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The Department of Housing and Urban Development (HUD) just announced that the FHA Annual Mortgage Insurance Premiums will be reduced by 30 basis points. Basis points are charged to homebuyers who procure an FHA-insured mortgage. The Federal Housing Administration (FHA) states that this reduction, which goes into place on March 20, 2023, could possibly save [...]
Clavon condo at Clementi by UOL just beside Nanhua Primay School, will be getting popularity among parents specially after there is a new FHA Condominium approval rule as of October 15, 2019. The notable change in the rule is that it will allow some individual condominium units to be possibly eligible for FHA mortgage insurance even [...]
FHA mortgages allow for the full downpayment to be a gift. Currently, FHA mortgages require a 3.5% downpayment from a buyer, in addition to local closing costs, including transfer taxes, mortgage costs, title company and local charges, and possibly other closing costs. What many FHA homebuyers may not know is that the 3.5% downpayment can be [...]
FHA cut the annual mortgage insurance premium from .85% down to .60%, it was announced yesterday. **UPDATE 1/20/17 PRESIDENT TRUMP'S ADMINISTRATION SUSPENDED THIS CUT INDEFINITELY, SO THIS WILL NOT TAKE EFFECT ON 1/27/17 AS WAS PLANNED.** The current U.S Housing and Urban Development Secretary Julian Castro said that this could save those getting FHA-insured loans closing [...]
FHA condo recertification should get easier, thanks to the passage of H.R.3700 - Housing Opportunity Through Modernization Act of 2016 on July 14. It also lowers the current owner-occupancy from 50% to 35%, which should hopefully make more Baltimore County condominium communities eligible for FHA financing. Right now, there are a number of Baltimore County condo [...]
FHA will reduce the mortgage insurance premium it charges from the current 1.35% to .85%, according to an article in the Wall Street Journal. President Barack Obama is scheduled to make an announcement on January 8, 2015. FHA mortgages are popular because borrowers can obtain loans with as little as 3.5% downpayment. The credit standards [...]
FHA loans can be a good loan program for many buyers; however it is not the only low down payment option. Conventional 5% down financing is available, and in most cases, the mortgage insurance is much less than FHA -- in some cases it may be 50% less! So while FHA may offer a lower [...]
2014 FHA Loan Limits are going to drop tremendously in the Baltimore real estate area. The Baltimore area includes Baltimore County, Baltimore City, and Harford County. There are other areas included per the HUD.gov site. In 2013, FHA loan limits for Baltimore County homes has been $560,000. In 2014, Baltimore County FHA loan limits are [...]
Despite plans to the contrary, the Federal Housing Administration (FHA) today said that FHA loans will continue to be processed during the government shutdown. Originally, FHA said that they would not be able to process loan applications due to the fact that 96% of their employees will be furloughed, according to an article by CNNMoney. [...]
The FHA Back to Work - Extenuating Circumstances Program is in effect as of August 15, 2013. What is the FHA Back To Work - Extenuating Circumstances Program? It is a program for potential mortgage applicants who have gone through a financial hardship due to either unemployment or large reduction in income. The FHA Back [...]