The U.S. Department of Housing and Urban Development has proposed regulations that would ban discrimination against gay people in federally-assisted housing programs. The new rules would prohibit lenders from discriminating based on sexual orientation in offering FHA-insured mortgages. They would also prohibit discrimination in HUD programs including public housing, Section 8 vouchers, and multi-family housing assisted through HUD funding. Currently, the Fair Housing Act prohibits discrimination in renting, selling and mortgage lending on the basis of

A new type of reverse mortgage that could benefit some senior citizens has been approved by the Federal Housing Administration. In a traditional mortgage, you borrow money against your house and pay it back in monthly installments over time. With a reverse mortgage, you borrow money against your house, but you don’t have to pay it back until you die, sell the house, or move – which means you don’t owe anything as long as you

The Federal Housing Administration has extended a program designed to make it easier for investors to “flip” foreclosed and other depressed properties by buying them, rehabbing them, and quickly selling them to homebuyers. Ordinarily, investors who buy a property with an FHA-insured loan are not allowed to sell the property until at least 90 days after the purchase. However, the FHA now says it won’t enforce this rule until at least the end of 2011. The

The average office rent in the U.S. edged slightly higher at the end of 2010 – to an average of $22.09 per square foot. That’s an increase of only 0.2 percent, but it’s the first increase in almost three years, which suggests that the long slump in rental rates may be coming to an end as the economy slowly improves. Back in early 2008, the national average was above $25 per square foot. The total amount

There’s been a spike in interest recently in 15-year mortgages, particularly for people who are refinancing. In general, the recent financial crisis has made people more wary of debt and more eager to pay it off. Back before the crisis, many people were happy to take on more debt and pay it off over a longer period of time. But today, a lot of people want to get rid of debt as quickly as possible, even

As a general rule, borrowers have to obtain private mortgage insurance if their down payment is less than 20% of the value of the home. But what many people don’t realize is that there are a number of different options for the way this insurance, called PMI, is handled. Some of these could reduce your monthly payment or save you money in the long term. PMI is a bigger issue than it used to be. For