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 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!
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
In the first Mortgagee Letter of the year FHA makes a HUGE change by reducing its annual mortgage insurance by 50 basis points across the board. The new rate will be 85 basis points (for loans with less than 5% down payment). Example – $200,000 mortgage with 3.5% down payment Previous FHA monthly mortgage insurance […]Read More FHA Officially Reduces Annual Mortgage Insurance – Cutting Monthly Payments!
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 January 2015. Currently the max loan amount for DFW area is $287,500 which means buyers may buy a $297,900 home by putting the very minimum down. However, as of […]Read More FHA Loan Limits Increased! And other FAQ’s
Great news friends – buyers in the DFW metroplex (and surrounding areas) will see increased purchasing power thanks to FHA’s decision to increase loan limits beginning in January 2014. Currently the maximum loan amount for the DFW area is $271,050. With a 3.5% down payment (FHA’s minimum down payment requirement) this yields a purchase price […]Read More FHA increases loan limits in DFW for 2014
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?!?!?
The FHA, due to the shutdown, sent out a bulletin with a list of Q&As. *important read for agents AND lenders Q: Can I get an FHA case number? A: Yes. Lenders will be able to obtain an FHA case number from the FHA Connection. Q: Will FHA endorse single family loans during a shutdown? […]Read More Gov’t shutDOWN and FHA loans – don’t get stranded at the closing table!
HUD came out with three major changes this week for FHA loans when case numbers ordered April 1 2012 and afterward. This does not mean that the loan must be closed by April 1, 2012 but a contract must be executed and the FHA case number ordered through their system by that date. It is […]Read More IMPORTANT CHANGES THAT WILL AFFECT YOUR FHA CLIENTS
Effective April 18, 2011 FHA Monthly Mortgage Insurance Premium (MIP) Increased By 0.25 to 1.15 Point UFMIP Remained at 1.00 Point FHA Mortgagee Letter 11-10 Current Monthly Mortgage Insurance Premium (MIP) An annual premium, shown below, paid monthly, will charged based on the initial Loan to Value and length of the mortgage according to the […]Read More everything you need to know about FHA mortgage insurance – psst, there are TWO!