Share jscreationzs/freedigitialphotos.net When is Mortgage Insurance Required? The three main mortgage types include Conventional, FHA and VA. Each have their own types of mortgage insurance each with a different name but all do the same thing – protect the lender for a portion of the mortgage in the case you default (foreclose). Conventional Conventional loans [...]
Tags: Conventional, FHA, Mortgage Insurance, VA
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 Colorado Housing and Finance Authority’s (CHFA) Mortgage Credit Certificate (MCC) Program is back! (wow that was a mouthful). Unlike the one time $8,000 tax credit provided by the Federal Government to stimulate home buying in 2009 and 2010, this tax credit keeps on giving. The MCC program is available to: first time home buyers [...]
Tags: CHFA, FHA, MCC, tax credit
Share It is finally official!! The closing date for all first time home buyers under contract prior to May 1, 2010 now have until September 30, 2010 to close. This was extended from the original closing deadline of June 30, 2010. Last week there were some news alerts stating the tax credit had been extended [...]
Share We just received notification from CHFA about a few changes to their program that will help even more people qualify for down payment assistance. Here are the changes: Income limits are now based on two buckets (1-2 Person Household & 3+ Person Household) Higher income limits in targeted areas First time homebuyer restriction removed for [...]
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 David H. Stevens, Federal Housing Commissioner, occasionally post on HUD/FHA’s website in a series called, “From the Desk of the Commissioner”. A recent release “From the Desk…” clarified the condo changes which took effect December 7, 2009 and issued a waiver to one of the new rules. The Changes from December 7 Here 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 On April 5, 2010 FHA increased their up-front mortgage insurance premium to 2.25% from 1.75%. HUD had approval to increase the up-front mortgage insurance premium (UFMIP) but did not have the approval to increase the monthly mortgage insurance factors. Well…with House Bill 5072 (FHA Reform Act of 2010) the FHA monthly mortgage insurance factor [...]
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