FHA

FHA EXPANDS HELP TO ALL ELIGIBLE BORROWERS TO AVOID FORECLOSURES

By Miriam Raftery

Photo: CC-NC-SA via Bing

February 16, 2023 (Washington D.C.) - To help homeowners during this time of rising interest rates, the FHA has announced that its programs to help homeowners impacted by COVID-19 has been extended to help ALL eligible borrowers who are struggling to avoid foreclosure, regardless of the reason for their hardship. These tools will be available for at least the next 18 months.

During the COVID-19 pandemic, over 2 million homeowners were able to stay in their homes thanks to programs that allowed them to obtain loan modications or forbearances.

“Although the pandemic has ended, the economic effects will remain a challenge for the foreseeable future,” said HUD Secretary Marcia L. Fudge. “These impactful and effective foreclosure prevention tools will help struggling borrowers find the right option to help them get back on their feet and keep them in their homes. These tools have been so successful already, which is why FHA worked to enhance them further and include more borrowers.”


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HOW TO GET RID OF YOUR MORTGAGE INSURANCE – MI & PMI

 

By E. Vernon Small

Mortgage Insurance is required on conventional and FHA loans if the loan to value of the loan amount exceeds 80% of the value of the home.  It is an insurance policy that covers the lender in case of default or loss when the loan balance exceeds the property value.

Unfortunately, most homeowners will have to refinance their current loan to remove mortgage insurance.  Below is a guide that simplifies the most common options.


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