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Uncle Sam Passes Housing Stimulu$ Bill
The Housing and Economic Recovery Act of 2008 was made official on July 30, 2008. This housing stimulus bill passed the House and Senate by overwhelming numbers and President Bush was quick to follow suit. Hopefully these changes will help jump start the slumping housing market but some feel it is too little too late. Regardless, there are still many home buyers who need affordable homes and FHA financing is one of the most popular means to obtain a mortgage loan.
If you are wondering what an FHA loan is it is a loan insured by the Federal Housing Administration (FHA) and made by an approved lender in accordance with the FHA’s regulations. FHA requires that the property being purchased meets certain minimum standards. This mortgage may be easier to qualify for than a conventional mortgage, but it also has a lower maximum loan limit that varies depending on the average cost of housing in a given region. FHA loans require the borrower to pay mortgage insurance premiums (MIP) if the down payment is less than 20%. Fixed and adjustable rates are available with FHA loans.
If you are considering an FHA loan, please remember FHA loans do take longer to process than conventional loans and the current average days to close is 35+ days. Also, FHA inspectors are more finicky when it comes appraisal time and there may be two inspections required for the property. This may be an important factor if you plan to buy a bank owned property which may have one or more inspection issues which could define if the property is considered habitable.
What does this mean for you if you plan to obtain FHA financing? Read the rest of this entry »