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 […]
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 […]
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 […]
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 […]
HUD just announced a big reduction in the Riverside County max FHA loan limit, down to $355,350, starting January 1, 2014. That’s a $144,650 928.9%) reduction in maximum loan limit! Loan Limits updated for 2018 view here Riverside County had the 1oth highest decrease in FHA loan limit statewide and the most in Southern California. You […]
FHA announced 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. UPDATE: ==> View current FHA mortgage insurance premiums […]
FHA announced a shocking change in their guidelines (Mtg. Letter 2012-3) for borrowers who have unsettled or unpaid collections and gave further guidance to FHA borrowers who have open unresolved disputes reporting on their credit report. This guideline change, for many borrowers, will make qualifying for a FHA loan in California more complicated, likely to […]
