Tag Delaware FHA Loans

Tag Delaware FHA Loans

FHA Mortgage Insurance Premium Dropping January 26, 2015

John Thomas January 10, 2015 Tags: , , ,
featured image

FHA Mortgage Insurance Premium Dropping January 26, 2015

FHA Mortgage Insurance Premium being lowered on all new FHA Case Numbers assigned on or after January 26, 2015 as announced by HUD Secretary Julian Castro on January 8, 2015 per executive order by President Obama.  FHA will reduce the annual mortgage insurance that borrowers will pay by 0.5%.  FHA made this official with the publication of the Mortgagee Letter 2015-01. Call 302-703-0727 to Apply for a FHA Loan or APPLY ONLINE

Below is a table that shows the changes to the annual mortgage insurance premiums for FHA Loans:

Keep Reading...

FHA Property Flipping Waiver Expires December 31, 2014

John Thomas December 11, 2014 Tags: ,
featured image

FHA Property Flipping Temporary Waiver on the 90 Day Rule will expire on December 31, 2014 and will not be extended as announced by the Federal Housing Authority on December 11, 2014.  This is important news for investors and home buyers to be aware of starting January 1, 2015 as investors will need to wait 91 days before they can executed a sales contract on a flip for a buyer using FHA financing to purchase the property.

If you have questions or would like to apply for a FHA Loan to purchase or refinance a home in Delaware, please call 302-703-0727 or you can APPLY ONLINE

Keep Reading...

Delaware FHA Loan Limits for 2015

John Thomas December 6, 2014 Tags: ,
featured image

Delaware FHA Loan Limits for 2015 Announced by Federal Housing Administration on December 5, 2014 in the mortgage letter 2014-25.  The mortgage loan limits published in this mortgage letter go into effect for FHA case numbers assigned on or after January 1, 2015 and will remain in effect through December 31, 2015.

The FHA Loan Limits are based on which county the property is located.  The maximum mortgage loan limit per county in Delaware for 2015 is as follows:

New Castle County                 $379,500

Keep Reading...

Delaware FHA Loan Limits for 2014

John Thomas December 10, 2013 Tags: , ,
featured image

Delaware FHA Loan Limits for 2014 will be going Lower for FHA case numbers assigned on or after January 1, 2014.  FHA mortgage maximum loan amounts vary by states and by regions based on the median home price in that region.  Currently FHA loan limits range from $271,050 up to $729,750.

Effect January 1, 2014, FHA is reducing the maximum loan amount from $729,750 to $625,500 and reducing maximum loan limits in most regions.  The lowest maximum loan limit will remain at $271,050.  The FHA loan limits in Delaware are being reduced in all three counties of Delaware as follows:

Keep Reading...

HUD Delays Ban on Dual Agency for Short Sales on FHA Loans

John Thomas September 29, 2013 Tags: , , , ,
featured image

HUD Delays the Ban on Dual Agency for Short Sales on Properties with FHA Loan being sold short.  The rule was to go into effect on October 1, 2013 as outlined in mortgagee letter 2013-23 released in July 2013.  The rule stated that brokers and their agents may only represent the buyer or the seller, but not both parties.  This is commonly called dual agency so the rule thus makes it illegal for an agent that works for the brokerage of the listing agent to represent a buyer in the purchase of a short sale.

Keep Reading...

FHA Back to Work Program Delaware FHA Loan Update

John Thomas August 21, 2013 Tags: , , ,
featured image

FHA Back to Work Program

Delaware FHA Loan Update Effect August 15, 2013

FHA Back to Work Loan Program – HUD released a new Mortgagee Letter 2013-26 and made it effective August 15, 2013 which was title FHA Back to Work – Extenuating Circumstances.  The new guidelines allow borrowers who have experienced an Economic Event that resulted in a severe reduction in income that lead to a short sale, foreclosure, and/or bankruptcy to shorten the required wait time to a minimum of 12 months.  The normal wait times are from 2 to 3 years from the derogatory event.  If you would like to apply for the Back to Work Program you can call 302-703-0727 or apply online at Delaware FHA Mortgage Application

Keep Reading...

FHA Update – FHA Announces Increase in MI Effective April 1, 2013

John Thomas February 2, 2013 Tags: , , ,
featured image

In Mortgage Letter dated 01/31/2013, HUD  announced that the Federal Housing Administration (FHA) will increase its annual mortgage insurance premium for most new mortgages by 10 basis points or by 0.10%, and FHA will increase premiums on jumbo mortgages ($625,000 or larger) by 5 basis points or 0.05%.  It will also change the MIP from canceling at 78% LTV to being for the life of the loan on most FHA loans as of June 3, 2013.  You can read the letter at http://portal.hud.gov/hudportal/documents/huddoc?id=13-04ml.pdf

Keep Reading...

FHA Extends Property Flipping Waiver till December 31 2014

John Thomas December 12, 2012 Tags: , ,
featured image

Update to Property Flipping Waiver – FHA Extends the Waiver till December 31, 2014

In 2006, HUD published a final rule in the Federal Register amending regulations at 24 CFR 203.37a, prohibiting property flipping in the HUD/FHA single-family mortgage insurance programs by providing additional exceptions to the time restrictions on sales.  The rule and Mortgagee Letter 06-14 became effective for mortgages endorsed for insurance on or after July 7, 2006.

For properties that do not meet the property flipping exception criteria, the property flipping waiver was recently extended through 12/31/14

Keep Reading...