Blogging is all about taking news or issues or whatever and making it your own. If we wanted the straight facts (or at least a source pretending to be unbiased) we would read newspapers. Which we don’t.

That being said…Check out this post from Jay Beckingham on his Active Rain blog. He addresses a common issue in the world of FHA, adds some flair, and makes it his own. Well done!

Timely, relevant FHA news has been pretty scant these days, forcing me to continue posting about the depressing state of the housing market. Here’s more. Sorry.

If you don’t feel up to reading the whole report over at CNN Money or Moody’s Economy.com here’s a snippet:

The worst-hit loan category will be subprime adjustable-rate mortgages (ARMs). Economy.com expects foreclosures for those loans to hit 10 percent of that group by mid-2008. The foreclosure rate for that group is currently 4 percent and was as low as 2.5 percent in 2005.

Hmmm…Subprime ARMs are ruining things….If only there were a solution for people in desperate need of refinancing….If only FHA loans were being modernized….

According to the New York Times, mortgage giant Countrywide Financial is predicting that the housing slump may continue until 2009.

The news from Countrywide, widely seen as a bellwether for the mortgage market, initiated a sell-off in the stock market, which is at its most volatile in more than a year. The Standard & Poor’s 500-stock index fell 30.53 points, or 2 percent, to 1,511.04, its biggest one-day drop in nearly five months. The dollar dropped to a new low against the euro, edging closer to $1.40 to 1 euro. Stocks opened sharply lower in Japan this morning.

Not good. Not good at all.

Michael Mapes has a GREAT post on Active Rain explaining mortgage insurance and how it differs with different types of loans. Although the FHA section is rather short, it’s still beneficial. Plus, it’s important for consumers to be able to compare and contrast the different types when choosing a loan. Here’s the FHA bit:

The FHA (Federal Housing Administration) provides loans to borrowers with very low down payments. The concept is similar to conventional loans, with a few exceptions. The insurance dollars are paid to the FHA. An up-front premium is due at loan closing, and that premium may be included in the loan amount. A monthly insurance premium varies with the term of the loan and the loan-to-value ratio.

We’ve posted on a few different FHA related reports in The New York Times, and now it looks like CNN Money is catching on too. FHA is making its comeback! This CNN Money report offers 3 subprime alternatives (though I must say, this article is a LONG time coming. People could have used this last December.)

The options include:

And, yes, FHA does come first in the article. The section includes historical information, reform news, and steps to getting started.

Here’s a post from the Refinance Hub that covers all the basics of an FHA Refinance. It carefully explains terms, benefits, and processes that are essential to a refinance.

If already involved with the Federal Housing Administration, then one of these streamline loans could be an excellent program. Refinance FHA mortgage loans offer interest rate reductions without much of the hassle and paperwork that typically accompanies home mortgages. The income and credit qualifications are usually easier to meet than those required for conventional lenders. Yet, the rates for the Federal Housing Administration are still competitive. Even if one has never been involved with the FHA, to refinance a FHA mortgage loan through them is an option worth considering.

There’s more great info on the post. Definitely worth a look.

The Chairman of the Federal Reserve plans for rates to hover around 5.25, but fears the possibility of the housing slump worsening, MSNBC.com reports.

Another risk is that the housing slump could turn out worse than expected, sapping consumer spending and possibly causing overall economic growth to be weaker, Bernanke said.

Housing starts rose slightly last month, the government reported Wednesday, but building permit activity, a sign of future construction plans, sank to its lowest rate in 10 years, signaling further weakness in the listless sector.

Soooo, if you are looking to be a first time homeowner….Take out an FHA loan, buy a house, have low interest rates, live happily ever after.

Rising interest rates are more than just an American problem, as shown by an article that made the homepage of the UK’s Daily Mail website. The Mail, one of London’s top paper’s, reports that many homeowners could face trouble as their monthly payments rise.

If rates do go up next month, borrowers with a £200,000 loan still exposed to a lender’s standard variable rate will have seen monthly repayments increase by £187.69 from £1,242.48 to £1,430.17 in a year.

For the record, 1 British pound is currently worth $2.05. Good for Brits coming to America. Bad for Americans going to Britain.

…Energy-Efficient Mortgages! This FHA program is a great way for individuals to make home improvements designed to save them money in the long run. Check out this article about EEM loans over at the Mortgage Loan Place lending guide.

The bloggers have been busy - Here’s what to check out:

On his Active Rain blog, Joe Adams shares his personal experiences with the positive changes in applying for FHA loans.

On his Active Rain blog, Scott Hoag explains why you don’t need great credit to get a great loan. (Though his title could be a bit more tactful.)

On FHA Expert, Jeff Belonger explains the credit requirements for FHA loans. (Tact included.)

Scott Hoag is a busy man! He’s also got FHA Frequently Asked Questions post. Good questions, straightforward answers.