What are the seven things you should know about FHA financing? Let’s take a look. The number 1 thing you should know about FHA financing is that FHA loans only require 3.5% down payment. That means that it becomes much more affordable for those of you who may not have a lot of money saved […]
Today is the day that the USDA Upfront Guarantee fee will be increasing to 2.75% The Annual (monthly) fee will remain at .5% The information below is a re-post of a previous article on this website. It shows the breakdown of the changes and how USDA compares to VA, FHA and Conventional financing. USDA […]
USDA Loan Guarantee Fee Increase UPDATE ISSUED- TAKE A LOOK AT THIS POST. Effective October 1st, the USDA loan guarantee fee will be increasing from 2% to 2.75% for the upfront premium. The USDA loan guarantee monthly premium will remain at .5%. The upfront USDA loan guarantee fee is the equivalent of FHA’s upfront mortgage […]
2015 FHA Mortgage Insurance The one thing you can count on when it comes to the mortgage industry is change. Change in mortgage interest rates, change in loan guidelines, change in loan programs, etc. Changes in FHA Mortgage Insurance are no exception. Today marks a milestone for FHA Mortgage insurance premiums. Effective with case numbers […]
No, not an April Fools joke. Changes to FHA Mortgage Insurance are effective today, April 1, 2013 The changes to both the length and amount of the annual Mortgage Insurance were announced in Mortgagee Letter 2013-04. There changes FHA Mortgage Insurance are being released in two stages. The first batch of changes will apply to […]
The changes coming to FHA annual MIP (monthly mortgage insurance) for 2013 will not affect some FHA Streamline Refinances. HUD announced in Mortgagee Letter 2013-04 that changes will be coming to the amount of monthly mortgage insurance on FHA loans as well as the duration of the mortgage insurance. Fortunately, the changes to the monthly mortgage insurance terms will not […]