Archive | FHA Mortgages

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FHA Mortgage Insurance Premiums Reduced in 2017

FHA announced a reduction of .25% in their annual Mortgage Insurance Premium (MIP) for all FHA loans beginning January 27, 2017.  The FHA’s ‘annual’ MIP is actually paid on a monthly basis by the FHA borrower. More details can be found here FHA Mortgagee Letter 2017-01 and FAQ’s here. ——- SUSPENDED INDEFINITELY ——- In a shocking […]

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FHA loan student loan deferred

FHA No Longer Excluding Deferred Student Loan Payments From DTI Ratios

FHA’s new 4000.1 handbook states lenders can no longer exclude deferred student loan debt payments from a borrowers DTI ratio.  This change in how FHA treats deferred obligations takes effect September 14, 2015, and may significantly reduce how much a buyer qualifies for when using FHA financing. Essentially, deferred loans are no longer treated differently […]

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FHA Slashes Mortgage Insurance Premium: How Much Will You Save?

President Obama announced the Making Homeownership More Accessible and Sustainable directive that requires the Federal Housing Administration to reduce it’s FHA monthly paid Mortgage Insurance Premium (MIP) by .5%.  HUD Press Release Mortgagee Letter 2015-01 By reducing the FHA MIP, the Government is making FHA financing more affordable with the goal of boosting homeownership to normal levels […]

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HAWK to Reward Buyers, Reduce FHA Mortgage Insurance Premiums

FHA Commissioner Carol Galante announced the HAWK (Homeowners Armed With Knowledge) pilot counseling program that will reward FHA borrowers with reduced mortgage insurance premiums. The HAWK for New Homebuyers is a HUD approved home ownership counseling program that will reward qualified first time home buyer particpants with reduced Up Front Mortgage Insurance Premiums (UFMIP) as […]

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FHA Guideline Changes

FHA is Increasing Down Payment, Fees, and Changing Qualifying Guidelines Again

FHA issued this press release and mortgagee letter announcing they may increase the FHA minimum down payment requirement on jumbo loans, increasing the annual (monthly paid) FHA mortgage insurance premium (MIP), changing qualifying guidelines to reduce how much a borrower qualifies for, and making the annual MIP FHA mortgage insurance premium PERMANENT for most borrowers. […]

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