Don’t get me wrong I think it is a fine minimalist start and I strongly believe in minimalist government solutions–let the market work is my mantra. However, I think it is crazy the way the mortgage market, news media, and even the blogosphere is painting this as a panacea.
Best case, by all reports it helps 240,000 families. That, of course, assumes FHA approved lenders can find them or these families discover this as an option. Maybe it is a good time to find a good lead provider targeting FHA business.
Regardless of the impact it will be a part of the market and you should be educated on the opportunity. So, here is my little part to create a FHASecure primer:
- Paul Knag breaks down the essentials of FHASecure as reported by HUD
- Seth Jayson at The Motley Fool shoots daggers at NARs endorsement of the FHA plan
- Peter G. Miller has a site that is devoted to all of the nuances of FHA mortgages and the new FHASecure program
- Morgan Brown can actually get you a shiny new FHASecure mortgage loan
If you really want to go contrarian Brian Brady is talking up 1 year ARMs–I’m with you Brian!