FHA mortgage

FHA Cuts Annual Mortgage Insurance Premium *UPDATE 1/20/17 THIS HAS BEEN SUSPENDED*

January 10th, 2017

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 to Reduce Mortgage Insurance Premium to .85%

January 7th, 2015

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 [...]

New 3% Downpayment Programs December 2014

December 10th, 2014

New 3% downpayment programs will become available in December 2014, thanks to Fannie Mae and Freddie Mac. According to a Bloomberg news report, the companies will start offering this low downpayment program beginning December 13th. Currently, Fannie Mae and Freddie Mac make up more than half of new home loans. They have allowed down payments as [...]

Why You Should or Shouldn’t Consider FHA

May 29th, 2014

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 [...]

Government Shutdown Affecting Most Mortgages

October 1st, 2013

The Government shutdown is affecting most mortgages, according to an email I received from a lender. Though FHA announced they would continue processing applications during the shutdown, there are many other loan types, and it turns out, all of them may be affected in some way. Why would your conventional mortgage be affected? 1) The IRS [...]

FHA Loans Will Continue to be Processed During Government Shutdown

October 1st, 2013

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. [...]

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