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Federal Housing Administration
Latest Federal Housing Administration Items
Tax cheats were given $1.4 billion in government-backed mortgage loans under President Obama's economic stimulus, and the government doled out at least an additional $27 million in tax credits to delinquents who took the first-time-homebuyer tax break, according to a government audit released Wednesday.
When Heidi Krieger, who recently purchased a one-bedroom co-op in Cleveland Park, first started looking at co-ops and condos, her first concern was to find a home she loved. Her second priority was to make sure the monthly fees were affordable.
Now that their federal income-tax returns for 2011 have been filed, self-employed people, like everyone else, may be breathing a sigh of relief. But if you are self-employed and intend to apply for a mortgage in the next year or two, your tax-related tasks are far from over.
Over the last couple of weeks, I have reported that the Federal Housing Administration (FHA), as of June 12, will drastically reduce the fees for certain FHA streamline refinance programs.
Last week, I reported that the Federal Housing Administration is changing the fee structure for its "streamline" refinance program. Effective June 12, the FHA is lowering its monthly mortgage insurance premium (MIP) from .096 percent to .046 percent. This means that, after June 12, the monthly MIP payment on a $200,000 loan will drop from $192 to $92.
It appears there may be some very good news for homeowners with loans insured by the Federal Housing Administration (FHA).
A stable dollar and prices are consistent with maximum sustainable job and wealth creation. However, the Fed's dual mandate to pursue full employment and price stability has given it license to meddle in the economy to boost short-term employment, with disastrous consequences.
President Obama told underwater homeowners Saturday that their ability to refinance their mortgages is in the hands of a do-nothing Congress.
Only three months after proposing a mortgage-relief plan, President Obama went back to the drawing board Wednesday with another proposal that would allow millions of "underwater" borrowers to refinance home loans and would impose a new tax on big banks.