Mortgage Blog

Unless you drive a hybrid car or ride your bike to work, there’s no way to escape the high gas prices. But there are ways you can get better gas mileage out of our vehicles – which will save you money in the long run, according to Edmunds.com, an online resource for automotive information.

Here are 10 to help you get better gas mileage:

1. Follow the Recommended Maintenance - A well-maintained vehicle will operate more efficiently. Fouled spark plugs, dirty air filters and clogged fuel filters will diminish fuel economy.
2. Keep Tires Properly Inflated - Under-inflated tires require more energy to roll; properly inflated tires can improve fuel economy by as much as 3 percent.
3. Take a Load Off - Heavier vehicles require more energy to move. Pack light and remove unnecessary items from the car.
4. Don't Drive Aggressively - Hitting the gas pedal hard after stopping, slamming on the brakes and speeding all decrease fuel efficiency.
5. Use the Highest Gear Possible - Lower gears use more power, so manual transmission drivers should switch to a higher gear when driving at a steady speed, and automatic transmission drivers should avoid using "sport" mode.
6. Use Cruise Control Selectively - Cruise control is a great asset on flat roads, but isn't the most efficient on hilly terrain.
7. Think Clean - Keeping your car washed and waxed improves its aerodynamics, thereby improving fuel efficiency. On a long trip, a quick run through a gas station car wash might more than pay for itself.
8. Avoid Excessive Idling - An idling car burns fuel. Whenever possible, turn your car off while waiting, and try to avoid drive-through windows and long toll booth lines.
9. Think Before You Ventilate - Air conditioning consumes more fuel, while rolled down windows decreases aerodynamics. Roll down windows when in slow-moving traffic; use the air conditioner when traveling at high speeds.
10. Combine Your Errands - Cold engines use more fuel than warm engines. Combining errands means the engine will be warmer for more of the trip.

Home Funding Corp. has received Unconditional Direct Endorsement Approval from the Federal Housing Administration. This designation as a "Full Eagle FHA lender" means the bank can now originate, fund, hold, service, purchase and sell FHA-backed mortgage loans.

The big thing for a borrower about the Full Eagle designation is that it streamlines the mortgage process for applicants. Becoming a full Eagle lender makes us stand.

There is a popular misconception that FHA-backed mortgage loans are for people who have poor credit or low incomes. There really are no income restrictions and a only few guidelines on credit for FHA loans.

An FHA mortgage can also help people who do not have sufficient money to put down on the house. Saving enough for a down payment is a major deterrent to home ownership, especially in California. FHA-backed mortgages can help people get into a house with as little as three percent down.

Measure seen to bring stability to home values and accelerate sale of vacant properties

WASHINGTON - In an effort to stabilize declining home values in certain neighborhoods, the Bush Administration today announced a temporary policy that will extend government-backed mortgage insurance and allow for the immediate sale of vacant foreclosed properties.

For one year, the Federal Housing Administration (FHA) will insure foreclosed properties marketed and sold by property disposition firms on behalf of lenders. The properties, which must purchased by owner-occupants, will no longer be subject to the customary 90-day waiting period.

"A glut of foreclosed and abandoned homes harms neighborhoods, frustrates homebuyers and delays a community's recovery," said Brian D. Montgomery, Assistant Secretary of Housing-Federal Housing Commissioner. "The action we take today will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes in neighborhoods across the country."

FHA's new temporary policy will help stabilize neighborhoods experiencing high rates of foreclosure by reducing the inventory of unsold properties. Many foreclosed properties remain vacant for months, inviting vandalism and reducing values of surrounding homes. To address that sizeable inventory, lenders have hired companies that specialize in the marketing and disposition of foreclosed homes. It's reasonable and appropriate that these firms have the ability to sell the properties to borrowers using FHA financing.

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This prohibition is intended to prevent property "flipping," a predatory practice that strips a home of its equity before being quickly resold at an inflated price to an unsuspecting buyer. FHA's new policy will permit the immediate sale of foreclosed properties to legitimate borrowers wishing to use FHA-insured financing.