fha: FHA MIP on the Rise - FHA Loans Becoming Less Attractive, Costing More
- 02/16/11 08:05 AM
FHA Annual Mortgage Insurance Premium just went up another .25% On a $300,000 loan, this means the monthly payment just went up $62.50 per month! This goes into effect on loans insured by FHA on or after April 18, 2011. I hope our new construction buyers with FHA loans have homes to close on before then! There is surprisingly little coverage on this. Here is one of the few links I could find other than bloggers: Fox News If you will be buying a home with FHA Financing this spring ANYWAY, you may want to consider beginning your home search a … (3 comments)
fha: Mortgage Loan with a 500 Credit Score? It's Possible!
- 01/18/11 02:49 PM
According to a number of Wells Fargo Home Mortgage originators, Wells Fargo will now allow an FHA borrower to get a mortgage with a credit score of less than 600. In exchange for a larger down payment and a lower overall debt load (lower Debt-To-Income ratios), Wells Fargo Home Mortgage currently allows borrowers to take out an FHA loan on a purchase transaction with a minimum credit score as low as 500. Here are the details as I understand them: The credit policy change was posted to Wells Fargo Home Mortgage originators on January 14, 2011 and takes effect for purchase transactions … (10 comments)
fha: FHA 90 Day Seasoning Rule Waiver
- 06/09/10 09:36 AM
Effective February 1, 2010, HUD waived the requirement that an FHA Loan could not be issued on a home where the current owner was on title for less than 90 days before a contract to purchase was entered into. Well, the fact that it was not included in a Mortgagee Letter is causing some problems. I called HUD today to make them aware of the absence. I have no idea if or when they will actually put it into a Mortgagee Letter or not, but I thought it wouldn't hurt to ask them to. HUD and FHA were both on board … (3 comments)
FHA Annual Mortgage Insurance Premium just went up another .25%
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