dow Jones)--A measure to put the Federal Housing Administration on firmer financial footing sailed through the U.S. House of Representatives Thursday.

The legislation, approved on a 406-4 vote, would allow the FHA to shift some of the upfront costs it charges borrowers to the annual premium and give the agency more powers to protect itself from fraudulent or poorly underwritten loans.Read More...

Other useful Resources

FHA Vs Conventional loan comparison

Amortization Guide