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FHA Home Purchase Mortgage Loans

Our home purchase lenders specialize in fixed rate loan offers from up to three competing mortgage refinance loan specialists from across the country. FHA home loans have implemented many new changes that have resulted in a recent surge in home loan applications from first time homebuyers.

Rates Decline
The average 30-year fixed mortgage rate fell from 6.42% to 6.37% for the seven-day period ended Oct. 4, according to Primary Mortgage Market Survey, conducted by Freddie Mac.

The average 15-year fixed mortgage rate fell from 6.09% to 6.03%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.15% to 6.11%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.60% to 5.58%, Freddie Mac reported. Fees and points averaged 0.5 of a point for fixed-rate mortgages and hybrid ARMs, and 0.6 of a point for one-year ARMs.

"Mortgage rates eased slightly this week following three weeks of increases," said Frank Nothaft, Freddie Mac's chief economist. "The initial effects of the credit market turmoil that began in August are starting to emerge in housing statistics. New-home sales in August fell to the slowest pace in more than seven years, and the median sales price had the largest 12-month decline since 1970." A year ago, the average 30-year and 15-year fixed rates were 6.30% and 5.98%, respectively, and the average hybrid and one-year ARM rates were 6.00% and 5.46%, Freddie Mac said. Freddie can be found online at Freddiemac.com.

Economist: Resale Prices Will Fall 15%
A UBS Securities economist says he expects prices of existing homes to decline 15% before the housing market recovers and that prices could fall even further if excess supplies are not quickly reduced. UBS Securities economist Maury Harris noted that house prices have declined by 5% already and said he expects another 10% decline because of the tightening of mortgage credit and surging foreclosures. These "unprecedented" factors are making it "unusually difficult" to reduce the large inventory of unsold single-family homes, including a 5.1-month supply of vacant properties. "Unless excess supplies are quickly reduced," home prices could fall by 20%, he said. Last year, Mr. Harris forecast a 10% decline in home prices from peak to trough

Mortgage Lenders Respond to Changes in FHA Home Loan Program
According to American Banker The U.S. Department of Housing and Urban Development's reforms to the Federal Housing Administration loan program to streamline appraisals and enable lenders to charge conventional closing costs have prompted a number of lenders to aggressively market these mortgages to home owners looking to refinance out of adjustable-rate products.

Experts say the changes have made FHA loans available to borrowers who previously had no choice but to obtain sub-prime financing. The Mortgage Bankers Association, however, reports higher foreclosure rates for FHA loans than prime mortgages. In addition, consumer advocates say fraudulent income statements and flipping schemes are problems for the FHA program. Meanwhile, HUD has proposed additional reforms that would hike loan limits, implement risk-based credit scoring, and enable borrowers to forgo down payments.

Request a FREE FHA Home Loan Quote online and learn how to buy a home cost effectively.

Loan Programs & Options
Smart Home Mortgage Loans inc. offers many loan programs from the primary lenders in all 50 states. Our lending institutions provide home purchase, second home equity, mortgage refinancing, and refinance loans. Whether you are searching for conventional, non-conforming or sub prime refinancing, our company can connect you with the finest financing providers online.

FHA Home Purchase Mortgage Loans FHA Home Financing FHA Mortgage Refinancing Bad Credit Home Purchase Loans
FHA Loans Consolidate Debt No Income Check Loans Jumbo Mortgage Loans
Interest Only Balloon Mortgage Vacation Homes OK! Cash Out Refinance
New Home Purchase Fixed Rate Mortgages 100% LTV Financing First Time Home Buyers
80-20 Mortgages Bad Credit Loans OK! Adjustable Loans Condo's & Co-Op Loans
Second Home Loans Negative Amortization Mortgage Bad Credit Home Financing Manufactured Home Loans
Reverse Mortgage Loans Reverse Home Loans    

Home Financing Basics
For those of you who didn’t get a finance degree from a graduate business school, we created this section so that average homeowners can understand the basic for refinance and purchase mortgage loans. Our site will provide you with mortgage references and relevant definitions for loan terms so that you can make wise finance decisions that involve residential mortgages.
Glossary Types of Mortgages What is Subprime Freddie Mac
Misc Terms Basics of a Mortgage Bankruptcy & Foreclosure Fannie Mae
Credit Ratings Credit Scores Credit Repair Ginnie Mae
Leading Rates Closing Costs No Income Verify Amortization Period
Treasury Securities Key economic statistics Other indexes Understanding Tax Deductibility
       

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