ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 11/19/2012
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
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A bailout for FHA? Don’t bet on it.
And what’s the practical significance of the steps the agency announced last week to avoid a meltdown? What impact will they have for homebuyers and sellers who rely on FHA for affordable financing?
You may have also read that in response, the FHA plans to raise its annual mortgage insurance premiums from 1.25 percent to 1.35 percent early next year, and revoke new borrowers’ ability to cancel their premiums once their loan balances hit the 78 percent LTV level.
The agency also is going to expand pre-purchase counseling efforts for applicants with low credit scores and minimal down payments, and step up efforts to promote short sales to seriously delinquent owners who are likely headed for foreclosure.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
Taken together, the changes don’t appear to be a big deal for most buyers who opt for FHA loans. In fact, you can argue that what’s not being changed is far more noteworthy than what is:
•Minimum down payments will still be 3.5 percent. The agency resisted demands that it boost the minimum to 5 percent.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
•There will be no risk-based pricing on premiums, another demand by critics. FHA will continue to its one-price-for-all system in which low-risk borrowers essentially subsidize the premiums of higher-risk borrowers.
•Underwriting will continue to be generous on key items like debt-to-income ratios.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
Turning away qualified applicants because they couldn’t come up with another 1.5 percent in down payment cash would be an abandonment of FHA’s traditional mission of opening the door to homeownership for moderate-income families, especially first-time purchasers and minorities.
Another step FHA didn’t announce last week but soon will: reining in seller concessions to buyers to help pay for closing costs and lender fees.
Though FHA has proposed a tiered system that would lower maximum contributions for many sellers to 3 or 4 percent and restrict the current 6 percent maximum to low-balance loans, it has not yet published a final rule.
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