Owing to growing concerns about FHA reserves (and a potential taxpayer bailout), in the near future those borrowers seeking FHA loans will have to pony up larger down payments (up from the current 3.5%) and have higher credit scores. …
See the rest here:Â
The Housing Chronicles Blog: FHA loan requirements to get stricter
If he needs access to cash for emergencies, set up an emergency fund with $1000 in cash and give him a debit card with strict instructions never to use that card unless he's in a jam with a baseball bat wielding bookie and he's tapped out ... Good credit scores get people into at least as much trouble as bad credit scores. Consider these lists: Smart Things You Can Do With a High Credit Score. Buy a house (and for first-time home buyers with FHA loans, you don't even need ...
cut thru the crap to get to Richard's 1% holy grail. Love, ?Curt. Curtis Narimatsu Says: February 4th, 2010 at 7:50 pm. Global financial crisis ?. Subprime [bad loan] mortgage failure/CDS [credit default swaps---so-called derivatives/ ...... FHA has a great system set up to recapture subsidies on conveyed so-called farm/dwelling lots. HHA has a great system set up to prohibit transers of ownership for an initial bloc of time [decade]. These are mechanisms Harvey alludes ...
People will get accustomed to this idea and the house market will stabilize. The government loan programs, will then agree to loan at 80% loan to value or less such as FHA. The market will begin to stabilize, buyers can buy and many people ... Since the government of any country is what the normal guy relies on we need stricter guide rules to ensure that the Manupalating tricksters who accumulate wealth on the backs of the poor are kept in strict check by Governments by ...