by Matt Smith - Phoenix Loan Officer

In the last 12 months, the mortgage industry changed dramatically. If you tried to buy or refinance in late ’07 or early ’08, you found that many of the standard loan options that you could have chosen in the past are gone. On purchases, the down payment requirements were also higher, usually 10%. On refinances, lenders were no longer allowing you to take all of the equity out of your home. This “credit crunch” was straining the real estate market and beginning to drag the national economy down along with it. The folks in Washington recognized this and in a rare burst of speed, enacted a piece of legislation that has given lenders a new tool to work with – the FHA loan.  Click to continue  »