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 Size6,099 sqft
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Home Size1,628 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1948
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Days on Market0
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Lot Size1.77 ac
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Home Size1,065 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1963
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Days on Market0
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Lot Size15,246 sqft
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Home Size2,199 sqft
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Beds4 Beds
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Baths4 Baths
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Year Built2005
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Days on Market0
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Lot Size12,197 sqft
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Home Size2,028 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1985
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Days on Market0
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Lot Size8,712 sqft
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Home Size2,231 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built2016
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Days on Market0
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Lot Size1,743 sqft
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Home Size1,634 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built2024
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Days on Market0
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Lot Size6,534 sqft
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Home Size1,352 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 Market0
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Lot Size1,743 sqft
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Home Size1,853 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built2020
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Days on Market0
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Lot Size7,406 sqft
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Home Size1,886 sqft
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Beds4 Beds
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Baths2 Baths
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Year Built2019
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Days on Market0
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Lot Size9,148 sqft
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Home Size1,052 sqft
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Beds2 Beds
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Baths1 Bath
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Year Built1966
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Days on Market0
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(all data current as of
10/26/2024)
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