fha monthly mortgage insurance: 2014 FHA Mortgage Loan Limits Announced Rockville MD - 12/12/13 06:16 AM
FHA has just announced that for 2014 their “High Cost Area Ceiling” limit of $729,750 will expire on case numbers issued on or after January 1, 2014.  The new limit on January 1st will be $625,500 in areas such as Rockville, MD (this is in-line with current conventional mortgage limits).
 
Counties impacted in our area are:
Maryland: Montgomery / PG / Frederick: Dropping from $729,750 to $625,500
DC: Dropping from $729,750 to $625,500
Northern Virginia: Dropping from $729,750 to $625,500
Full list can be found: http://1.usa.gov/1iZI6cE
 
Areas in-between the $417,000 “floor” and up to $625,500 appear to have … (0 comments)

fha monthly mortgage insurance: Some More increases for FHA mortgage insurance premiums Rockville MD - 01/31/13 04:15 PM
In a press release yesterday HUD confirmed several pending changes that will go in effect to help bolster FHA’s capital reserves.  The changes will make FHA more expensive for borrowers who are still considering purchasing using FHA, especially in places like Rockville, MD or Arlington, VA:
 
Changes to Mortgage Insurance Premiums:  FHA will increase its annual mortgage insurance premium (MIP) for most new mortgages by 10 basis points or by 0.10 percent (this will now go from 1.25% to 1.35%).  FHA will increase premiums on jumbo mortgages ($625,500 or larger) by 5 basis points or 0.05 percent FHA will also … (1 comments)

fha monthly mortgage insurance: Alternatives to FHA - 5% down conventional and 80/10/10 in VA, DC, and Rockville MD - 03/30/12 02:05 PM
FHA has announced several changes in the past few weeks leading to increases in the required mortgage insurance premiums making FHA much more expensive.  This will significantly impact areas such as Bethesda and Rockville MD.
There are some very good alternatives that our Rockville Community Bank offers.  For loans below 417k we offer a 5% down conventional option, and for loans above the high-balance loan limits ($625,500 – DC metro area, $494,500 Baltimore metro area) we offer our 80/10/10 second mortgage option. 
With the recent increase in mortgage rates and impending FHA increases it will be important to ensure that … (1 comments)

fha monthly mortgage insurance: Proposed Changes for FHA Mortgage Insurance - Rockville MD Mortgage - 02/29/12 11:40 AM
Yesterday FHA announced an increase in Mortgage Insurance premiums (the 4th time in 3 years) beginning on April 1, 2012.  This will have a big impact for locations like Rockville MD, or Bethesda MD.  Also, FHA posted a notice in the Federal Register last week regarding the implementation of a decrease in the maximum closing cost assistance from sellers (right now maximums are at 6%). 
The Mortgage Insurance Premium Changes, planned for April 1:
FHA upfront mortgage insurance will increase from 1.00% (now), up to 1.75% April 1. FHA annual mortgage insurance will increase from 1.15% (now), up to 1.25% April … (0 comments)

fha monthly mortgage insurance: Just in! - Expect upcoming changes to FHAs upfront and annual premium - some numbers - 08/05/10 08:37 PM
David H. Stephens, the Assistant Secretary for Housing / Housing Commissioner released today a special notice with the intent of decreasing the annual upfront MIP down to 1% (currently at 2.25%) with a simultaneous increase in the annual MIP to 0.85-0.90% (currently at 0.50-0.55%).  The anticipated case number assignment effective date is September 7th 2010.  The bill still needs to be signed into law.

"With this authority, FHA is in a better position to address the increased demands of the marketplace and return the MMI fund to congressionally mandated levels without disruption to the housing market."
"As I have previously … (0 comments)

fha monthly mortgage insurance: House Passes FHA Reform Bill Authorizing Higher Premiums - 06/11/10 11:05 AM
In a vote of 406 to 4 on Thursday June 10th the house passed the FHA Reform Act (H.R. 5072) enables the agency to reform its current mortgage insurance premium structure by shifting some of the upfront cost to the annual premium. 

In summary, this bill allows the borrower's annual premium cap from its current level at .55% annually to as high as 1.50% (nearly tripling the current premium).  While this is bad, it is what is required to keep FHA afloat as it has been badly hurt by a string of defaults. 
The lawmakers rejected the idea of requiring … (1 comments)

 
Nick Pakulla, Mortgage Lender Loan Officer in MD DC VA (Nick Pakulla Mortgage Team Maryland, Virginia, District of Columbia)

Nick Pakulla

Mortgage Lender Loan Officer in MD DC VA

Rockville, MD

More about me…

Nick Pakulla Mortgage Team Maryland, Virginia, District of Columbia

Address: Nick Pakulla Mortgage Team, 15400 Calhoun Drive #170, Rockville, MD, 20855

Office: (301) 585-7283

Fax: (301) 560-6303

Email Me

Loan Officer with First Place Bank in Rockville Maryland. FHA, 80-10-10, VA, Conforming, Jumbo, Refinances, a group of local approved appraisers (no 3rd party appraisal system), In-House Processing and Underwriting. Servicing Maryland, DC, and Virginia.



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