Share Just one more step before HUD will have the ability to increase monthly mortgage insurance premiums as high as 1.55%. Last night, August 4, 2010, the Senate approved with unanimous support to approve HR 5981. The last step in the process to approve this bill is to obtain the president’s signature. The Change With [...]
Tags: FHA, Mortgage Insurance
Share There have been some news articles stating the tax credit was extended. If that was the case we wanted to let you know but that simply is not the case. The reason the news stories released that the tax credit was extended was because of some recent action towards that direction. Here is the [...]
Share We have shared the awesome advantages of Colorado Housing and Finance Authority’s Mortgage Credit Certificate (MCC) program – maybe too much! CHFA issued a notice to all CHFA registered MCC lenders today which states: As a result of the popularity of the CHFA MCC Program, availability of reservations for the CHFA MCC program is [...]
Share Each year the Department of Housing and Urban Development, HUD releases the income limits for tax subsidy. These income limits are what drive the income limits for individual down payment assistance programs around the nation. Based on these updated numbers released by HUD, the individual programs offering any type of tax subsidy through lower [...]
Share We generally write about specific programs, changes and situations, but I want to recap some of the thingsI feel are important to consider in today’s market. Let’s look at the reasons to buy now. Long term mortgage rates are at 20-30 year lows According to Freddie Mac, in a press release yesterday, the average rate on a 30-year [...]
Tags: Assistance, Fannie Mae, FHA, HomePath
Share Colorado Housing and Finance Authority, commonly known as CHFA, has made a few notable changes we wanted to make sure our readers were aware of. FirstStep & FirstStep Plus No Gifts Allowed for Minimum Contribution No Cosigners Allowed Non-Traditional Credit Must Be Added to Credit Report Risk Score Card No Grossing Up Income 1. [...]
Tags: Assistance, down payment, Qualifying
Share Lots of changes coming down from the Department of Housing and Urban Development (HUD) on FHA Mortgage Loans. Here is a quick snapshot of what is changing in 2010: 90 Day Flipping Rule Waiver (Feb 1) Up-front Mortgage Insurance Premium Increase from 1.75% to 2.25% (Apr 5) 10% Down Payment Required for Credit Scores [...]
Tags: Closing Costs, FHA, Mortgage Insurance
Share Have you heard of the FHA 90 day flipping restriction? If not, here is a quick overview… If you are a buyer looking to buy a home with FHA mortgage financing you must buy a home from a seller who has owned that home for 90+ days or from a seller who is exempt [...]
Tags: FHA
Share Effective January 1, 2010 the Department of Housing and Urban Development (HUD) who runs the Federal Housing Administration (FHA) modified their policies surrounding the maximum amount a mortgage lender may charge for “origination” fees on FHA mortgages. This is no surprise due to the recent changes the the HUD and GFE that went into [...]
Tags: APR, Choosing a Lender, FHA, GFE
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