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September 19, 2007
Strike One
Regarding the second point: By not raising the loan limits they fail in one of the 11 ways they can help. I believe they will fail in almost all, but let us have hope. To be specific as to why I support this: FHA is not a government gimme. It is a government guarantee the mortgage will be paid or the lender compensated for losses. The program pays positive cash flow to the government in that there is a type of mortgage insurance fee charged the borrower. It is reasonable and more than pays for the reimbursements made to the lenders that suffer a default.
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Posted on September 19, 2007 10:46 AM by mortga184.
Filed in Mortgage Calculator under mortgage insurance.
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To help people not get into trouble maybe the mortgage lenders should do more to educate first time home buyers so they understand completely the loan process. Many people just see the monthly payment and sign without realizing what could happen if the payment isn't made.
Posted by: Make Money at January 4, 2008 11:45 PM
