FHA NEWS: Increase in upfront premiums for FHA mortgage insurence on the horizion
January 21, 2010 | Brian Lebars
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This just in from HUD:
In an effort to shore up its flailing balance sheet and dwindling capital reserves, the Federal Housing Authority rolled out theses sweeping financial changes.
Effective for case numbers assigned on or after April 5, 2010 FHA will collect an upfront mortgage insurgence premium of 2.25%. The current FHA premium for Bay Area borrower’s is 1.75%. The monthly premiums will remain the same at 55BPS for a loan to value greater than 95% and 50BPS from a loan to value less than 95%.
If your interested in an FHA mortgage and you want the best chance of being approved possible, call or send me an email with some of the specifics of your situation. I work for Vintage Mortgage Group. We are aligned with the biggest FHA banks with the best pricing plus. That’s what I do for you as your Mortgage Consultant.
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Hi. I have a question for you. My husband and I live in Washington state for the last 2 yrs. Prior to that we lived in CA. We had a home in the San Bernardino area that we put up for sale in March 07 because my husband was retiring in June 07. By July we had no lookers and reduced the price. By October still none and we relisted with another agent. He suggested a short sale and we immediately had a buyer. We wanted to leave CA for Wa in November and the sale seemed to be going well and in fact we got 2 calls, one a week from the Mortgage Co saying everything was a “go”. I asked if we could close by fax since we wanted to leave before winter set in. They said yes. So we moved and leased a home in WA. Towards the end of December we got a call from the Realtor saying the lender changed their mind and wanted $25K more. Neither the us or the buyer had it. For the next 2 mos the realtor tried to get the lender to change their mind. We had not been able to pay the mortgage and the lease so we pd the lease only starting that December. By February we gave up trying to change their mind and got a new offer on the house for $15K more. The lender refused that too. Because the lender was so hard to get ahold of it would take weeks to get answers. In April or May we asked the lender to modify the mortgage so we could lease it and put all arrears on the back end. They said yes and we waited for weeks and weeks for paperwork which never came. By June08 it went to auction and we lost it. We never had a chance. They basically kept us at bay the whole time never returning calls for weeks at a time. Now we want to buy another home and wonder what we have to do to get one. We have no money for a down pymt yet. Is there anything we can do?
Wow, that is quite a story and one I hear all too often. In regards to the down payment there are very few options if you are not a VET. VA allows for 100% loans, otherwise the only options are FHA or Homepath. I will email you over the periods of time lender will make you wait to purchase as well if they are counting it as a foreclosure.
Take a look at my Facebook fan page today called Loan Squawk. I posted the times lender will make you wait for a purchase if you’re curious.
Brian