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FHA and MI and Disclosures, Oh My!
Lots of changes in the industry take place this month…here’s a summary:
First let’s discuss FHA, since it is pretty much going to be the #1 way to finance deals in this market (you’ll see why a little further down).
FHA has increased their MIP factors just a little bit, from 1.5% up front to 1.75 and from .5 monthly to .5 or .55 depending on LTV.
The Seller Funded down payment assistance is gone as of today (Oct 1, 2008). Please note, there are some actions in Washington to bring it back, so stay tuned, and the county/state downpayment programs ARE still ok, as are gifts from a family member, church, boss, etc.
FHA will no longer allow a “non-occupant co-borrower” IF the primary borrower does not have a “traditional” credit file.
PLEASE READ THIS IMPORTANT WARNING: As FHA becomes a bigger and bigger player in the finance market, mortgage brokers who are not approved start getting creative at how they can close FHA loans even though they are not approved. BE SURE that whoever is doing the mortgage REALLY IS FHA approved! Here’s 2 reasons why this is important:
1. Some brokers will have their “spouse” be an “employee” ... more

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