Yesterday, I wrote about the major FHA fee changes that could be coming up. Today, the mortgagee letter went out to FHA approved banks, stating that the upfront mortgage insurance premiums collected will be 2.25% instead of the 1.75% they are now. I would like thank Michael Johnston from Carrollton Mortgage Services, Inc. for sharing [...]
The FHA mortgage, a very popular loan option for buyers, has announced the likelihood of higher fees for borrowers wishing to utilize the government backed loans to buy houses. The Wall Street Journal broke the news late last night in their article about the FHA fees increasing. Thank you to Dan Plunkett of Prosperity Mortgage [...]
Towson Condo Owners have a new issue to grapple with. First there was the change in the laws for condo insurance converage. Now we have the new FHA condo guidelines that may affect many people who want to buy or sell a Towson condo! HUD announced this change in July, and the new guidelines were to take place [...]
From our esteemed guest blogger, Tasha Linton, of Atlantic Home Equity Mortgage, more details about the first time homebuyer $8000 tax credit and how it can and cannot be used for buying a home. -------------------------- I am sure everyone heard about another change to the $8000 tax credit policy. On Friday, HUD Secretary Shaun Donovan announced [...]
**Update May 14, 2009, please see my update that HUD has retracted its statement and that this may NOT be the case everywhere.** The Secretary of the U.S. Department of Housing and Urban Development announced at the National Association of Realtors summit today that the FHA is going to allow lenders to let First Time [...]