FHA Guideline Changes for Self Employed Borrowers and Collection Accounts

FHA recently made underwriting guideline changes for Self Employed borrowers and borrowers who have disputed and/or collection accounts. The changes apply to residents of states of California, Washington, Oregon and rest of the country. These changes will be effective April 1, 2012 and will impact all FHA mortgages except non-credit qualifying Streamline Refinances and Reverse Mortgages. New Guideline about Self Employed Borrowers: Profit and Loss (P&L) and a Balance Sheet is required if more than a calendar quarter has elapsed since date of most recent calendar or fiscal-year end tax return was filed…
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It’s Official – FHA Loan Limit of $729,750 is Back! No Such Luck for Fannie/Freddie!

Just few hours back, President Obama signed a bill reinstalling  the FHA Jumbo Limit back for several high cost counties in  California to $729,750 (from the recently reduced $625,500). The bill comes into immediate effect, meaning FHA can start  insuring the $729,750 Loan Amounts right away. The restored loan amount is good till Dec 2013. Senate approved it 70-30, which was preceded by the House passing the bill 298-121. The senate has earlier in the month approved an amendment to the bill to restore the $729,750 loan limits for FHA and Fannie Mae/Freddie…
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FHA Loan without Mortgage Insurance – Yes! It’s Possible.

Yes it is possible to get a California FHA Loan without paying for the annual Mortgage Insurance (MI). While you will still pay the Upfront Mortgage Insurance Premium of 1.75%, the annual Mortgage Insurance Premium can be completely waived in one scenario. **This is changing starting June 3, 2013. Get the details on this blog post published on February 23, 2013.** FHA recently issued a Mortgagee Letter that confirms that the Annual Mortgage Insurance Premium will not be charged if a loan meets these 2 criteria: The Loan is a 15 Year Fixed…
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