fha mortgages: FHA Premium Reduction Could be Recinded in Trump's "12:01 changes"
- 01/19/17 06:37 AM
Mortgage news you can use. Agents are not loan officers, but we must keep on top of pending changes, especially when working with buyers. John Melnick II with Presidential Bank Mortgage NMLS ID # 527960 in Fairfax provided this information.
"Subject: Potomac Partners Update: FHA Premium Reduction Likely To Be Rescinded & Updated It now appears likely that HUD will rescind the FHA premium reduction on Friday as part of the Trump Administration’s plans to overturn a host of regulations/policies implemented by the Obama Administration. Referred to as the “ 12:01 changes” (i.e. immediately after the Inauguration), we understand each Department/agency was asked … (3 comments)
fha mortgages: 2015 Maximum Loan Limits For D.C Metro Area - Normalization of Rates
- 12/10/14 06:32 AM
Seems like there are never ending changes in the mortgage industry. Some changes seem to help buyers, other changes hurt buyers. One thing is certain, interest rates are still low for now! But, rates are suppose to go up in mid 2015. I don't think that will surprise anyone. So whether you are a buyer or seller, changing interest rates can / will have an effect on you. That effect could be very negative. Good News FHA, Fannie Mae, and Freddie Mac have announced their 2015 maximum loan limits in the D.C. Metropolitan will remain at $625,500. This is good news … (2 comments)
fha mortgages: FHA Reinstates 90 Day Wait on"Flips"
- 10/28/14 07:01 AM
FHA has announced in December it is ending its property “flips” waiver. Most mortgage investors require the property seller to be the owner of record for at least 90 days before the property can be contracted on by a buyer. This is to suppose to help prevent fraud and deceptive practices that were part of the problem in the housing crisis. FHA has been allowing purchases before this seasoning time to help the housing recovery and spur home sales. FHA announced it has decided this aid is no longer necessary, so it will revert back to the traditional seasoning of sellers … (2 comments)
fha mortgages: Obama Says Weak Credit - No Problem. Lenders Can Make Judgement Calls
- 04/03/13 02:42 AM
Well, I wonder what Dodd-Frank would have to say about this? So many questions? This is suppose to help help boost the continuing economic recovery? The econonimc recovery hasn't even started in many places. There are already programs to help first time homebuyers? If you are just now getting around to worrying about people whose credit has been damaged by the recession? Suppose they don't have a job? Taking advantage of taxpayer-backed programs? Sure, that's a great idea. "Housing officials are urging Justice dept to provide asuarances to banks.... that they will not face legal or financial recriminations if they make … (3 comments)
According to Freddie Mac weekly rate survey, 30 year mortgage rates hit another record low of 3.79% from last week’s 3.83%. Concerns over Greece and Spain combined with low inflation indicators and flat unemployment benefits numbers were the story. The average is moving in a very narrow range and Fridays trading was slightly worse for mortgage bonds. Home affordability levels have never been better and this is showing up in a strong spring housing market that is starting to favor sellers. Remember, mortgage rates … (0 comments)
fha mortgages: FHA Reserevs Fell 45%- May Raise Mortgage Insurance Premiums Again
- 12/02/11 10:22 AM
FHA may need to rase it's mortgage insurance premiums again if econmy slows. FHA reserves have fallen 45% in the last year. The program is mandated by Congress to keep a certain % of reserves. In other FHA news, FHA received Congressional approval to expand its loan limits in high cost areas to $729,750.00. The change is not official until printed in the Federal Register. FHA monthly mortgage insurance costs for borrowers doubled in the last year to help the agencies reserve fund. FHA borrowers with credit scores of 620-639 must now meet additional requirements. Borrowers must have 25% or less … (0 comments)
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