hud: Congratulations David Stevens on being appointed as the NEW FHA commissioner for HUD!!
- 03/24/09 06:08 AM
David H. Stevens It gives me great pleasure to congratulate David Stevens on his recent appointment from President Obama to head up the FHA Administration. (Washington Post Article) Even though its not official until the Senate approves the final vote, I am very excited because of Two reasons. 1st of all if elected, Mr. Stevens will be the only the only FHA commissioner to have a strong background in Mortgages and Real Estate. 2nd of all Mr. Stevens was the president of my company (Prosperity Mortgage a joint venture of Wells Fargo and Long & Foster Realty), he was also … (4 comments)
Effective for all FHA case numbers assigned on and after September 19th 2008 to further notice. A Borrower cannot use rental income to offset the payment on their departure residence without very specific and narrow exceptions. The old guidelines when someone wanted to rent their current residence out to buy a new home, FHA guidelines permitted the Rental Income being used to offset the mortgage payment used in Debt-to-Income ratios. FHA has released the mortgagee letter nationwide found here HUD LETTER This is due from the simple fact that many homeowners have been found guilty of the "Buy and … (11 comments)
hud: Oct 1st Flat Fee for Upfront Mortgage Insurance Premiums
- 09/13/08 04:48 PM
As a reminder the new change from Department of Housing and Urban Development (HUD), the upfront mortgage insurance premiums (UFMIP) on Federal Housing Administration (FHA) loans will revert back to a flat fee, effective with case numbers assigned on or after Oct. 1 2008.Upfront MIP factors effective with case numbers assigned on or after Oct. 1, 2008, are as follows: Purchases and Full Credit Qualifying Refinances = 1.75% Streamline Refinances = 1.50% FHASecure transactions = 3.00% Sections of the Act NOT impacted: 223(e) Declining Markets 238(c) Military Impacted Areas 255 Home Equity Conversion Mortgages … (2 comments)
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