Real Estate: New FHA program offers relief for underwater homeowners

Three and a half years ago, Sara Timmons and her husband bought a new house in Sparks that she thought would be the family's permanent home.

But it has lost nearly $100,000 in value and, though they are current on their payments, the monthly mortgage combined with other expenses is a struggle.

"We don't want to move out of our home," she said. "We bought a home to live in, not to invest in. But it's hard to enjoy that when you're always stressing about the money you're putting into it."

Timmons worries her dream of homeownership might be in jeopardy. The 29-year-old is not alone.

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FHA VS CONVENTIONAL LOAN

FHA PROS AND CONS

HECM Saver: The Impact of FHA’s New Reverse Mortgage Program

The Department of Housing and Urban Development is expected to roll out the HECM Saver in the coming weeks, no one knows what sort of impact the HECM Saver will have on the marketplace.

Designed to address one of the biggest complaints of reverse mortgages, the HECM Saver offers borrowers less money at a lower cost.

When it’s rolled out, the product will reportedly have a 0.01% upfront mortgage insurance premium and 1.25% annual MIP. Much lower than the 2% upfront MIP and 1.25% annual MIP charged to HECM Standard borrowers. In theory, lowering the upfront costs should expand the number of reverse mortgages borrowers, but the industry isn’t so sure.

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FHA VS CONVENTIONAL LOAN

CONVENTIONAL: ADVANTAGES AND DISADVANTAGES

FHA Mortgage Refinancing Program

A new government program got underway this week, that could help homeowners who feel they're drowning in their mortgage to come up for air. It's called the FHA Short Refinance Option, and it allows borrowers who owe more on their home than the home is worth to refinance into a government-backed FHA Loan.

Nicolas Retsinas, a Senior Lecturer in Real Estate at the Harvard Business School, explains.

Retsinas predicts the program won't prevent all foreclosures, and certainly won't turn around the housing market by itself, but it can't hurt.

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FHA VS CONVENTIONAL LOAN

REMOVAL OF MIP FROM FHA LOANS

Underwater Mortgage Refinancing Brings More Affordable Payments On Home Loans

Underwater mortgage refinancing opportunities may allow homeowners who have seen their home’s value drop obtain a more affordable payment on their mortgage. Home loan repayments for homeowners who have an underwater mortgage have become difficult in some cases so certain refinancing opportunities have been made available or are set to be begin in the near future.

For some, the Home Affordable Refinancing Program may help them obtain a more affordable underwater home loan payment thanks to the Obama Administration’s Making Home Affordable Program. The Refinancing Program, which is an extension of the Home Affordable Program, may help homeowners by allowing them to refinance their underwater mortgage to take advantage of a lower mortgage rate.

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FHA VS CONVENTIONAL LOAN

REMOVAL OF MIP FROM FHA LOANS

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...

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Fha Vs Conventional Loan Comparison

Fha Comparison