FHA may slash upfront costs of some reverse mortgages

he Federal Housing Administration isn't talking publicly about it, but the agency may be getting ready to cut the upfront costs of reverse mortgages for some borrowers.

The agency also, however, may be reducing the amount seniors can borrow against their homes.

In a recent conference call with industry participants, FHA officials said they were finalizing plans to offer a home-equity conversion mortgage requiring almost no upfront mortgage insurance premium, according to the National Reverse Mortgage Lenders Assn. The FHA also may tinker with the traditional product in a way that increases the overall borrowing costs.

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fha vs conventional loan

FHA Mortgage Rates in Maryland

Total Mortgage has some of the lowest current mortgage rates in Maryland. Some popular mortgage products in MD are the conventional fixed rate mortgage, FHA mortgage and the jumbo mortgage.

At Total Mortgage a 30 year fixed FHA mortgage in Maryland is available at a low 4.000 percent interest rate and 5.178 percent APR. FHA mortgages are only available through FHA-approved lenders, and luckily Total Mortgage is one.

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FHA VS CONVENTIONAL LOAN
FHA PROS AND CONS

How to apply for an FHA loan

Federal Housing Assistance loans are a popular way for those with less than perfect credit to apply for a mortgage. They only require small down payments from borrowers and are touted as FHA insured against default. The reality is that the borrower actually pays the costs of the mortgage insurance protection as an upfront payment and as a continuing monthly payment.

FHA mortgage loans do have the advantage of being assumable, which means a home owner can pass the mortgage onto a new buyer which has advantages as it reduces the mortgage origination costs to the purchaser. It also protects borrowers from relying on subprime lenders to secure a mortgage.

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FHA VS CONVENTIONAL LOAN
FHA PROS AND CONS

What’s Right for Me, an FHA or Conventional Mortgage? Cost Comparison

The FHA (Federal Housing Administration) mortgage has always been the popular choice of first time home buyers with moderate income. Several years ago, conventional loans (Fannie Mae and Freddie Mac) and other exotic loans became the mortgage of choice with their 100% financing products. Since the decline of the housing market and the return to strict lending guidelines, the popularity of the FHA mortgage has returned again. Today, borrowers continue to question what’s right for them, an FHA or conventional mortgage when looking at cost comparison.

Both types of mortgages have basic fees that are charged at closing. These fees can be thousands of dollars and vary from state to state. Appraisal fees and credit report fees are generally charged upfront by the lender at the time of application. Fees such as processing, underwriting, wire transfer, title, flood certification, origination and discount (points) are charged at the time of closing. Keep in mind that any fees charged by the lender for an FHA mortgage must be actual fees and cannot be inflated. An FHA appraisal usually cost more than a conventional appraisal because it involves more information for the protection of the borrower. FHA also sets the origination fee limit to a maximum of 1% of the loan amount.

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FHA VS CONVENTIONAL LOAN

CONVENTIONAL: ADVANTAGES AND DISADVANTAGES

Fixed Mortgage Rates in Newark, New Jersey

Total Mortgage is currently offering some of the lowest mortgage rates in Newark, New Jersey. Newark is the largest and the second most diverse city of New Jersey. With the prices of homes declining, Newark has become a buyer’s market and demand for fixed rate mortgages are rising. Total Mortgage is here to help your dreams come true with affordable and some of the lowest mortgage rates in NJ.

Fixed mortgage rates are popular among borrowers because the terms of the loan remain constant over the period of the loan. There are a number of fixed mortgage products available at Total Mortgage. A 30 year fixed conventional mortgage is available at 4.125% interest rate with a 4.323% APR. A 20 year fixed conventional and a 15 year fixed conventional mortgages are offered at a rate of 4.000% (4.273% APR), and 3.625% (3.972% APR) respectively.

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FHA VS CONVENTIONAL LOAN

REMOVAL OF MIP FROM FHA LOANS

The Essentials of the FHA Mortgage Loan

The Federal Housing Administration or FHA has furnished a way intended for low to middle-income earners to get a mortgage, when they might otherwise not be capable of meet the criteria for a regular mortgage. The basics of an FHA home loan guarantees that they’ll indemnify the mortgage banker against any default of mortgage loan payment. This offers the mortgage lender the peace of mind that they will be recouped the total amount of the loan should anything take place and the new homeowner not have the capacity to pay back the mortgage loan.

Step one in getting an FHA home loan is to work with a mortgage banker who deals with FHA mortgages. Not all do, but there are a number of mortgage brokers who are well versed in approaching lenders for this sort of loan. They realize the underwriting guidelines and can frequently lend a hand to push a home loan through for a new client fairly quickly providing every one of the circumstances are met.

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FHA VS CONVENTIONAL LOAN

FHA PROS AND CONS

Today’s Lowest FHA Mortgage Rates – Interest Rates Low from Lenders Bank of America, Chase, Wells Fargo and Citi

Today’s lowest FHA mortgage rates are very close to all-time lows as many mortgage lenders continue to report that at the J. mortgage rates and conventional mortgage rates are coming in very close. Some of these major mortgage lenders include Bank of America, Chase, Citi and Wells Fargo. It is important to remember that these are the biggest mortgage lenders in the country but they are not the only options when it comes to locking in low FHA refinance rates.

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Fha vs Conventional Loan
Are you looking to refinance?

Fha Streamline mortgage, explaning what it is.

Choosing an FHA loans is and excellent option. Home Loans offer lots of refinancing opcions. One of the most convenient and attractive is the FHA Streamline Mortgage.

The main advantage and purpose of an FHA streamline, is to lower the loans rate and payment, while saving the borrower time and effort by eliminating all closing costs.

FHA Streamline mortgage loans are disigned for people that already have FHA mortgage. Under FHA Streamline, you can choose not to have your home re-appraised--the original appraisal is used to calculate your loan amount.

If you are considering an FHA Streamline Refinance, remember that there are a variety of lenders you may use. Even though these loans are insured by the government, they are not originated by the government. You should search to find a mortgage company who will offer you the best plan. Some companies will offer lower rates than others, but beware of hidden closing costs they may charge.

The FHA Streamline loan can only be used if the home is still your primary residence. You must be current on your original loan.

Although the FHA Streamline Refinance loan is very easy to qualify for, there are some requirements. The basic requirements of a streamline refinance are:

Ø The mortgage to be streamlined must already be FHA insured.

Ø All mortgage payments must have been paid current by the borrower.

Ø The stramline is to result in a lowering of the borrower's monthly principal and interest payments.

Ø No cash may be taken out on mortgage using the streamline refinance process.

Some advantage of FHA Streamline mortgage are:

ü FHA Streamline loans have reduced paperwork.

ü Simple requirements for eligibility.

ü A list of features which makes FHA Streamline financing very attractive for borrowers.

ü FHA Streamline loans don’t require a meeting with your loan officer.

Other useful Resources:

Fha Vs Conventional Comparison Guide

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