FHA Up Front Mortgage Insurance Premium (UFMIP) will officially change from 1.75% to 2.25% effective with FHA case numbers issued after April 5, 2010 according to the FHA Mortgagee Letter 2010-2 issued today. This will be a change in the amount of the premium collected up front but not in the monthly amount at this time. FHA will be asking for an increase in the monthly premium but that must be posted in the Federal Register first and probably will not take effect until Spring or early Summer.
FHA may shut the door on home buyers and make the loan less affordable for home buyers that want to use an FHA loan. The Federal Housing Commissioner announced on January 20, 2010, that FHA may decrease the amount of closing costs the seller can pay for the buyer. In addition the financed mortgage insurance that [...]
10 Simplified Steps to Closing an Idaho FHA 203k Streamline Home Loan Mortgage. There seems to be a lot of confusion as to the process involved with an Idaho FHA 203k Streamline Home Loan Mortgage. Below I have outlined the process in order to simplify the steps involved and make it easier to grasp and [...]
Buyers looking to purchase a home in Rhode Island will face new changes this spring. According to an article in the Wall Street Journal on January 19, 2010, FHA is planning many changes. 1. UFMIP to go to 2.25% from 1.75%. Currently FHA charges what is known as an upfront mortgage insurance premimum. This amount [...]
Great news for Rhode Islanders looking to purchase a home through FHA, the “90 day seasoning flip rule ” has been temporarily lifted by FHA. This change will allow buyers in Rhode Island to use a FHA Mortgage when purchasing investor and bank owned properties that have been owned for less than 90 days by the seller. [...]
David Stevens, FHA Commissioner, announced today a bunch of policy changes designed to strengthen FHA’s Capital Reserves. These are HUGE changes ranging from raising down payment requirements, to raising upfront and monthly mortgage insurance premiums to lowering the seller concessions. These are changes that can change a person’s ability to actually get an FHA loan in the future.
With the economy flat and home prices stagnant people are looking to get more out of their renovations. Whether it is a FHA 203K purchase or a Fannie Mae Homestyle refinance, going green with your new renovation will pay dividends for years to come. Whether your goal be energy savings, an allergen free home or saving the planet; here are 5 fresh ways to go green on the next face lift for your home.
It is possible to purchase a home in the Eugene or Springfield area that is priced over $500,000 with less than 20 per cent down, but you need to be a Veteran. Most often we think of VA Guaranteed Home Loan as not requiring a down payment and that is true if the purchase price/loan amount is below $417,000 in Eugene/Springfield, Lane County Oregon. However, if you are purchasing a home for over $417,000 in our area, all of a sudden a down payment is required. Mortgage insurance for conventional jumbo loans is nearly non existant.
Home Buyers, Home Sellers, Home Investors – HUD just gave a nice boost for California FHA insured mortgages. The 90 Day Flip Rule that hindered FHA buyers and certain home sellers from going into contract together has been temporarily waived for 1 year. Starting February 1, 2010, a home purchased by a LLC, Trust or [...]
Have you heard the news? Last week FHA announced that it is waiving the 90-day seasoning required for sellers. This is truly great news for First Time Home Buyers and Real Estate Investors in New Jersey. This change will allow buyers in New Jersey to use a FHA Mortgage when purchasing investor and bank owned [...]
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