FHA

5 Things You Must Know About Mortgages

Even after the housing crisis, many potential buyers still don't know even the most basic things about mortgages. Here are five essential facts about financing a home.

FHA Loan Limit Raised, Despite Opposition

On Thursday, Congress moved to raise the loan ceiling for mortgages backed by the Federal Housing Administration on Thursday, despite some lawmakers' fears of artificially propping up the market.

Reverse Mortgage: Is It a Good Bet for You?

The reverse mortgage was invented to help seniors facing economic hardship access the equity in their homes. But these loan products are complicated, expensive and ripe for abuse, which lead a reader named Fred to ask DailyFinance's Laura Rowley for some advice. Here's what she told him:

Obama's Mortgage Reforms: Higher Standards -- and Costs

The administration's proposed revamp of Fannie Mae and Freddie Mac is actually an offering of multiple policy options, essentially passing the political hot potato to the Republicans. Problem is, any fix is sure to make mortgages costlier, with potential harm to the housing market.

Housing 2011: Unsettled, Underwater, Unsold

Sales agreements for previously occupied homes rose 10.4 % in October. But that one spark of hope comes against a backdrop of declining prices, bulging inventories and ongoing legal issues around foreclosures. Don't count on a real estate recovery next year.

Banks Demanding Higher Credit Scores for Mortgages

Bank of America and Wells Fargo were among banks that tightened credit standards for mortgages insured by the Federal Housing Administration in a move that may put a crimp in the U.S. housing recovery by effectively eliminating 6.3 million people from the potential home buying pool.

Calculating the True Cost of Homeownership

Historically low mortgage rates are making houses more affordable in terms of "the monthly nut," but other considerations can trump simple affordability, and ignoring those hidden costs and risks can turn buying a home into a potential financial disaster.

Foreclosures Are Still Rising

The percent of mortgages backed by the FHA that are in default has risen by a third over the last year. Many of the troubled mortgages were granted in 2007 and 2008, and mortgages typically perform worst in their second and third years.

Housing Is Utterly Dependent on Washington

Let's not forget that unprecedented government intervention is the only thing keeping the the housing and mortgage markets afloat. This level of support is so massive that many are wondering what will happen when the government finally pulls the plug.

FHA Finally Facing Reality

The Federal Housing Administration has been focusing its efforts to shore up its finances on stricter rules for lenders, but in testimony before the House Financial Services Committee on Wednesday, Housing and Urban Development Secretary Shaun Donovan is expected to announce changes to rules for borrowers, requiring more skin in the game.