The FHA Home Mortgage Company will get you up to speed on the all recent FHA changes and program guidelines that have been rapidly changing. We will even assist you in locking the rate for the loan of your choice. And, with the FHA Home Mortgage Loan Company if rates do go down after your loan is funds we will streamline refinance your loan at no cost!
Refinance Your ARM Mortgage with a Fixed Rate Loan from the FHA Experts!
There is new proposed legislation in Congress to increase FHA mortgage loan limits, which would significantly assist and provide more credit to potential home buyers who could be forced into high rate subprime loans that are deemed a much higher risk. The maximum 2008 conforming loan limit for single-family mortgages will remain at $417,000, unchanged since 2006.
Fixed Rate Refinancing for
Senate Passes FHA Modernization Bill
The maximum loan amount in the 48 states will be increased from to $362,790 to $417,000. Previously the largest FHA loan for a single-family property was limited to $362,000 and that was only good for high cost areas. The raised loan limit has determined that the need to raise restrictions on high-cost metro areas on both coasts. Also, many borrowers who jumbo loans in high cost areas above the current loan limit will also be able to refinance once the new measure becomes law.
Senate Passes Bill To End Tax on Mortgage Forgiveness –
Under Section 108 of the Internal Revenue Code, forgiven mortgage debt is seen as “imputed” and taxable income. Many of those homeowners who negotiated a “short sale” with a lender winded up owing thousands of dollars to Uncle Sam because the forgiven debt is considered to be income under the tax rules.
Government Loans Show Low Foreclosure Rates
Delinquencies and Foreclosures Increase in Latest MBA National Delinquency Survey
According to a recent report by the Mortgage Banker Association’s National Delinquency Survey The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 5.59% of all loans outstanding in the third quarter of 2007 on a seasonally adjusted (SA) basis, up 47 basis points from the second quarter of 2007 and up 92 basis points from one year ago.
The increase in foreclosure starts was due to increases for all loan types. From the previous quarter, prime fixed rate loan foreclosure starts increased 4 basis points to .22%, prime ARM foreclosure starts increased 40 basis points to 1.02 %, subprime fixed foreclosure starts increased 3 basis points to 1.38 %, subprime ARM foreclosure starts increased 88 basis points to 4.72%, and FHA foreclosure starts increased 16 basis points to .95%.