fha loans: Get Your FHA Mortgage Application Started -- Fees Increase 1/2 Percent Starting Monday, April 5, 2010 - 03/31/10 05:05 PM
Starting Monday, April 5, 2010, getting an FHA mortgage will be more expensive for borrowers.
In new guidelines set forth earlier this year, the FHA announced plans to raise additional revenue and reduce the overall risk of its mortgage portfolio. 
The changes include the following:
Increase Upfront Mortgage Insurance Premiums from 1.75% to 2.25% for everyone A plan to reduce seller concessions from 6 percent to 3 percent An increase in minimum downpayment for FICOs 580 or lower For your own loan, to avoid being subject to higher loan costs, make sure to have your FHA Case Number assigned prior to … (0 comments)

fha loans: Separating FHA Fact From Fiction : Mortgage Insurance Premiums - 02/11/10 10:15 AM
The mortgage lending landscape changes a lot.  Rates and guidelines are in constant flux, and it creates preparedness challenges for buyers that aren't paying in cash.
The loan you get today won't always be the loan you get tomorrow.
Because of how frequently bank rules are changing, it can be hard for laypersons to distinguish between mortgage fact and fiction of "what's coming next".
Recently, we saw this with respect to FHA home loans.
January 20, 2010, the FHA issued a press release with new lending guidelines.  Specifically, it announced 3 changes that will be effective starting April 5, 2010:
Upfront … (2 comments)

 
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Melissa Bayles

Long Beach, CA

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The Real Estate Geeks A Team of Prudential California Realty

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