In Mortgage Letter dated 01/31/2013, HUD announced that the Federal Housing Administration (FHA) will increase its annual mortgage insurance premium for most new mortgages by 10 basis points or by 0.10%, and FHA will increase premiums on jumbo mortgages ($625,000 or larger) by 5 basis points or 0.05%. It will also change the MIP from canceling at… Continue Reading
Category Archives: Delaware FHA Loans
FHA Extends Property Flipping Waiver till December 31 2014
Update to Property Flipping Waiver – FHA Extends the Waiver till December 31, 2014 In 2006, HUD published a final rule in the Federal Register amending regulations at 24 CFR 203.37a, prohibiting property flipping in the HUD/FHA single-family mortgage insurance programs by providing additional exceptions to the time restrictions on sales. The rule and Mortgagee… Continue Reading
FHA Update – Provisions for Condo Project Approval Process
In order to address current housing market conditions, HUD has published Mortgagee Letter 2012-18, which highlights important changes to the current condominium guides. Here are the 7 things you need to know about these changes… 1. These changes are in effect from September 13, 2012 until August 31, 2014, unless extended. 2. Under construction is… Continue Reading
Delaware FHA Streamline Refinance Guidelines 2012
Delaware FHA Streamline Refinance Guidelines 2012 If you currently have a FHA Loan then you are eligible to refinance your exisiting Delaware FHA loan using the streamline refinance guidelines. The guidelines are different depending on when your current FHA loan was delivered by your lender to FHA after it was originated. If your loan was… Continue Reading
FHA Rescinds New Credit Guidelines for Collections Effective June 15 2012
FHA Rescinds Select Credit Guides Effective June 15, 2012 with mortgage letter 2012-10 Mortgagee Letter 2012-10 rescinds guidelines regarding disputed accounts and collection accounts that were announced February 28, 2012 via Mortgagee Letter 2012-03. Here are the 2 things YOU NEED TO KNOW about these changes: 1. Effective now, the FHA guides revert back to… Continue Reading
President Obama Announces Reduction in FHA Streamline Refinance Fees on March 6 2012
FHA Streamline Refinance Fees are being lowered to help more people be able to take advantage of the FHA streamline refinance program, this was announced by President Obama on March 6, 2012 but won’t be effective until a FHA Mortgage Letter is released. The fees being lowered are the FHA Mortgage Insurance Premiums. The FHA… Continue Reading
FHA Announces Increase in MI Effective April 9 2012
FHA announces it is increasing the upfront mortgage insurance premium and the yearly mortgage insurance premium effective April 9, 2012. The Guideline changes are discussed below in the video by John R. Thomas from Primary Residential Mortgage. Call 302-703-0727 if you would like more information or to apply for an FHA Loan for the purchase… Continue Reading
FHA Wants to lower Allowable Seller Paid Closing Costs from 6% to 3%
HUD wants to lower allowable seller paid closing costs from 6% to 3% on ALL FHA loans. Only a 30 day window to comment so URGENT that you take action and make comments, see links below. HUD/FHA Proposed to lower seller paid closing costs from 6% to 3%. I highly encouraged everyone to take action… Continue Reading
Delaware FHA Loan Limits reset back to higher limits for 2012-2013
Delaware FHA Loan Limits are changed back to higher limits with Mortgagee Letter 2011-39 announces changes to its mortgage limits with the passing of H.R. 2112 (The Consolidated and Further Continuing Appropriations Act of 2012), which reestablishes the previous higher FHA loan limits. Effective immediately with all new FHA case numbers until December 31, 2012… Continue Reading
Delaware FHA Loan Limits as of October 2011
Delaware FHA loan limits are set to change for the worse on October 1, 2011. The temporary increase in FHA loan limits expires October 1, 2011. The loan limits were raised in 2008 to help stimulate the housing industry. The new FHA loan limits in Delaware are based on the median home price for each… Continue Reading