First Time Home Buyers
Currently viewing the tag: "FHA"
The mortgage rates for FHA and conforming loans have moved closer recently.
When we look at someone with perfect credit, single-family home and a 10% down payment, these loans are currently offering essentially the same rates in the low 5′s.
Continue Reading →As FHA has become the defacto source for lower downpayment loans, we’re having condo questions that didn’t used to come up.
For FHA loans on condominiums, the condo association must have reserves that are equal to or greater than 10% of the current budgeted expenses for the year.
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To purchase a home with a FHA-insured mortgage requires a 3 percent downpayment as of today.
As part of the 2009 FHA Updates, it moves to 3.5 percent.
Versus the typical conforming mortgage requirement of 5 [...]
Continue Reading →2009 FHA Loan Limits are essentially three groups. The first is easy:
Most Counties:
1-unit : $271,050 2-unit : $347,000 3-unit : $419,400 4-unit : $521,250
High Cost Counties: These counties qualify for the $625,500 maximum. The HUD spreadsheet is here or they are listed below.
Tweener Counters: This is everyone [...]
Continue Reading →FHA will have further changes in 2009, many of which will or already have completely undone the changes from FHA Week. Nonetheless, it was a fun 5 days when those changes came out.
The next few FHA posts will be plain English summaries of HUD’s letter from earlier this month.
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Continue Reading →FHA loans are the safest loans that still allow for financial creativity.
This week, we’ve reviewed a few aspects of the major FHA overhaul on Monday, July 14th. They’ve included:
Credit-driven fees or premiums charged to lower credit scores Options for Refinances FHA for Condominium Purchases Pre-arranging FHA financing as a tool for [...]
Continue Reading →Seller Pre-approval: FHA loans can help homes sell faster.
In the first few posts during FHA Week, we’ve talked about the major changes to the program and busted the myth about condo financing on FHA loans.
Today, we’ll talk about a successful strategy used by agents who are earning higher sales prices and shorter [...]
Continue Reading →FHA mortgages have rapidly become one of the best ways to finance a condo purchase. Due to the fact that FHA loans are not available to all brokers and bankers, many people have heard that you cannot obtain FHA loans easily on condominiums.
In today’s market, condo buyers may actually find condominium approvals easier [...]
Continue Reading →Part 2 of FHA Week looks at changes to the FHA Refinance options that will be released as part of the major FHA overhaul effective July 14th.
The notable changes include:
Full Qualifying Refinances
Streamline Refinances
Refunds
Summary of Refinance Changes and New Risk-Based Premium Information
Refinance Transactions
The [...]
Continue Reading →Effective with new FHA case number assignments on or after July 14, 2008, FHA will implement risk-based premiums on one- to four-unit single family mortgages.
These changes alter the standard 1.5% / 150 basis point upfront premium and .5% / 50 basis point premium charged to all borrowers under previous FHA loans.
FHA [...]
