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DANGER- June 3rd is cutoff to obtain FHA case # to limit lifetime MI

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Mortgage and Lending with Guaranteed Rate NMLS# 2611 NMLS# 49242

If an FHA case # is not ontained by June 3, 2013 this could result in long term effects of your home loan which could be mortgage insurance for the life of the loan.  

The following sections of Mortgage Letter 2013-4 are effective for all mortgages with FHA case numbers assigned on or after June 3, 2013:

 revision to the period for assessing the annual MIP;

 removal of the exemption from the annual MIP for loans with terms of 15 years or less and LTVs of less than or equal to 78 percent at origination;

 increase in the annual MIP for mortgages with terms less than or equal to 15 years and LTV ratios less than or equal to 78 percent at origination.

FHA Mortgage Insurance Chart 2013

Time is of essence on these FHA loans. If you or someone you know in the State of Washington is looking to submit an offer on a property- short sale, REO, Foreclosed, etc. NOW is the time to get approved and a case # ordered. The short sale DOES not have to be approved. 

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