FHA NEWS: Increase in upfront premiums for FHA mortgage insurence on the horizion
January 21, 2010 | Brian Lebars | Comments: (3)
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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 [...]
HUD Waives 90 Day Flipping Rule for FHA Borrowers Starting February 1, 2010- Take note of the special conditions though.
January 19, 2010 | Brian Lebars | Comments: (0)
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HUD’s David H. Stevens issued a waiver of the 90 Day Flipping Rule that has prevented private sellers (LLC’s, Trusts, etc) from taking offers from FHA home loan borrowers. This waiver was issued for a period of 1 year, starting February 1, 2010. There are a few conditions, such as the seller can’t [...]
2010 FHA policy change. What you need to know for the benefit of your client post short sale-
January 4, 2010 | Brian Lebars | Comments: (0)
As we leave 2009 and charge into 2010 HUD has introduced new guidelines for FHA in regards to financing after a Short Sale. Short sales are defined as the lender is accepting less than the total amount due on the property financed.
Borrowers are NOT eligible for a new FHA mortgage if they pursued a short [...]
FHA Condo Update
November 10, 2009 | Brian Lebars | Comments: (0)
This update contains the temporary changes to the FHA Condo Approval Process as outlined in Mortgage Letter 2009-46 B.
Here are the 65 things you need to know about these changes:
1. These temporary changes are effective on December 7th, 2009 through December 31st 2010; except for Spot Loan Approvals.
2. Spot Loan Approvals will be eliminated as [...]
$8,000 Tax credit back on the table to buy a home for first time home buyers-
June 1, 2009 | Brian Lebars | Comments: (1)
This article best explains the new changes of borrowing against your $8,000 tax credit to buy a home if youre a first time home buyer.
HUD Clarifies Tax Credits
Borrowers still need 3.5% of own funds
May 29, 2009
By MortgageDaily.com staff
The U.S. Department of Housing and Urban Development has clarified how tax credits under recently passed legislation can [...]
