FHA Back to Work Program Delaware FHA Loan Update

John Thomas August 21, 2013 Tags: Delaware FHA Loans, FHA Back to Work Program, FHA Update, Mortgagee Letter 2013-26

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: Delaware FHA Loans, FHA Loans, FHA MIP, MIP

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: Delaware FHA Loans, FHA Guidelines, FHA Property Flipping waiver

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...

FHA Update – Provisions for Condo Project Approval Process

John Thomas September 18, 2012 Tags: Delaware FHA Loans, Delaware mortgages, FHA Condo, FHA Loans

In order to address current housing market conditions, HUD has published Mortgagee Letter 2012-18, which highlights important changes to the current condominium guides.

Here are the 7 things you need to know about these changes
1. These changes are in effect from September 13, 2012, until August 31, 2014, unless extended.

2. Under construction is defined as (1) a new development in which construction has been started but is not yet completed or in which units are completed but are less than 1 year old (existing < 12 months old); or (2) gut rehabilitation conversions. The definition of “under construction” applies to legally phased developments. Keep Reading...

Delaware FHA Streamline Refinance Guidelines 2012

John Thomas August 13, 2012 Tags: Delaware FHA Loans, Delaware Home Loans, Delaware mortgages, Delaware Refinance, FHA Streamline Refinance, mortgage loans

Delaware FHA Streamline Refinance Guidelines 2012

If you currently have an FHA Loan then you are eligible to refinance your existing Delaware FHA loan using the streamline refinance guidelines. The guidelines are different depending on when your current FHA loan was delivered by your lender to FHA after it was originated. If your loan was delivered to FHA before June 1, 2009, then you can take advantage of the new refinance guidelines put into place by President Obama that took effect on June 11, 2012. If your loan was delivered to FHA after June 1, 2009, then you must use the FHA Streamline Refinance guidelines that took effect on April 9, 2012. Apply Now for an FHA Streamline Refinance by calling 302-703-0727 or APPLY ONLINE for Delaware FHA Streamline Refinance Keep Reading...

FHA Rescinds New Credit Guidelines for Collections Effective June 15 2012

John Thomas July 2, 2012 Tags: Delaware FHA Loans, Delaware Home Loans, FHA Update, mortgage loans

FHA Rescinds Select Credit Guides Effective June 15, 2012, with mortgage letter 2012-10

Mortgagee Letter 2012-10 rescinds guidelines regarding disputed accounts and collection accounts that were announced February 28, 2012, via Mortgagee Letter 2012-03.

Here are the 2 things YOU NEED TO KNOW about these changes:

1. Effective now, the FHA guides revert back to the previous guides regarding disputed accounts and collection accounts, meaning the DE underwriter has to make the decision whether disputed accounts and collection accounts must be paid as a condition of loan approval. Keep Reading...

President Obama Announces Reduction in FHA Streamline Refinance Fees on March 6 2012

John Thomas March 6, 2012 Tags: Delaware FHA Loans, FHA Loans, FHA Streamline Refinances

FHA Streamline Refinance Fees are being lowered to help more people be able to take advantage of the FHA streamline refinance program, this was announced by President Obama on March 6, 2012, but won’t be effective until an FHA Mortgage Letter is released. The fees being lowered are the FHA Mortgage Insurance Premiums. The FHA streamline refinance program allows borrowers that have been current on their mortgage in the last 12 months to refinance without getting an appraisal or verifying income. This is a huge benefit to borrowers that may be underwater on their FHA mortgage. Call 302-703-0727 to take advantage of the FHA Streamline Refinance or APPLY ONLINE.
Keep Reading...

FHA Wants to lower Allowable Seller Paid Closing Costs from 6% to 3%

John Thomas February 25, 2012 Tags: Delaware FHA Loans, FHA Guidelines, FHA seller paid closing costs

HUD wants to lower allowable seller paid closing costs from 6% to 3% on ALL FHA loans. Only a 30-day window to comment so URGENT that you take action and make comments, see links below.

HUD/FHA Proposed to lower seller paid closing costs from 6% to 3%.

I highly encouraged everyone to take action IMMEDIATELY to submit your comments to the FHA regarding the reduction of the seller concessions to a maximum of 3% or $6,000 whichever is greater.

Please read the notice below to see HUD’s points regarding why they wish to reduce the maximum amount of seller concessions. Some good arguments are made by HUD to do so…However, in the grand scheme of things within the housing market today and the view that I see from the ground floor, now is NOT the time to move forward with this proposal. Keep Reading...

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FHA Back to Work Program