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#ChristianPenner, #MortgageBrokerWestPalmBeach talks about #RealEstateWestPalmBeach. He also serves other Local Areas and provides home #MortgageSolutionsforPalmBeachGardens, #Jupiter, … (0 comments)
fha: FHA TO REDUCE ANNUAL INSURANCE PREMIUMS ON MOST MORTGAGES
- 01/11/17 02:55 PM
FHA TO REDUCE ANNUAL INSURANCE PREMIUMS ON MOST MORTGAGESModest reduction expands credit access and reflects improved economic health of FHA WASHINGTON – As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums most borrowers will pay by a quarter of a percent. FHA’s new premium rates are projected to save new FHA-insured homeowners an average of $500 this year. FHA is reducing its annual mortgage insurance premium (MIP) by 25 basis points for most new mortgages with a closing/disbursement date on or after … (1 comments)
fha: FHA TO REDUCE ANNUAL INSURANCE PREMIUMS
- 01/11/17 01:12 PM
FHA TO REDUCE ANNUAL INSURANCE PREMIUMS Frequently Asked Questions 1. When will the FHA’s new annual premium rates take effect? The reduction is effective as of January 26, 2015. Borrowers with case numbers assigned on and after January 26, 2015 will be eligible for reduced annual mortgage insurance premiums. 2. What steps do I need to take to take advantage of these new lower premiums? Contact an FHA-approved lender for information regarding FHA’s new annual mortgage insurance premiums. 3. What will the impact of FHA’s new premiums be on my monthly mortgage costs? Future borrowers who qualify for FHA’s new … (0 comments)
fha: New FHA Condo Rules Expand Access to Reverse Mortgages
- 12/07/16 09:40 PM
New FHA Condo Rules Expand Access to Reverse MortgagesIn response to changing conditions in the condominium market, the Federal Housing Administration (FHA) today proposed new rules that would allow individual condo units to become eligible for FHA financing, including Home Equity Conversion Mortgages (HECMs), an agency spokesman confirmed to RMD. FHA is currently seeking public comments on the 43-page proposed rule that seeks to reinstate a process similar to “spot approvals” in unapproved condo developments, as well as create a range of thresholds required for FHA approval, including the minimum owner-occupants in approved condo projects and limits on commercial/non-residential space, the agency … (1 comments)
fha: FHA News Alert: 2014 Loan Limits
- 12/10/13 07:20 PM
Mortgagee Letter 13-43 announces the loan limits for 2014 and is effective for case numbers assigned on or after January 1st, 2014. >Here's what you need to know about these changes: 1. The national floor limit of 271,050 remains unchanged. 2. The national ceiling limit is reduced from 729,750 to 625,500. 3. The limits for FHA streamline refinances without appraisals remain unchanged. 4. Areas at the ceiling and above: Attachment 1 5. Areas between the floor and ceiling: Attachment 2 Click here to read this update in full. TheFHAOriginator.com. Go FHA! Jeff Mifsud
When FHA Requires Lead-Based Paint Repairs If you're interested in working with HUD REO properties and buyers who need FHA financing, you may come across appraiser-required conditions to perform lead-based repairs. The only time lead-based repairs are required for an FHA-financed HUD REO property is when the property was built prior to 1978. Lead-based paint removal, however, falls under EPA regulations. A contractor or investor may cure the paint issues, but an FHA underwriter will require a copy of the contractor's Certificate of Completion from an EPA or state provided lead-based paint training program. Repairs … (1 comments)
fha: FHA Change Adds 2.5 Million Potential Boomerang Buyers Two Years Ahead of Schedule
- 10/10/13 09:21 PM
Source: Daren Blomquist, Contributor - Source Post Up to 2.5 million formerly foreclosed homeowners — or those who sold while in the foreclosure process — could be re-entering the housing market as buyers much faster than anticipated thanks to a recent change in Federal Housing Administration (FHA) guidelines.
Close to 2.5 million additional boomerang buyers who lost their home to foreclosure or short sale in the past two years now could be eligible to get financing to buy again under revised FHA guidelines. Introduced August 15, 2013, by the U.S. Department of Housing and Urban Development (HUD) in Mortgagee Letter … (0 comments)
fha: HUD postpones ban on dual agency in FHA short sales
- 10/09/13 09:07 PM
By: Andrea V. Brambila HUD postpones ban on dual agency in FHA short sales In what appears to be a coup for the National Association of Realtors, a policy originally slated to take effect on Oct. 1 banning real estate agents and brokers from representing both a buyer and a seller in an FHA short-sale transaction has been postponed. The U.S. Department of Housing and Urban Development (HUD) issued a letter to mortgage servicers in July outlining a number of new anti-fraud requirements for short sales and deeds-in-lieu of foreclosure, including policies to ensure “arm’s length” transactions. One of these policies said “brokers and … (0 comments)
fha: Getting a Mortgage 101: Real Forehead-Slappers
- 09/04/13 09:22 PM
Homer Simpson smacks himself in the forehead every time he says it: D’Oh!!! When it comes to knowing how mortgage basics have shifted in today’s changing banking environment, few of Palm Beach County’s homebuyers have kept current enough to avoid meriting that kind of forehead slap. It’s no wonder. The average family delves into the real estate market no more than once every five to seven years, so they don’t worry about getting a mortgage day in and day out. It’s my job as agent to bring clients up to speed throughout the buying process, which often begins and ends … (1 comments)
The FHA has made it drastically easier for once-struggling homeowners to qualify for an FHA loan. The Federal Housing Administration has announced in a letter to mortgagees that it will reduce the time homebuyers must wait after a bankruptcy, foreclosure or short sale before qualifying for an FHA-backed mortgage. The period had previously been two years following a bankruptcy, and three years following a foreclosure or short … (1 comments)
fha: FHA 203K Home Renovation Loans in Florida
- 06/19/13 12:44 AM
The government has a special Home Renovation Loan Program that deals directly with FHA 203K Home Renovation Loans. A lot of people aren't aware of the special government loan program mentioned above that is part of the Federal Housing Administration or the FHA, which is a department of HUD. Existing home owners or potential home buyers can remodel and update their homes at little to no cost without having a higher cost second lien because of this FHA loan program. Items like a hot tub and a swimming pool are not allowed by this FHA loan program. However, you can … (0 comments)
fha: FHA Home Loans | Florida Home Loan | West Palm Beach Home Loan | Jupiter Home Loan
- 06/06/13 12:46 AM
FHA Home Loans These days, we can never deny the fact that attaining property should be a top priority. Owning a home is usually the largest asset a person has. Since 1934, The US Department of Housing and Urban Development, and the FHA Home Loans it provides, has been helping people achieve ownership of their dream homes. The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA Approved Lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer … (0 comments)
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