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Reverse mortgage counselors have some new guidelines for qualifying to work with homeowners. The Federal Housing Administration (FHA) guidelines come after complaints that some housing counselors aren’t qualified to discuss reverse loans.
Seniors...
More cash and better credit — that’s what it may take secure an FHA mortgage in the coming months, according to changes announced this week by the U.S. Department of Housing and Urban Development.
With the FHA’s reserves now below...
In a bit of good news for seniors who may be considering a FHA reverse mortgage, HUD has announced that they will extend the loan limits for 2010 at 150% of the regular conforming loan limit. This means that the nationwide reverse mortgage loan limit...
Many times people will ask me “how much will my credit score drop if I have a short sale? What if I have a foreclosure?” and usually, my answer was something like “it will hurt your credit, but no one can really tell you exactly how much it will hurt...
The more a homeowner is underwater on their mortgage, the more likely it is they’re going to walk way from their loan despite their credit score, as Justin McHood recently wrote here at Mortgage Loan Place.
Now, a University of Arizona law professor...
