Columbus Ohio real estate

FHA Announcements


David H. Stevens the Assitant Secretary of Housing - FHA Commissioner shares the announcements of changes in FHA financing with us via ActiveRain.  

To be fair I heard it from our inhouse loan officer  with Real Living Morgage a few hours ago. 

A Re-Blog of David H. Stevens, the Assistant Secretary of Housing - FHA Commissioner and ActiveRain ( a national real estate network) member.


Today I will be announcing a series of changes to FHA that will affect some of you. As you read about them, please note a few key points.

FHA fell below is legislated requirement to have 2% in excess capital for reserves above and beyond forcasted losses. Being below this 2% requires me, by law, to make changes to get the funds reserves back over 2%. Virtually all of the losses are from 2006, 2007, and 2008 book years. These are the worst years in the housing crisis from an origination standpoint and they contained programs like the SFDPA (seller funded downpayment assistance) that have extremely high default rates.

The changes announced today will get the reserves up and put in place some controls to protect the fund and FHA for the long term, while making sure not to overly, adversely, impact this housing market at a critical time.

You can read about these in any major newpaper today or perhaps tomorrow, but please understand that these are necessary to keep FHA functioning. Without some tightening, we would be under extreme scrutiny and the lack of fiscal soundness could threaten FHA for the long term.

The housing market is slowly coming back to life in many markets across the country. Let's keep working at making this american dream of homeownership be part of a safe and responsible system for the long term.

Thanks for listening and for being a professional in this industry - it's why I post here in active rain - this place is filled with real pros.

Have a geat day.


This post provided by Maureen McCabe HER Realtors*

Contact Maureen McCabe of HER Realtors* - 614.388.8249

HER Realtors  Maureen McCabe

Search Columbus mls

email:  at = @

*Real Living HER

Information is deemed to be accurate but should be verified to your satisfaction.  Information provided herein is supplied by several sources and is subject to change without notice.  Opinions expressed are solely those of Maureen McCabe.



Comment balloon 0 commentsMaureen McCabe • January 20 2010 03:54PM
FHA Announcements
David H. Stevens the Assitant Secretary of Housing - FHA Commissioner shares the announcements of changes in FHA financing with us via ActiveRain. To be fair I heard it from our inhouse loan officer with Real Living Morgage a few… more
How do I know if Fannie Mae or Freddie Mac has my loan????
Are you current on your mortgage on your Central Ohio home? Has your home lost value? Have you been unable to refinance? Thanks to Winston Westbrook of Westbrook National Real Estate Co, for information on the new refinance program for… more
Consumer Website for Loan Officer Licensee Searching
Coming soon… A national change. Or maybe it is not going to be soon for us in Central Ohio. Charles who wrote this says "Because implementation dates vary by jurisdiction, not all loan officers will be searchable in the system… more
The road to hell and the new mortgage disclosures
The new mortgage disclosures 2010 This is national change… so it affects or is that effects (those are my worst two confusing words, affect and effect… ) The changes in disclosures, the Good Faith Estimate changes touches us in… more
Building Good Credit: Getting the Word Out
This is a Re-Blog of a post from Steve Shatsky a real estate agent in Dallas. Steve lived in Central Ohio in the 1980's. I believe Steve worked out at Honda. Lived in the Sawmill Road area? Steve is a short sale expert in… more
Low Mortgage Rates
Brought to you by Maureen McCabe Real Living HER -Worthington you gotta love this little cartoon especially the piggie bank. At the end they refer you to WAHOMEOWNERS. com which is Washington State… If you are looking for info about… more
Columbus Doo Dah Parade - Home Mortgage
Transformers: Revenge of the Fallen The Columbus Doo Dah Parade is in the Short North, it is an… more
Refinance - Peace of Mind is not just for home buyers
Need to refinance the mortgage on your Central Ohio home? Real Living's 'Peace of Mind' Plan, a mortgage protection program is NOT just for home buyers. Protect your families Central Ohio home against the financial burdens of "… more
This is long so I won't add to it. Read all disclaimers carefully. This is a Re-Blog of a post from Richard Zaretsky, Florida Real Estate Attorney. Ohio law may be different, as the author says "Be sure to contact your own attorney… more
The Price of Procrastination
I blogged about this with a link before Darrel set it up with Re-Blog but there is only so much I could quote. Time is money, interest rates, in my my attempt to say "what he said. " It bears repeating.. so here is… more