January FHA loan changes

FHA Mortgage Insurance Premium Goes Up April 5, 2010

March 30th, 2010

Besides the tax credit deadline looming on April 30, another significant deadline is even closer -- beginning April 5, 2010, the FHA Up Front Mortgage Insurance Premium is going from 1.75% up to 2.25%. April 5, 2010 is NEXT MONDAY! I wrote about the rise in FHA Upfront Mortgage Insurance Premium on January 21, and [...]

Baltimore Real Estate Market Third Week of February 2010

February 21st, 2010

As we enter the fourth and final week of February, I am reminded as to where the market was last year at this time versus this year. I have seen showings become more frequent in the past week and the excitement over spring's arrival in the next few weeks definitely brings people out to look. [...]

More FHA Changes to Happen Mid Summer

January 28th, 2010

On January 20, I wrote about the new likely major FHA loan changes that were being announced. One of those changes is going into effect on April 5, 2010, as I wrote on January 21, with the upfront mortgage insurance premium being raised from 1.75% to 2.25%. A press release was placed on the hud.gov [...]

HUD Temporarily Waives FHA 90 Day Policy to Move Foreclosed Homes

January 22nd, 2010

In an attempt to move foreclosed properties more quickly, HUD has temporarily waived the 90-day ownership guideline, making these foreclosed properties available to FHA homebuyers. RISMedia reports that: In today’s market, FHA research finds that acquiring, rehabilitating and reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA [...]

First New FHA Mortgage Insurance Premium Change to Happen April 5, 2010

January 21st, 2010

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 [...]

FHA Announces Major Changes in Loan Fees

January 20th, 2010

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 [...]

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