The Federal Housing Administration (FHA) informed lenders that it’s going to start flagging more high-risk loans. Those mortgages, most of which are extended to borrowers with low credit scores and high loan payments in accordance with incomes, will undergo a more rigorous manual underwriting process.
FHA clamps down on risky government-backed mortgages
The FHA worries that lenders are responsible for loans to borrowers who cannot repay them – which will lead to a jump in defaults that strain the agency’s reserves.
The decision to tighten underwriting standards signifies fewer first-time home buyers have the ability to secure mortgages.
FHA Chief Risk Officer Keith Becker says approximately 40,000 to 50,000 loans annually would probably be affected – about 4%t to 5% of the FHA-insured mortgages originated annually in recent years.
“We have continued to endorse loans with more and more credit risk,” Becker says. “We felt that it was appropriate to take some steps to mitigate the risks we’re seeing.”
Ready to find your new home here in the Tampa Bay and Surrounding Areas? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.
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Lot Size5,663 sqft
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Home Size1,452 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built1990
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Days on Market1
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Lot Size
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Home Size1,450 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1976
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Days on Market1
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Lot Size10,455 sqft
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Home Size800 sqft
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Beds2 Beds
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Baths1 Bath
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Year Built1963
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Days on Market1
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Lot Size6,970 sqft
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Home Size3,008 sqft
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Beds5 Beds
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Baths3 Baths
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Year Built2013
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Days on Market1
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Lot Size13,940 sqft
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Home Size1,379 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1950
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Days on Market1
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Lot Size6,970 sqft
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Home Size2,364 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built2016
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Days on Market1
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Lot Size2,614 sqft
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Home Size1,349 sqft
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Beds2 Beds
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Baths3 Baths
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Year Built1989
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Days on Market1
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Lot Size4,792 sqft
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Home Size1,062 sqft
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Beds2 Beds
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Baths1 Bath
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Year Built1969
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Days on Market1
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Lot Size8,712 sqft
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Home Size2,322 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built1992
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Days on Market1
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Lot Size10,019 sqft
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Home Size1,508 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built2018
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Days on Market1
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