Search results
Results from the WOW.Com Content Network
The Davis–Bacon Act of 1931 is a United States federal law that establishes the requirement for paying the local prevailing wages on public works projects for laborers and mechanics. It applies to "contractors and subcontractors performing on federally funded or assisted contracts in excess of $2,000 for the construction, alteration, or ...
The pattern of loans had basically no relationship to the "redlining" maps because the program to create the maps did not even begin until after 90% of HOLC refinancing agreements had already been concluded. However, the HOLC shared their maps with the other major New Deal housing program, the Federal Housing Administration. But, the FHA ...
Program income is sometimes directly generated by the federally funded program. [35] This type of income includes, but is not limited to, income from fees for services performed, the use or rental of property acquired with program funds, the sale of items fabricated under the program, and payments of principal and interest on loans made by the ...
Basic home mortgage loan or 203(b) loan: The 203(b) loan is the FHA’s main home loan program for buying a home or refinancing. These loans come with fixed and adjustable-rate options, as well as ...
The 28/36 rule is a general guideline used to calculate how large of a mortgage you can afford against your income. The rule suggests that your mortgage costs shouldn’t be more than 28% of your ...
On March 6, 2008, the "FHA Forward" program was initiated. This is the part of the stimulus package that President George W. Bush had in place to raise the lending limits for each county in every state.. [16] On April 1, 2012, the FHA enacted a new rule that requires their customers to settle with medical creditors in order to get a mortgage loan.
Qualifying for a home equity loan typically requires a minimum of 15% to 20% equity in your home after first and second mortgages are accounted for, a credit score of at least 620 (although higher ...
It created the Federal Housing Administration (FHA) [3] and the Federal Savings and Loan Insurance Corporation (FSLIC). [4] The Act was designed to stop the tide of bank foreclosures on family homes during the Great Depression. Both the FHA and the FSLIC worked to create the backbone of the mortgage and home building industries, until the 1980s ...