On January 26, 2010 we let you know about the big changes to FHA in 2010. One of those changes was to FHA’s up-front mortgage insurance premium (UFMIP). Effective on all loans with FHA case numbers assigned on or after April 5, 2010 the up-front mortgage insurance premium will be 2.250% of the base loan amount. This is an increase from 1.75%.
There is no change to the monthly mortgage insurance on FHA loans at this time.
For a full review of this change check out the HUD mortgagee letter.
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Not too long ago, the credit world was much different than it is today. Credit bureaus operated in near secrecy, gathering information in ways that may surprise you. For instance, did you know that Retailer’s credit (now Equifax) received information about you gathered by the Welcome Wagon hostess?
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It’s official…FHA is adopting the same basic premise as the HVCC ruling on Conventional Mortgages.
We posted on May 1, 2009 about HVCC on Conventional loans which stated:
Up until now the loan officer had the control to select an appraiser they felt had the best ability to appraise the house that would be used for the [...]
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On February 17, 2009, in Denver, President Obama signed the American Recovery and Reinvestment Act (ARRA). This bill had substantial changes to the federal First-Time Home Buyer Tax Credit, including eliminating the 15-year repayment obligation of the Borrower which was part of the 2008 Housing and Economic Recovery Act (HERA).
However, and most pertinent, Section 1006 (e) [...]
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If you could pay for a home with cash without getting mortgage financing, would you? Should you? That decision is both an emotional one and a financial one. Let’s look at a recent example…
We received a call from a potential customer, referred to us by a real estate agent we work with, who was looking [...]
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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 fixed mortgage was [...]
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Fannie Mae released the news on January 28, 2010 that they are offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on the HomePath website that are closed within this period may receive up to 3.5% of the [...]
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On January 28 we first told you about CHFA’s FirstStep and FirstStep Plus programs that were going to be available February 1, 2010. It is now February 1 and we wanted to let you know the details of the program.
CHFA FirstStep
Through the sale of non-taxable mortgage revenue bonds, CHFA is able to offer mortgage rates [...]
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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. FirstStep & FirstStep Plus
Two new (well a modification [...]
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Would you like to be one of the first to know about FHA updates? If so, just enter your email below and each time we post new information you will be emailed.
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