fha changes: www.lasvegasmtg.com Report: FHA proposed changes for collections and disputes on credit reports.
- 04/29/12 07:32 AM
www.lasvegasmtg.com Report: FHA proposed changes for collections and disputes on credit reports. by John Le Francois www.lasvegasmtg.com Report: FHA proposed changes for collections and disputes on credit reports were to take affect on April 1,2012 but has now been delayed till July 1, 2012. The proposed changes are addressing disputes, collections and judgments that show on a credit report. FHA released mortgagee letter 2012-3 refers to the following: Requires borrowers with collections with a combined total greater then $1,000 must be paid off including medical collections if the accounts are less then 2 years old activity date. Disputed accounts must be … (0 comments)
fha changes: www.lasvegasmtg.com Report: Recent FHA changes impacting Las Vegas, NV.
- 04/28/12 05:47 AM
www.lasvegasmtg.com Report: Recent FHA changes impacting Las Vegas, NV. By John Le Francois www.lasvegasmtg.com Report: Recent FHA changes impacting Las Vegas, NV. has caused some home buyers to scale back their purchasing power due to increases in FHA Upfront Mortgage Insurance Premium (UPFMIP) going up from 1.00% to 1.75% and the annual mortgage insurance going up from 1.10 to 1.25% with a 3.5% down for a 30 year loan. This increase was implemented for all case numbers issued after April 12th, 2012. For the first time HUD has implemented a two tier Annual Mortgage Insurance Premium that is dependent on the loan amount, LTV and the terms … (0 comments)
fha changes: www.lasvegasmtg.com report: FHA Loan Limits will be drastically cut back for Clark County, Nevada
- 06/11/11 09:19 AM
www.lasvegasmtg.com report: FHA Loan Limits will be drastically cut back for Clark County, Nevada (Las Vegas, Henderson, North Las Vegas, Boulder City) starting October 1, 2011. Currently FHA loan limits for Clark County, Nevada is $400,000.00, but this will be reduced to $271,050.00, a reduction of $128,950.00! In previous changes with FHA Mortgage Insurance or loan limits the rule has been if the property was assigned a FHA case number prior to the FHA rule change date then it would fall under the old guidelines. What does this all mean? Qualified home buyers that are seeking a FHA loan to purchase … (0 comments)
fha changes: www.lasvegasmtg.com Report: Republicans target increasing FHA Down Payment Part 2
- 05/26/11 07:45 AM
www.lasvegasmtg.com Report: Republicans target increasing FHA Down Payment Part 2 by John Le Francois www.lasvegasmtg.com Report: Republicans target increasing FHA Down Payment was the main discussion held yesterday in the Republican led House Financial Services Committee. The Draft Legislation "FHA Rural Regulatory Improvement Act of 2011" Chairman Spencer Bachus (R) "This hearing is necessary to insure that government home loan programs do not expose taxpayers to significant losses." In a previous article "Republican Politicians want FHA to Increase Down Payment" I wrote prior to the House Financial Service Committee hearing briefly outlined the increase from 3.5% to 5% for a FHA down Payment. … (0 comments)
www.lasvegasmtg.com Report: Republican Politicians want FHA To Increase Down Payment from the current 3.5% to 5% and are proposing this through discussion on Wednesday Housing Financial Services Committee hearing led by Judy Biggert (R-Ill.) Last year Congress tried to increase the FHA Down Payment required, but it was removed from the bill when the President Obama threatened to veto the bill if left in. The Republican led proposed increase to the down payment is based on the argument that FHA would not be in jeopardy of … (3 comments)
fha changes: www.lasvegasmtg.com Report: FHA Annual Mortgage Insurance Increase
- 03/29/11 07:02 AM
www.lasvegasmtg.com Report: FHA Annual Mortgage Insurance Increase by John Le Francois www.lasvegasmtg.com Report: FHA Annual Mortgage Insurance Increase will be enacted on 04/18/2011 and will increase from .90 (current rate) to 1.15%. In 2010 Congress provide FHA the ability to raise the annual monthly premium from .55% to 1.25% of the loan amount. This was to cover the required mandate that there be a 2% reserves of all existing FHA home loans to cover any losses due to Foreclosures or Short Sales. This will be the third increase in less then 12 months and it may reach the maximum allowed fee set by … (0 comments)
www.lasvegasmtg.com Report: FHA Loans will be costing more starting April 18, 2011 in Las Vegas, Nevada. FHA Mortgagee Letter 2011-10 dated February 14, 2011 details the new Annual Premium for Mortgage Insurance. Effective with all new FHA case numbers issued after April 18, 2011 the Annual Premium will go up based on the following criteria. The purpose of the new changes is based on the legislative mandate 202 of the National Housing Act to make FHA financially sound and to insure the FHA loan … (0 comments)
www.lasvegasmtg.com Report: HUD want to hear from you on proposed changes to help shore up FHA balance sheet. While everyone is familiar with the recent changes in Upfront Mortgage Insurance from 1.75% to 2.25% we will see the next wave of changes outlined here. Las Vegas, Nevada home loans for purchases and refinances in the last two years are underwritten with FHA loans nearly 67% of the time for loans under $400,000.00. With the proposed changes that FHA is seeking, this could have a negative impact in Las Vegas housing industry and … (0 comments)
www.lasvegasmtg.com Report: FHA proposed changes for collections and disputes on credit reports.
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