FHA Loans

FHA Loans

FHA Case Number – What is it?

John Thomas February 17, 2011 Tags: , ,
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FHA Case Number – What is it?

FHA Case Number is required for every FHA loan. What is it? It is a unique number that is assigned when someone applies for an FHA Loan for either a refinance or purchase. The number is assigned when the mortgage lender or mortgage broker orders the FHA case number through the FHA website called FHA Connection.  Questions on an FHA loan or need to apply for an FHA loan?  Call us at 302-703-0727 or APPLY ONLINE TODAY

FHA Case Number When is it assigned and can it be transferred?

The Case Number is assigned to the borrower and the property. The FHA case number can be transferred from one borrower to another but cannot be transferred from the property. For example if you submit a purchase contract to buy property A and you apply for an FHA loan and are assigned an FHA case number, if you decide not to buy that property, then you would need to get a new FHA case number when you submit an offer to buy property B.  If someone else wanted to purchase Property A then they would need to use the same FHA case number and have it transferred to their mortgage lender through FHA connection website. Keep Reading...

Maryland FHA Loan Limits for 2011

John Thomas November 2, 2010 Tags: ,

The Maryland 2011 FHA loan limits by county are unchanged from 2010.  With only a 3.5% down payment, FHA mortgages have been a great mortgage option for First Time Home Buyers.

For more information about a Maryland FHA Mortgage, Loan Limits, or FHA guidelines, please feel free to contact me directly.

John R. Thomas 410-412-3319 MD Office  302-703-0727 DE Office  610-906-3109 PA Office

County Name Single Family Duplex Tri-plex Four-plex
ALLEGANY $271,050 $347,000 $419,400 $521,250
CUMBERLAND, MD-WV (MSA)
ANNE ARUNDEL $560,000 $716,900 $866,550 $1,076,950
BALTIMORE-TOWSON, MD (MSA)
BALTIMORE $560,000 $716,900 $866,550 $1,076,950
BALTIMORE-TOWSON, MD (MSA)
BALTIMORE CITY $560,000 $716,900 $866,550 $1,076,950
BALTIMORE-TOWSON, MD (MSA)
CALVERT $729,750 $934,200 $1,129,250 $1,403,400
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO
CAROLINE $271,050 $347,000 $419,400 $521,250
NON-METRO
CARROLL $560,000 $716,900 $866,550 $1,076,950
BALTIMORE-TOWSON, MD (MSA)
CECIL $420,000 $537,650 $649,900 $807,700
WILMINGTON, DE-MD-NJ METROPOLITAN DIVISION
CHARLES $729,750 $934,200 $1,129,250 $1,403,400
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO
DORCHESTER $271,050 $347,000 $419,400 $521,250
CAMBRIDGE, MD (MICRO)
FREDERICK $729,750 $934,200 $1,129,250 $1,403,400
BETHESDA-GAITHERSBURG-FREDERICK, MD METR
GARRETT $437,500 $560,050 $677,000 $841,350
NON-METRO
HARFORD $560,000 $716,900 $866,550 $1,076,950
BALTIMORE-TOWSON, MD (MSA)
HOWARD $560,000 $716,900 $866,550 $1,076,950
BALTIMORE-TOWSON, MD (MSA)
KENT $343,750 $440,050 $531,900 $661,050
NON-METRO
MONTGOMERY $729,750 $934,200 $1,129,250 $1,403,400
BETHESDA-GAITHERSBURG-FREDERICK, MD METR
PRINCE GEORGE’S $729,750 $934,200 $1,129,250 $1,403,400
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO
QUEEN ANNE’S $560,000 $716,900 $866,550 $1,076,950
BALTIMORE-TOWSON, MD (MSA)
SOMERSET $328,750 $420,850 $508,700 $632,200
SALISBURY, MD (MSA)
ST. MARY’S $400,000 $512,050 $618,950 $769,250
LEXINGTON PARK, MD (MICRO)
TALBOT $443,750 $568,050 $686,650 $853,350
EASTON, MD (MICRO)
WASHINGTON $377,500 $483,250 $584,150 $725,950
HAGERSTOWN-MARTINSBURG, MD-WV (MSA)
WICOMICO $328,750 $420,850 $508,700 $632,200
SALISBURY, MD (MSA)
WORCESTER $437,500 $560,050 $677,000 $841,350

APPLY ONLINE today to be pre-approved for a mortgage to buy or refinance a home in Delaware, Maryland, or Pennyslvania.

John R. Thomas – NMLS 38783 Keep Reading...

Delaware FHA Streamline Refinance Guidelines for 2010

John Thomas November 2, 2010 Tags: ,

FHA Guidelines for Delaware Streamline Refinances have some significant changes from mortgagee letter 2009-32

Revisions for ALL Streamline Refinance Transactions:

Seasoning:
At the time of loan application, the borrower must have made at least 6 payments on the FHA-insured mortgage being refinanced. In order to complete the refinance, you need to obtain an FHA Case # assignment but FHA will not assign the case # until after the appropriate amount of time has passed since you obtained the FHA loan.

Payment History:
At the time of the loan application, the borrower must exhibit an acceptable payment history as described below. Keep Reading...

Delaware FHA Loans – MIP Changes October 4, 2010

John Thomas September 29, 2010 Tags: , ,

It is official: FHA was given authority on September 3, 2010, to change the amount charged to borrowers for both the Up Front Mortgage Insurance Premium and the Annual Mortgage Insurance premiums…and change them they did.

This will impact how you write up a Delaware FHA purchase agreement, as well as any monthly payments you might estimate

The new premium amounts will be effective on all FHA case numbers assigned on or after October 4, 2010, so if you already have a Delaware FHA transaction in process, you won’t be impacted as long as your loan officer has already pulled an FHA case number, but new FHA clients who come into process on or after October 4th will be subject to the new guidelines. Keep Reading...

Delaware FHA Mortgage Insurance Change Official October 4, 2010

John Thomas September 2, 2010 Tags: , ,

FHA MIP Changes Now Official for Delaware Home Owners and Delaware Home Buyers

With the passing of H.R. 5981 and the resulting Public Law 111-229, FHA was given authority to change the amount charged to borrowers for both the Up Front Mortgage Insurance Premium and the Annual Mortgage Insurance premium. These changes that are outlined in Mortgagee Letter 2010-28, are effective for all FHA case numbers assigned on or after October 4th, 2010.

Here are the 6 things you need to know about these changes:

  1. The Up Front premium is now 1.0 % for all standard FHA programs (purchase money mortgages, full credit-qualifying refinances, streamline refinances)
  2. The Annual premium is now .90% for LTVs GREATER than 95% on 30-year loans
  3. The Annual premium is now .85% for LTVs EQUAL to or LESS than 95% on 30-year loans
  4. The Annual premium is now .25% for LTVs GREATER than 90% on 15-year loans
  5. The Annual premium is now .00% for LTVs EQUAL to or LESS than 90% on 15-year loans
  6. These premiums apply to purchases, regular refinances and streamlines

Please note that this new law also gives FHA the authority to raise the Annual premium at will up to 1.5% for LTVs at or below 95% and 1.55% for LTVs more than 95%. Keep Reading...

FHA Loan Questions – What is FHA Mortgage Insurance and what is the refund?

John Thomas June 3, 2010

Many people are confused on how much and even if they can get a refund of the upfront mortgage insurance premium they paid to FHA when they obtained a FHA insured mortgage loan. The confusion comes because the date you obtained the mortgage determines what you are eligible for in terms of a refund. There are two important dates: January 1, 2001, and December 8, 2004. Watch this video for a complete explanation of the FHA upfront mortgage insurance and the monthly mortgage insurance:

Fact Sheet on FHA Refund of the upfront mortgage insurance premium is here Keep Reading...

Delaware FHA 203k Rehab Loan – Selecting Contractors

John Thomas May 15, 2010

Delaware FHA 203k Rehab Loan Selecting Contractors

Here are the guidelines you must follow when selecting a contractor to give a bid for the repair work:

CONTRACTORS AND REHABILITATION CRITERIA

1. Must use contractors to complete repairs/rehabilitation (unless borrower can demonstrate needed expertise/experience)

2. Use of contractors:

A. Borrower selects contractor

B. Contractors provide estimates for the work to be done, if applicable

C. The lender must review the contractor’s credentials verifying jurisdictional requirements for licensing, bonding & insurance are met (need copy of all these docs) Keep Reading...

Proposed Increase to FHA Down Payment for Delaware Home Buyers Voted Down

John Thomas April 29, 2010

On Tuesday the House Financial Services Committee defeated a proposal sponsored by Scott Garrett (R-NJ) which would have increased the minimum down payment for FHA guaranteed loans from 3.5 percent to 5 percent. This means required down payment for Delaware Home Buyers using FHA loans is still only 3.5 percent of the purchase price.

The Committee approved a request by the Federal Housing Administration (FHA) to raise the ceiling on annual FHA mortgage insurance premiums from its current level of 0.55 percent. FHA had requested the increase as one part of a plan aimed at shoring up its capital reserves which have dropped below the 2 percent required by law. Keep Reading...