This post will be updated from time to time - so check back in on a regular basis.
5-18-2011: Check out all HUD (i.e., FHA loan foreclosed) properties on HUD's property sale website - http://www.hudhomestore.com/ - To submit offers, find a registered HUD home Buyer's Agent...like me!
3-8-2011: FHA backed about $208 billion (up from $85 billion in 2007) in mortgage loans with a delinquency rate of about 25%.
As of 2010, Shaun Donovan is the Housing and Urban Development (HUD) Secretary.
HUD's website is: http://portal.hud.gov/portal/page/portal/HUD
FHA's related link is: http://www.hud.gov/offices/hsg/hsgabout.cfm
8-26-2010: HUD has a program which only requires $100 down payment as long as the purchaser pays full price on a home and uses FHA financing. Other programs exist - like Good Neighbor (where a police officer, EMT, or teacher live in a house) which is located in their district or high crime area - they can buy it at 50% of price. Check out all the programs at HUDPEMCO's website.
8-24-2010: As of June 2010, only 8.3% of FHA loans were delinquent 90 days or more - this is down from January's peak of 9.4%.
Also, beginning in October, FHA will raise lower the up-front MIP charge from 2.25% to 1%, but raise the monthly MIP fee from 0.55% to 0.90%.
The number of home purchase mortgages are rising to almost 50% of the total purchases, while their reserves for losses are shrinking fast. Another round of price declines will take a heavy toll on the reserves.
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
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