Conventional mortgages are those not insured by a government agency — and to get one, you usually need to put 20% down, and they’re usually only 30-year, fixed rate. If those terms don’t fit your needs, then you can consider an FHA guaranteed loan, and if you do, you need to know a few things. Philly.com wrote a nice introductory article covering five points about FHA backed mortgages. It covers everything from current down-payment requirements to some more surprising items, like FHA mortgages may be easier to re-finance.
Apparently, there’s confusion. The Federal Home Loan Banks (a collection of 12 regional banks that help finance mortgages made by their member banks) have been holding back on purchasing mortgages from their members, because they’re unsure how they would have to meet Federal Housing Finance Agency (FHFA) targets for affordable housing. The FHFA has declared this an undesirable outcome. As a result, they’re looking into new ways that they might encourage home loans for people in the very-low to moderate income ranges.
Did you finish some much needed work on the house this Memorial Day weekend? Or maybe kick-off a new project? For 30 years now, do-it-yourself has been a big part of American life, and has led to the success of companies like Home Depot). But it looks like the UK has started moving in the other direction. Apparently, DIY projects reached their peak in England all the way back in 2004 — they’re giving up on do-it-yourself, and moving to do-it-for-me. What about you? Have you started to see this trend in the U.S.? Or have our British cousins just gotten a little bit too lazy?