fha: Is FHA going to raise the down payment to 5%? - 05/26/11 01:51 AM
...that's a great question!  I wish I knew the final answer.
On May 25, 2011, the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity met with one goal: 
"Determine the role of FHA, RHS, and GNMA in the Single- and Multi-Family Mortgage Markets"
Several industry leaders were brought in to testify at the hearing, including NAR's own president, Ron Phipps as well as chairman of Mortgage Banker's Association, Michael Berman.
A draft of the FHA-Rural Regulatory Improvement Act of 2011 was the focus of the hearing.  The headline from this act will obviously be the change of FHA's minimum down … (6 comments)

fha: FHA 203(h) mortgage loan available for tornado victims in Alabama - 100% Financing - 05/17/11 02:12 PM
The FHA 203(h) Disaster Relief Loan is available for residents affected by the recent tornadoes that swept through Alabama on April 27, 2011. This special FHA loan is specifically designed to help victims in Presidentially designated disaster areas recover by making it easier for them to get mortgages and become homeowners or re-establish themselves as homeowners.
For a limited time HUD is waiving the 3.5% down payment requirement on any home buyer whose previous residence or apartment was destroyed or substantially damaged by the recent storms. This means you can get 100% Financing on your new home.  Both the upfront mortgage … (0 comments)

fha: USDA Guaranteed Loans - "No PMI" No More! - 03/02/11 11:33 PM
 
USDA Rural Development has long been the 100% financing leader for a lot of areas across the nation.  One of the major benefits of this loan product was that it required no monthly escrows for an annual mortgage insurance (MI).  MI is sometimes referred as PMI, and the loan is advertised many times as 100% Financing with No PMI.  That’s all going to change come October 1, 2011. USDA issued Administrative Notice 4551 on February 24, 2011 that alluded to this upcoming change.  The change has been confirmed in an email that also included instructions on how to calculate the … (12 comments)

fha: FHA changes to increase monthly cost to borrowers on October 4th, 2010 - 08/07/10 02:41 AM
This week, Congress has passed H.R. 5981 and it's headed to the President's desk.  There are some major FHA changes associated with this bill that gives FHA the authority to raise the annual mortgage insurance premium that is supposed to bring in $300 million more on a monthly basis to FHA.
So how does this affect the borrower??  The good news is that they plan to decrease the upfront mortgage insurance to 1%, down from 2.25%.  The bad news however, is that monthly cost for mortgage insurance is going up from a factor of .55 to .90 for a 30 year … (4 comments)

fha: Need help with your down payment? - 06/28/10 06:32 PM

 
Are you one of thousands of borrowers who are looking for down payment assitance for your FHA Loan?
If so, you may be in luck.  Alabama Housing Finance Authority offers a program called the Step Up Loan that offers down payment assitance through a 3% second mortgage.
FHA requires a 3.5% down payment under normal underwriting guidelines, but FHA will also allow part of this down payment to come via a government agency.
Enter stage left: Alabama Housing Finance Authority
 
 
The Step Up program allows you to 'borrow' 3% of your down payment and finance it over … (0 comments)

 
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