Tag FHA Loans

Tag FHA Loans

FHA Mortgage Insurance Premium Dropping January 26, 2015

John Thomas January 10, 2015 Tags: , , ,
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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 Update – FHA Announces Increase in MI Effective April 1, 2013

John Thomas February 2, 2013 Tags: , , ,
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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 Update – Provisions for Condo Project Approval Process

John Thomas September 18, 2012 Tags: , , ,

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...

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

John Thomas March 6, 2012 Tags: , ,

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 a 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.
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FHA Announces Increase in MI Effective April 9 2012

John Thomas March 2, 2012 Tags: , ,

FHA Announced Increase in MI Effective April 9, 2012

FHA announces it is increasing the upfront mortgage insurance premium and the yearly mortgage insurance premium effective April 9, 2012. The Guideline changes are discussed below in the video by John R. Thomas from Primary Residential Mortgage.  Call 302-703-0727 if you would like more information or to apply for an FHA Loan for the purchase or refinance of home or APPLY ONLINE.

New FHA Mortgage insurance Guidelines Effective April 9, 2012 by John R. Thomas from Primary Residential Mortgage

HUD/FHA is making the following guideline changes effective with FHA case numbers pulled on or after April 9, 2012: Keep Reading...