FHA Home Loans Refinancing

Will the New Mortgage Rules Impact FHA?

01.07.14

Consider FHA housing loans in 2017, but make sure you understand your eligibility with respect to meeting the standards for qualified government home mortgages in this New Year. The good news is that Congress just passed a bill that committed not raise the insurance premiums on FHA loans. If defaults remain can remain low this year, we don’t anticipate any more hikes to the premium. Clearly, the Federal Government is steadfast on reviving the housing sector by extending attractive terms on first time house buying loans.

Apply with a FHA Loan Application

The Consumer Financial Protection Bureau recently created new rules for mortgage lenders that require them to make reasonable, good-faith determination about the ability for an applicant to repay the home mortgage. When loan companies follow the standards, they have some protection against those that would charge them with inappropriate lending.

New Ability-to-Pay Rules Include:
Home loans cannot extend beyond 30 years
Fees and points cannot exceed 3% of the loan amount
Current income or assets must be sufficient
Credit history must indicate that borrowers have a history of making payments on time
Certain debt-to-income ratio compliance
Higher risk mortgages will not qualify

Visit the original article on Federal mortgage rules in Your Houston News and educate yourself more on all that has changed in 2014.

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