FHA Cuts Annual MIP!

FHA announced this morning that it is lowering the annual premium 25 bps.  It is effective for loans with a closing or disbursement date on or after January 27th, 2017.  By making the change effective for loans closed instead of case numbers assigned, it eliminates a lot of the confusion caused in 2015 when premiums […]

Read More FHA Cuts Annual MIP!

FHA to Increase Loan Limits 2017!

FHA published the 2017 mortgage limits this afternoon.  They follow the limits outlined in the FHFA announcement last week. The new FHA limits apply to case numbers assigned on or after January 1st, 2017. The new single-family “floor” is $275,665 and the new maximum loan amount in high cost areas is $636,150. For the Dallas-Fort Worth […]

Read More FHA to Increase Loan Limits 2017!

FHA Increased DFW Area Loan Limit! and other useful FHA tidbits

Great news friends – homebuyers in the DFW metro (and surrounding areas) will see increased purchasing power thanks to FHA’s decision to increase loan limits beginning his January (2016). Previously the max loan amount for Dallas – Fort Worth area was $310,500 which means buyers could buy a $321,750 home by putting the very minimum down. However, as of […]

Read More FHA Increased DFW Area Loan Limit! and other useful FHA tidbits

Are 3% down payment loans gone?!?!?

As the ‘ol saying goes…what goes down must go up….er….uhm….wait a minute….do I have that backwards?  Apparently I’m not the only one who has that backwards.  Fannie Mae, one of the nation’s largest mortgage giants, will be discontinuing it’s 3% down payment loan. How does Fannie Mae’s decision affect your local mortgage lenders?  Fannie is the […]

Read More Are 3% down payment loans gone?!?!?