Tag Archives: FHA Rules Changing

FHA Annual Mortgage Insurance Premium to Increase

On April 18th, the annual mortgage insurance premium is set to increase on all new FHA Mortgages to help HUD meet it’s reserve requirements set by congress.  Below is a list of the current annual mortgage insurance premiums (MIP) required by HUD/FHA. Current Market Mortgages with a term Greater than 15 Years Loan-to-Value (LTV)                 Annual [...]

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FHA Streamline Refinance

If you currently have an FHA Mortgage on your home, you may qualify to save hundreds of dollars on your monthly mortgage payments.  As with the Fannie Mae and Freddie Mac programs that we have been talking about for the last few months, you may not have to have an appraisal.  In addition, this program [...]

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A New FHA Refinance Program for Struggling Home Owners

Last Friday, HUD announced a new program designed to help home owners who have seen a drop in their home’s value.  We do not have all the details yet, but here is a quick summary of what was announced: 1.  Existing lender must be willing to write down/reduce the loan’s principle balance by at least [...]

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Looking Back at 2009

The $8000 first time home buyer tax credit that didn’t have to be paid back is introduced. Foreclosures declined but short sales were on the rise. Stated income loans went away, making it difficult for self-employed income borrowers to get a new mortgage. New mortgage guidelines tightened up. Large investors (unless they are cash buyers) [...]

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Don’t Wait Too Long, FHA Rules are Changing

For those of you who have tried to get a mortgage done recently, you have probably realized that option are getting smaller and smaller. If you have a high loan to value (You owe almost as much as your home is worth) you may be limited to an FHA loan. This is a mortgage that [...]

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