fha: 2014 FHA Mortgage Loan Limits Announced Rockville MD
- 12/11/13 10:16 PM
FHA has just announced that for 2014 their “High Cost Area Ceiling” limit of $729,750 will expire on case numbers issued on or after January 1, 2014. The new limit on January 1st will be $625,500 in areas such as Rockville, MD (this is in-line with current conventional mortgage limits).
Counties impacted in our area are: Maryland: Montgomery / PG / Frederick: Dropping from $729,750 to $625,500 DC: Dropping from $729,750 to $625,500 Northern Virginia: Dropping from $729,750 to $625,500 Full list can be found: http://1.usa.gov/1iZI6cE
Areas in-between the $417,000 “floor” and up to $625,500 appear to have … (0 comments)
fha: Government shutdown and the mortgage origination process Rockville MD
- 10/02/13 08:00 AM
A few clients have been asking me if the government shutdown is having any impact on the mortgage origination process in Rockville Maryland. The general rule of thumb is that it is business as usual. Very little is directly impacted in the short term because most of the functions are handled within the financial institution.
Loan Types: FHA Loans being processed through banks (this is how we do it, and most other banks): There is not much issue here, business as usual, possible delays in case number re-assignment. VA Loans: The VA home loan program will function as normal. Conventional … (0 comments)
fha: Some More increases for FHA mortgage insurance premiums Rockville MD
- 01/31/13 08:15 AM
In a press release yesterday HUD confirmed several pending changes that will go in effect to help bolster FHA’s capital reserves. The changes will make FHA more expensive for borrowers who are still considering purchasing using FHA, especially in places like Rockville, MD or Arlington, VA:
Changes to Mortgage Insurance Premiums: FHA will increase its annual mortgage insurance premium (MIP) for most new mortgages by 10 basis points or by 0.10 percent (this will now go from 1.25% to 1.35%). FHA will increase premiums on jumbo mortgages ($625,500 or larger) by 5 basis points or 0.05 percent FHA will also … (1 comments)
fha: Alternatives to FHA - 5% down conventional and 80/10/10 in VA, DC, and Rockville MD
- 03/30/12 07:05 AM
FHA has announced several changes in the past few weeks leading to increases in the required mortgage insurance premiums making FHA much more expensive. This will significantly impact areas such as Bethesda and Rockville MD. There are some very good alternatives that our Rockville Community Bank offers. For loans below 417k we offer a 5% down conventional option, and for loans above the high-balance loan limits ($625,500 – DC metro area, $494,500 Baltimore metro area) we offer our 80/10/10 second mortgage option. With the recent increase in mortgage rates and impending FHA increases it will be important to ensure that … (1 comments)
On November 18, 2011, the President signed into law H.R. 2112, Consolidated and Further Continuing Appropriations Act 2012 (HR2112). Section 238 of HR 2112 re-establishes the FHA loan limit at the higher of the dollar limit in Section 203(b)(2) or the dollar limit prescribed in Section 202 of the Economic Stimulus Act of 2008 for Forward mortgages.
Therefore, effective for all Forward mortgages with a case number assigned on, or after, November 18, 2011 through December 31, 2011, the loan limits referenced in Mortgagee letter 10-40 shall be … (1 comments)
fha: FHA loan limits increase! But not conventional
- 11/18/11 06:51 AM
It was just announced today that a bill has been approved that will raise the FHA (FHA only) mortgage loan limit back to $729,750 for the DC area and $560,000 for the Baltimore metro area. Unfortunately, they did not raise the Fannie / Freddie conventional mortgage loan limit and they still remain at $625,500 and $494,500 respectively. Although the conventional limits are not raised, this will still help buyers who don’t have 10% down and are looking to buy above the conventional limits. Below is the link to an article if you would like to read more about the change. Remember, … (0 comments)
fha: FHA, VA, and Conventional mortgage loan limits September / October 2011
- 09/29/11 12:12 PM
September 30th and October 1st are important in our industry as several government loan limits are set to change: Conventional Fannie Mae loan limits will be changing, FHA mortgage loan limits will be changing, and VA loan limits will not be changing yet, however, VA funding fees will be changing Fannie Mae loan limits: https://www.efanniemae.com/sf/refmaterials/loanlimits/xls/loanlimref.xls
Use the above referenced table to check the Fannie Mae loan limits. Additionally, if your home purchase is affected by the loan limits going down utilize our bank’s second trust mortgage to allow you to purchase your home above the loan limits with as … (1 comments)
fha: FHA Condo Expiration of 12/7/10 Now Extended!!
- 12/08/10 11:00 AM
FHA Condo Expiration of 12/7/10 Now Extended!! In what seems like a last ditch effort (without any warning that I know of) FHA has extended the condo projects that were set to expire December 7th 2010. The new expiration dates are based off of the initial project approval year. Great news for condo owners and condo sellers! FHA announces extension of condominium project approvals with an expiration date of December 7, 2010. Provided below are the extension dates based on five-year time frames with the exception of those condominium projects with original approval dates from 1972 -1985. Initial Project Approval Dates Current … (1 comments)
fha: Condo Expiration Date fast approaching! December 12/7/2010 for FHA approved condos
- 10/27/10 01:11 PM
Last year FHA announced that they will be beginning a condo recertification process for condos that were approved prior to October 1, 2008, requiring that they are re-approved on or before December 7, 2010. Well its hard to believe, but December 7th is almost here, and there are very few condos that have been re-approved. Welcome "Condo Judgment Day!" From FHA: "New FHA case numbers will not be assigned for those projects where the project approval has expired and the project has not been recertified or reapproved prior to the project expiration date." This was all initially announced in the FHA mortgagee … (9 comments)
fha: Just in! - Expect upcoming changes to FHAs upfront and annual premium - some numbers
- 08/05/10 01:37 PM
David H. Stephens, the Assistant Secretary for Housing / Housing Commissioner released today a special notice with the intent of decreasing the annual upfront MIP down to 1% (currently at 2.25%) with a simultaneous increase in the annual MIP to 0.85-0.90% (currently at 0.50-0.55%). The anticipated case number assignment effective date is September 7th 2010. The bill still needs to be signed into law.
"With this authority, FHA is in a better position to address the increased demands of the marketplace and return the MMI fund to congressionally mandated levels without disruption to the housing market." "As I have previously … (0 comments)
fha: Some clarification from HUD regarding Good Faith Estimates (GFEs) and use of Worksheets to show settlement charges
- 06/30/10 11:28 AM
Some clarification was realeased in June from HUD regarding Good Faith Estimates (GFEs) and so called worksheets that show total settlement charges for purcahsing a home. Over the past 6 months many lenders have been creating so called "worksheets" or "estimates of settlement charges" to help show borrowers what the total costs of their home purchase or refinance would be. Lenders are not allowed to lead borrowers to believe these worksheets are a "Good Faith Estimate" and this has led to some confusion about when lenders are allowed to issue these worksheet documents and the uses of the standardized Good Faith Estimate … (0 comments)
fha: House Passes FHA Reform Bill Authorizing Higher Premiums
- 06/11/10 04:05 AM
In a vote of 406 to 4 on Thursday June 10th the house passed the FHA Reform Act (H.R. 5072) enables the agency to reform its current mortgage insurance premium structure by shifting some of the upfront cost to the annual premium.
In summary, this bill allows the borrower's annual premium cap from its current level at .55% annually to as high as 1.50% (nearly tripling the current premium). While this is bad, it is what is required to keep FHA afloat as it has been badly hurt by a string of defaults. The lawmakers rejected the idea of requiring … (1 comments)
Loan Officer with First Place Bank in Rockville Maryland. FHA, 80-10-10, VA, Conforming, Jumbo, Refinances, a group of local approved appraisers (no 3rd party appraisal system), In-House Processing and Underwriting. Servicing Maryland, DC, and Virginia.
FHA has just announced that for 2014 their “High Cost Area Ceiling” limit of $729,750 will expire on case numbers issued on or after January 1, 2014. The new limit on January 1st will be $625,500 in areas such as Rockville, MD (this is in-line with current conventional mortgage limits).
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