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, [...]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
A discussion I have been involved with here in the Baltimore area about the crippling snow and the effect on the Baltimore real estate market has people in the real estate world wondering if the homebuyer tax credit may be extended again. On Monday, the Wall Street Journal wrote an article about the credit, and [...]
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. [...]
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 [...]
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 [...]