FHA Getting Tougher Soon!
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If you liked the song in today’s opening, here’s a link to it…have fun! http://youtu.be/67nb0k4ZZaA
I have to thank you for the efforts you’ve put in penning this website. I’m hoping to check out
the same high-grade blog posts from you later on as well.
In truth, your creative writing abilities has inspired me to get my own
website now
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When you read all that government gobbidy goop it reminded me of the type of questions that we’re sure to see on the NMLS tests! You read the question and have no idea what the heck they are saying or asking!
FHA is a great program! Each of us needs to be thankful to the Government for providing us this opportunity. Your disrespect for the efforts to maintain solvency in the program by those working to help the underpriviledged is terrible.
Just because the program doesn’t make housing available to the poor any longer is not germain to the discussion.
At least it not JUST another TAX…. Right!
Fha would not be so insolvent if they did not fund so many other things outside loan garranty, section 8 housing for low income, half price homes for police and fire and teachers and non profits. grant for bulders doing low income sould any more be said…
FHA would not be so insolvent if we, as an industry, didn’t insist, in fact demand, that we be allowed to make loans to borrowers with crap credit, unstable employment, high ratios and no money. They don’t even have to pay off the collections they have amassed. So do your part and stop offering loans to those that clearly shouldn’t get them. You won’t get paid on the garbage, but then and ONLY then, will you have a right to bitch.
Roadking
Are you referring to the efforts of Chis Dodd, Barney Frank, and Barack Obama to help implement the Community Re-Investment act? Here’s an example, http://goo.gl/hnQ4b , of the type of corruption that you are so upset about. Ironically, the perpetrators of this egregious activity isn’t mortgage lenders, brokers, or loan officers, it’s the Democratic committee chairman’s of both the House and Senate Financial services committees, and trial layers such as Barack Obama was back in his days as a community activist in Chicago?
GANGNAN STYLE
Great seeing both of you in Columbus. If anyone out there is offered a chance to catch Brian and Frank in person, DO IT! Great stuff! Come back and see us!
Thanks Dawn! We had a great time with you guys! Hope to be there again soon.
~Frank
Looks to me like the only ones this will hurt are the poor people with not the best credit. I smell a discrimination law suite just like the one Wells Fargo got done paying from the government.
John. What an astounding observation!!!! There is a universal term for potential buyers with ‘not so good credit’ and no money. They are called RENTERS!!!! Heck, HUD even has a program for them – Section 8.
Home ownership is the American DREAM not the American RIGHT. Like other dreams, you have to work for them.
I’m just sayin.
Roadking
If they would just raise the FINANCED UPMIP and not the monthly, this would not be the end of the world. Back when I started in the business the upfront was almost 4%. As long as the monthly was affordable so the DTI is not so drastically affected, We can live with the UPMIP increase. Whatever it takes to save the program.
Isnt the fund being depleted by HUD’s other subsidy programs and not by losses in FHAs book of business?
It is my understanding that FHA MIP is being used to subsidize Section 8 housing and all manner housing programs for the “poor”. Just take a look at this colossal fail, http://goo.gl/W2ic4
Looks like we will be back before we know it to the upfront MIP of the 80′s and 90′s when it was 3.8%. Back then on a FHA 3% minimum down purchase the buyers mortgage ended up higher than the sales price.
You had me at “Subparagraph(B) of Section 203(C)”…