FHA Guidelines

FHA Condo Financing Changes Fall 2012

November 8th, 2012

FHA condo financing has gotten harder for many customers over the past few years. Luckily some changes announced in September could help. The National Association of REALTORS(R) broke down the changes: 1) Investors can buy up to half of project units. The maximum before was 10% investor-owned. 2) More commercial space is allowed in a [...]

FHA Mortgage Insurance Premiums to Rise April 1, 2012

February 28th, 2012

FHA mortgages are very popular in the Baltimore real estate market. For not much money down, Baltimore homebuyers can get into the home of their dreams, and use any reserves they have to decorate or buy furniture. The amount that may be in reserves is going to lessen by a significant amount on April 1, [...]

FHA Condo Rules Make Selling Many Condos Difficult

November 4th, 2011

Recently, there were changes made to the FHA condo regulations on which projects can be FHA insured or not. According to a Washington Post rundown of the changes, a major one is the "spot approval" that used to be acceptable to be eligible for an FHA loan. Another article goes more in depth on the [...]

FHA Mortgage Insurance Premium To Rise April 18, 2011

March 1st, 2011

The FHA annual mortgage insurance premium is set to rise by .25% for any loan case numbers assigned after April 18, 2011. Bob Mowrey, from Corridor Mortgage Group, let me know just what this could mean to FHA buyers. On average, he says, this would mean that buyers will pay an extra $30/month. For a [...]

FHA Condo Approval Expiration Dates Extended

December 8th, 2010

FHA Condo approval expiration dates were extended by the FHA, and this news shared by one of my mortgage partners, Brian Picker, of 1st Mariner Mortgage Corporation. Thank you, Brian! From Brian Picker, 1st Mariner Mortgage: Big news as older FHA condo projects were set to expire yesterday which would have been a nightmare for [...]

FHA Condo Recertification Due December 7, 2010

November 16th, 2010

With the many changes in the mortgage industry, it is hard to keep up with what deadlines are coming up next. On December 7, 2010, the FHA condo recertification process must be completed by each individual condominium complex in order to be eligible for homebuyers to receive FHA financing in their building. There is an [...]

Will FHA Be Flexible with Seller Closing Cost Assistance?

September 28th, 2010

Will FHA be flexible with seller closing cost assistance? That is possible, according to a report from National Mortgage News late last week. FHA guidelines have changed, and more changes are on their way. Beginning Monday, October 4, the new FHA changes take effect, including lower upfront mortgage insurance premium and higher monthly insurance premiums. [...]

New FHA Mortgage Changes H.R. 5981

August 16th, 2010

Beginning October 4, 2010, new FHA Mortgage changes will be coming through, due to bill H.R. 5981 signed into law August 11. Thank you to Dan Plunkett with Prosperity Mortgage, who clarified the changes in H.R. 5981: The new FHA Mortgage changes include a reduction in the upfront mortgage insurance premium (also known as Upfront [...]

Timonium Condo FHA Approval

August 9th, 2010

At the end of 2009, HUD changed its' condo approval process for FHA condo financing. No longer can a community be given a "spot" approval when a unit goes under contract if a buyer desires to use FHA financing. Condominium developments must be approved in advance of an FHA sale and the approval is only [...]

New FHA Changes May Be Coming Soon

July 17th, 2010

New FHA changes may be coming soon as HUD asks for consumer input on three issues that would affect borrowers. I wrote about these possible changes in January, in my post "More FHA Changes to Happen Mid Summer." Also in January, HUD made major changes in FHA fees and upfront mortgage premiums. These changes are [...]