Showing posts with label FHA. Show all posts
Showing posts with label FHA. Show all posts
Thursday, February 2, 2017
Tuesday, January 17, 2017
Monday, January 9, 2017
HUD Lowers FHA MIP by a Quarter Point
Mortgage insurance premiums on FHA-backed loans will be
lower by 25 basis points on loans endorsed starting January 27, the federal
government announced today.
“After four straight years of growth and with sufficient
reserves on hand to meet future claims, it’s time for FHA to pass along some
modest savings to working families,” Julian Castro, secretary of the U.S.
Department of Housing and Urban Development, announced today.
NAR President Bill Brown praised the move. “Dropping
mortgage insurance premiums will mean a lot more responsible borrowers are
eligible to purchase a home through FHA,” he said. “That puts more money in the
fund to protect taxpayers, and it puts more families in homes so they can live
out the American dream.”
The new premium schedule, which takes effect for
residential mortgage loans that have an insurance endorsement date on or after
January 27, is expected to save the average home buyer $500 a year in
insurance costs.
In its announcement, HUD said the reduced premiums
reflect the healthy state of HUD’s mutual mortgage insurance fund, which is the
agency’s principle fund for insuring FHA mortgages. “We’ve carefully weighed
the risks associated with lower premiums with our historic mission to provide
safe and sustainable mortgage financing to responsible homebuyers,” said Edward
Golding, HUD principal deputy assistant secretary for housing. “This
conservative reduction in our premium rates is an appropriate measure to
support [home buyers] on their path to the American dream.”
Under the new schedule, a home purchase with a base loan
amount of up to $625,000, with an 85-percent loan-to-value ratio and a 30-year
loan term, will require an annual mortgage insurance premium of 55 basis
points, down from 80 basis points. A 15-year loan of that same amount and
with a 90-percent LTV ratio will require an MIP of 25 basis points, down from
45. Access the full schedule.
NAR is calling on FHA to take even more steps to help
home buyers, including eliminating FHA’s “life of loan” mortgage insurance
requirement, which forces borrowers to maintain mortgage insurance regardless
of their equity position. Borrowers with traditional mortgage insurance can
typically extinguish their mortgage insurance once they reach 20 percent equity
in the property. “Our work continues, but we’re encouraged by today’s
announcement,” Brown said.
—By
Robert Freedman, REALTOR® Magazine. Read
more about this premium change here.
Thursday, February 18, 2016
Tuesday, May 26, 2015
Monday, May 4, 2015
Tuesday, April 21, 2015
Wednesday, February 12, 2014
Wednesday, January 15, 2014
Interest Rate Update
|
Wednesday, January 8, 2014
Interest Rate Update
|
Loan Category
|
Rate
|
|
30 Year Fixed
|
4.500%
|
|
15 Year Fixed
|
3.625%
|
|
30 Year FHA
|
4.125%
|
|
15 Year FHA
|
3.625%
|
|
7 Year ARM
|
4.000%
|
|
5 Year ARM
|
3.250%
|
|
30 Year VA
|
4.125%
|
|
15 Year VA
|
3.625%
|
Tuesday, October 1, 2013
Interest Rate Update
|
US Government Shut Down & How it Affects Your Purchase and Sales Agreement
As most of you are aware, the House and Senate
did not come to an agreement before the clock struck midnight this morning -
and now we are experiencing the first government shutdown in over 15 years.
Please
see below how the government shutdown is affecting certain loan types and
documentation availability:
All
loans:
·
Tax
transcripts and VOE's will still be required on all loans. 4506T's can be
ordered, but there is no one at the IRS to process them. Any delays caused
by the shutdown that affect the ability to get these conditions met will have
to wait until those conditions can be met.
·
SSN
verifications can be ordered, but at this time it appears that the results are
at the very least going to be delayed past the normal 10-15 minute turn times
they usually run by.
USDA:
·
The
offices will remain closed until the government shutdown is complete.
Submission of loan packages to RH is suspended since nobody will be there to
accept them. Any loans currently at RH for conditional commitments will
be delayed until the shutdown ends.
·
All
USDA websites, including GUS and lookup sites for property/income
qualification, will be unavailable during the government shutdown.
FHA:
·
FHA
Connection will be available, but since FHA Connection occasionally interfaces
with other systems that may not be available, FHA Connection processes may not
be fully functional. Note the following below:
o You will be able to obtain a new FHA case
number from the FHA Connection.
o CAIVRS will be available to determine if a
borrower has a delinquent federal debt.
o FHA Total Scorecard will be available, and
loans can fund during this time, provided all normal underwriting and processing
requirements are met.
o Automated password resets will be available
for FHA Connection, but resets that require an FHA employee's direct assistance
will not be available.
VA:
·
The
VA portal states that "The VA Home Loan Guaranty Program will continue to
function as normal in the event of a Government Shutdown."
·
Any
scenarios where VA needs to be contacted will not be available until the
shutdown ends.
As
more information becomes available we will pass it along to you as quickly as
possible.
Tuesday, September 24, 2013
Interest Rate Update
|
Tuesday, September 10, 2013
Interest Rate Update
|
Subscribe to:
Posts (Atom)