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ufmip: FHA Makes Major Changes - Could Have Huge Impact - 01/20/10 11:04 AM
WOW! There are changes, and then there are changes. FHA Commissioner David Stevens announced today a bunch of policy changes designed to strengthen FHA’s Capital Reserves. Those changes range from raising down payment requirements, to raising upfront and monthly mortgage insurance premiums to lowering the seller concessions. These are changes that can make huge differences in a person’s ability to actually get an FHA loan in the future.
FHA, like the banking sector, must also maintain capital ratios. Since they now insure about 30% of all new loans, FHA is nearing the limits of loans they can make based on their … (4 comments)
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ufmip: The Different Kinds of Mortgage Insurance - 12/01/08 05:43 PM
Eleanor explains mortgage insurance and funding fees very well here. If you have comments, leave them for her. I have disabled comments on this blog. The only thing I would add is that there are different premiums for different loan to value and different credit score. As always, your situation may be similiar but could best be answered personally.
Via Eleanor Thorne, Cary Mortgage Loans:
Most folks want to avoid PMI... but they don't realize that they are happily paying a "kind" of mortgage insurance no matter what kind of loan they are getting!
Mortgage Insurance is not the insurance that … (0 comments)
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ufmip: FHA Mortgage Insurance changes - 07/01/08 05:24 PM
Effective this month, FHA mortgage insurance becomes risk based. There are changes to both the upfront mortgage insurance premium (UFMIP) and the yearly (paid monthly) premium. That means that the higher the loan to value and the lower the credit the higher the premium is. At the same time, the lower the loan to value and the higher the credit score, the lower the premium.
Best deal is a credit score of over 640 and a loan to value of 95% or less. The new UFMIP is lower than before at 1.25%. The yearly stays the same at .5%. It can … (0 comments)
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Fred Chamberlin - Oak Harbor/Whidbey's #1 Experienced FHA Mortgage Consultant
Oak Harbor,
WA
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Guild Mortgage Co - Oak Harbor WA
Address: 32785 State Route 20, Suite 5, oak Harbor, wa, 98277
Office Phone: (360) 675-6106
Cell Phone: (541) 221-3455
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