‘FHA’ Category

New Refi Options for FHA Loans

Posted on: April 20, 2012

There's a new mortgage refinance option for those with FHA loans that can benefit you even if you're upside-down in your home. The program would lower your interest rate to 4% or below. There are some criteria you must meet in order to qualify: Your current home loan must be FHA-insured and must have been put on the Federal Housing Administration's books no later than May 31, 2009. This is different from the dates you applied for your loan or closed on ... (Read more)

Possible Changes to FHA Loans

Posted on: August 24, 2011

We wanted to pass along a note below from our preferred mortgage banker, Mark Daker, regarding a possible change in FHA loans. Here is Mark's take: Over the last couple of months, there has been quite a bit of speculation as to whether FHA would drop their loan limits. Initially, I thought this was unlikely in light of economic conditions, but it's appearing there is a good chance this will happen effective October 1st. Fortunately, the drop is not ... (Read more)

FHA Loan Changes

Posted on: February 11, 2010

FHA has changed the amount of Up Front Mortgage Insurance. Effective April 5th all new loans will have an Increased Up Front Mortgage Insurance (UFMIP) from 1.75% to 2.25%.So, for example, on a $200,000 loan that means the extra .5% will add $1,000 to their loan. For a $300,000 loan the increase will add $1,500 to their loan balance.The fee increase doesn't take place until April 5th, so there is still time to avoid the fee.

FHA Condo Changes

Posted on: December 03, 2009

For buyers looking to purchase a condo with an FHA loan, things are about to change. Condo buildings must be approved by FHA in order to use an FHA loan on a condo in that building. In the past, it was possible to get a spot approval on the unit in a pretty timely fashion. That's no longer the case.Condo projects that are not already FHA approved will need full approval for buyers to use a FHA loan to purchase ... (Read more)