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fha: FHA upfront and annual mortgage insurance increasing again for home loans! - 03/16/12 10:23 AM
FHA has increased their upfront and annual mortgage insurance premiums again. It is getting very expensive for an FHA loan. If you can qualify for a conventional loan, the costs are much better. There is no upfront MI and much lower annual (paid monthly in mortgage payment) MI.
Changes will be effective on April 9, 2012.
The charts below illustrate the 10 basis points (bps) increase in the Annual Mortgage Insurance Premiums (loan amounts under $625,000) and a 75 basis points (bps) increase to the Upfront Mortgage Insurance Premium (UFMIP). It is anticipated that these marginal increases are affordable for nearly … (0 comments)
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fha: FHA loan or Conventional loan. Which purchase loan is best for my Real Estate purchase? - 06/20/11 01:31 PM
Here are some real simple basic FHA pros/cons to simply go over and compare an FHA loan to a Conventional loan...
FHA Pro: An FHA loan is designed for lower credit borrowers (640-700 range). The loan guarantee allows the government to make a guarantee to the lender against a loan default because the borrower is a more risky borrower. This allows the lower credit score borrower (640-700 range) to obtain a good interest rate loan through the lender. This does not guarantee loan approval, just against default. All loans, whether FHA or conventional must go through a similar approval process. Rates on … (0 comments)
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fha: FHA increases the monthly MI and lowers the upfront MIP. Conventional much better option, if you can manage the 5% down instead of 3.5% - 06/18/11 01:17 PM
FHA has increased their monthly MI cost and lowered the upfront MIP fee to 1%. Conventional is a better option, if you can put down 5% instead of 3.5% and if your credit is above 700. Conventional does not have an upfront funding fee and the monthly MI fee is lower too. Here are the new costs of the FHA loan...
FHA Annual Mortgage Insurance Premium Increase
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fha: FHA Annual Mortgage Insurance premium increasing April 18. Get your case number now. - 04/13/11 08:14 PM
FHA Annual Mortgage Insurance Premium Increase
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fha: Recent home prices with some Seattle, Washington region suprises. - 02/22/11 11:46 AM
No news can sometimes be good news. According to the December Home Price Index, recently released by analytic firm CoreLogic, "2010 shows home prices stabilized with the average annual HPI index showing no change relative to 2009."
Month over month, however, home prices were still down in December, with prices declining by 5.46 percent from November. This was the fifth straight month of declines. Home prices were also down in some unexpected areas. While declines in home values were expected in previous boom areas, such as California and Florida, declines have now been surfacing in some new, unlikely cities.
A recent … (0 comments)
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fha: FHA changing the Annual Mortgage Insurance Premium (MI) amount again on April 18, 2011. - 02/15/11 02:40 PM
Borrowers and lenders should realize that there are new changes (an increase) coming to the FHA Annual Mortgage Insurance premium on April 18, 2011. If you recall, FHA recently made changes on October 4, 2010 and lowered the upfront MIP to 1% (from 2.25%) and raised the monthly MI to a factor of .90%. Well...this is going to change again. The upfront MIP will remain the same, but the Annual Mortgage Insurance premium (MI) will increase in most cases. Here are the current FHA UFMIP and Monthly MI amounts...
FHA MI Fees as of October 4, 2010
UFMIP = 1.00% & Monthly … (0 comments)
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fha: Non-occupant co-borrower's guidelines for conventional home loans (Fannie Mae or Freddie Mac). - 02/14/11 07:16 PM
There have been many questions regarding borrowers obtaining loans with non-occupant co-borrowers. Here some basic simple guidelines for the non-occupant co-borrower on "Conventional" (Fannie Mae or Freddie Mac) loans. These do not apply to FHA loans, as they have their own rules.
•· Minimum 5% down payment must be from the borrower's own funds;
•· Applications with occupant and non-occupant co-borrowers when the LTV is greater than 80%, the minimum required contribution must come from the occupant borrower;
•· Non-occupant Co-borrowers, the maximum LTV/CLTV is 90%. Interest Only loans are not eligible. The non-occupant co-borrower may be a relative or a person with … (7 comments)
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fha: FHA EXTENDS ‘ANTI-FLIPPING WAIVER’ TO HELP STABLIZE HOUSING MARKET - 02/01/11 10:39 PM
Measure continues effort to boost home values and accelerate resale of vacant properties
In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Federal Housing Administration (FHA) Commissioner David H. Stevens today extended FHA's temporary waiver of the agency's ‘anti-flipping rule.' The extension announced today is intended to accelerate the resale of foreclosed upon homes in neighborhoods struggling to overcome possible property abandonment and blight.
With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days. Early last year, FHA temporarily waived this regulation … (0 comments)
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fha: Guidelines for obtaining an FHA home loan after Short Sale, Bankruptcy, or Foreclosure - 06/05/10 01:36 AM
Guidelines for obtaining an FHA home loan after Short Sale, Bankruptcy, or Foreclosure
FHA (after a Short Sale) - When a previously owned property was sold for less than what was owed (short sale), borrowers are considered eligible for a FHA insured mortgage if, as of the loan application date, all mortgage and installment debt payments were made within the month due for the twelve months preceding the short sale.
Borrowers that were in default at the time of the short sale (or pre-foreclosure sale) are not eligible for three years from the date of the sale.
Borrowers who sold their … (2 comments)
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fha: First time home buyer mortgage alternatives. King and Pierce County, Washington - 09/23/07 11:36 PM
FHA Mortgage
FHA Mortgages are insured by the Department of Housing and Urban Development of the Federal Housing Administration (FHA). These home loans make it easier for low-to-moderate income people to own their own home.
Features:
• Fixed rate terms available
• Low down payment usually required
• More lenient qualifying ratios
• Even with less income, you could qualify for a larger loan amount
• All closing costs may come from a gift or up to a small percentage from the seller
• Loan amount limitations and qualifying criteria apply
What is a VA Loan?
A Veterans Administration (VA) loan can be used … (1 comments)
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Jason Schweiger
Auburn,
WA
More about me…
Network Funding LP
Address: Auburn, WA, 98001
Office Phone: (253) 315-5580
Cell Phone: (253) 315-5580
Email Me
Puget Sound Mortgage Broker working hard for my clients in the entire Puget Sound region including Issaquah, Bellevue, Seattle, Redmond, Kent, Auburn, Maple Valley, Covington, Renton and more.
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