Mortgage Underwriting News for August 2011

Major Changes in Rapid Succession for Next 45 Days!

Friday, August 26, 2011 - 6:39pm

Buckle your seat belts everyone because the next 45 days are going to be bustling with a lot of major agency program changes that are very important for all of us to keep track of and plan ahead for. Because so much is happening so quickly and in such rapid succession, I myself had to start maintaining a chart just to stay on top of it all. I’ve found this to be very helpful so I hope it helps...

Categories: Loan Processing, Stacey Sprain

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Real estate | FHA loan amount reductions have little impact

Friday, August 26, 2011 - 6:27pm

The Federal Housing Administration is reducing the amount of money borrowers can get for a single-family loan, but the change may not have much of a local impact. Starting Oct. 1 the FHA will change loan limits, which vary based on the median home price in an area and all will fall between $271,050 and $625,500 for one-unit properties. FHA has estimated that only a small number of borrowers will...

Categories: FHA Weekly Update, FHA News Editor

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Rural Development Loans

Friday, August 19, 2011 - 6:25pm

When we think about government loan programs, most often the FHA and VA programs come to mind however there is another one, that being Rural Development. I know you have all heard of them but for some reason they seem to be a loan type that very few know anything about, so being in good form as I sometimes am, I thought I would share the specifics because these days, any program that a lender can...

Categories: Bonnie Wilt-Hild, Mortgage Underwriting

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New FHA Loan Limits to Take Effect October 1st

Friday, August 19, 2011 - 6:23pm

The Federal Housing Administration (FHA) will implement new single-family loan limits as specified by the Housing and Economic Recovery Act of 2008 (HERA) as of Oct. 1, 2011. According to Mortgagee Letter 11-29, FHA will reduce loan limits in the highest cost metropolitan areas of the country, while limits would remain unchanged in most other parts of the nation. These new loan limits were...

Categories: FHA Weekly Update, FHA News Editor

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FHA Mortgage Rates Plummet at Total Mortgage – August 15, 2011

Friday, August 19, 2011 - 6:21pm

Mortgage rates plunged last week as the stock market fluctuated wildly. While this was bad for investors in the stock market, it was good for borrowers looking to refinance their mortgage or those who are in the market for a new home. Rates dropped across the board last week, and FHA mortgage rates were no exception. FHA rates at Total Mortgage are now close to all-time lows. If you’re a first-...

Categories: FHA Weekly Update, FHA News Editor

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Part 5-Final FHA Updates to Condominium Approval Qualification Requirements and Process

Friday, August 12, 2011 - 5:29pm

Mortgagee Letter 2011-22 dated 6/30/2011 clarifies, expands, consolidates, and updates existing condominium approval guidance while also replacing Mortgagee Letters 2009-46b, 2009-46a and 2011-03. Included with the new Mortgagee Letter are an attached Condominium Approval Implementation Schedule and 95 page Condominium Project Approval & Processing Guide. The revisions listed in this newest...

Categories: Loan Processing, Stacey Sprain

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Mortgage Rates: New Record Lows

Friday, August 12, 2011 - 5:25pm

Consumer borrowing costs ticked higher today in another volatile trading session (multiple reprices experienced). Mortgage rates are still in record setting territory though. This is apparent in the chart of Consumer Rate Quotes below... If the note rate line is moving up, the closing costs associated with it are on the rise. If the note rate line is moving down, the closing costs associated...

Categories: FHA Weekly Update, FHA News Editor

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FHA loan limits could hurt Treasure Coast's housing recovery

Friday, August 5, 2011 - 7:03pm

Prized mortgages insured by the Federal Housing Administration soon will become harder to get on homes that cost several hundred thousand dollars. Starting in October, the government is set to lower the maximum amount that can be borrowed and still qualify for FHA insurance. In Martin and St. Lucie counties, the ceiling will fall from $375,000 to $316,250, meaning buyers who want loans backed by...

Categories: FHA Weekly Update, FHA News Editor

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FHA Takes Action Against 26 Lenders for Violations

Friday, August 5, 2011 - 7:01pm

The Federal Housing Administration’s Mortgagee Review Board (MRB) took administrative actions against 26 different lenders for a range of offenses. “It’s never been more important that lenders doing business with FHA apply our standards to each and every loan they originate and underwrite,” said Acting FHA Commissioner Carol Galante. “FHA requirements ensure homeowners are put on a path of...

Categories: FHA Weekly Update, FHA News Editor

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