Mortgage Underwriting News for September 2011

Friday, September 30, 2011 - 7:13pm

FHA mortgage rates are hovering around their all-time lows. If you’re considering purchasing a home for the first time ever, now is an ideal time to take advantage of the FHA’s mortgage program. One of the biggest hurdles to homeownership is the large down payment required by traditional lenders. Frequently, banks require down payments 20 percent of the purchase price of the home, and it can...

Categories: FHA Weekly Update, FHA News Editor

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Awaiting FHA changes on refinancing

Friday, September 30, 2011 - 7:10pm

Question: I recently read a newspaper article you wrote in January about the possibility that the Federal Housing Administration is considering changing its policy with regard to refunds for people who refinance and wanted to know if you know of any updates. I refinanced in May and have been getting the run-around from the FHA and my lender. No one seems to know what is going on with this and I...

Categories: FHA Weekly Update, FHA News Editor

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First Time Home Buyers Save With Record Low FHA Mortgage Rates

Friday, September 23, 2011 - 7:14pm

One of the biggest obstacles between many prospective first-time home buyers and homeownership is the need for a down payment. Even though home prices have declined over the last three years, they are still relatively high from a historical perspective. Most lenders require down payments of twenty percent of the purchase price of a home, and it can take years to save this much money. To read...

Categories: FHA Weekly Update, FHA News Editor

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A Few Changes for VA Loan Types

Friday, September 16, 2011 - 7:24pm

These days it seems as though the rules never stop changes where the preeminent mortgage programs are concerned, those of course being Conventional, FHA and VA, but it’s always nice when the change is something for the better and today I have the pleasure of delivering the good news. Recent VA circular’s issued on September 8, 2011, more specifically Circular 26-11-12 are indicating a reduction...

Categories: Bonnie Wilt-Hild, Mortgage Underwriting

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Slowness Kills: FHA Releases New MAP Guide, Hoping to Speed Up Loan Process

Friday, September 16, 2011 - 7:23pm

The Federal Housing Administration (FHA) has released a much-anticipated new version of its Multifamily Accelerated Processing (MAP) guide, with an eye on improving its notoriously long processing times. The new guide consolidates all of the agency’s multifamily program changes and guidance—notices, mortgagee letters, and frequently asked questions—in one place, collecting information that...

Categories: FHA Weekly Update, FHA News Editor

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FHA Rehab Loan Gaining Popularity

Friday, September 16, 2011 - 7:21pm

One of the most popular loan programs today is called the FHA 203(K) Rehab Loan. It’s an amazing program and one that sometimes falls under the radar. The rehab loan is very simple to understand. It allows you to purchase or refinance a home and roll the costs of the rehab project into the loan. With home values as low as they are, adding in the cost to renovate can still get you a very...

Categories: FHA Weekly Update, FHA News Editor

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Rural Housing Guarantee & Annual Fee Requirements Effective 10/01/2011

Friday, September 9, 2011 - 6:59pm

As you’re likely aware, USDA Guaranteed Rural Housing is changing guarantee fees from 3.5% to 2.0% for purchase transactions and implementing a new annual fee of .3% effective for all GRH loans that are not committed before October 1, 2011. This news was originally announced in RD AN 4551 which was issued February, 3rd. Go to http://www.rurdev.usda.gov/SupportDocuments/an4551.pdf to read the...

Categories: Loan Processing, Stacey Sprain

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Refinance Your FHA Mortgage From as Low as 3.990%

Friday, September 9, 2011 - 6:55pm

Mortgage rates hit another record low last week, falling on a variety of bad economic news (is there any other type these days?). As a result, the current rate on FHA mortgages dipped to 3.990%* (with an APR of 5.318%) once again, offering a great opportunity for those who currently have FHA mortgages and those looking for an FHA mortgage. If you have an FHA mortgage on your house, you may be...

Categories: FHA Weekly Update, FHA News Editor

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FHA Loan Amount Reductions Have Little Impact

Friday, September 2, 2011 - 5:46pm

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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Mortgage Rates: Low Mortgage Rates Holding On, But at Risk of Rising

Friday, September 2, 2011 - 5:44pm

Today’s low mortgage rates are holding on, but are at risk of rising as positive economic news was released today giving optimistic investors hope for the future. Pending homes sales dropped 1.3% in July as reported today by the National Association of Realtors. This drop was actually better than expected and better news than a year ago. Current 30 year fixed mortgage interest rates are at 3.875...

Categories: FHA Weekly Update, FHA News Editor

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