Forborne Mortgages Fall Below 4 Million

Not since April end had mortgage forbearance dipped below 4 million. Well, it did just that for the week ending Aug 10, reports Black Knight. On August 3, the mortgage forbearance number was 1,000 over 4 million. This week, it has come down to 3.93 million, representing a fall of 71,000. Forborne conforming mortgages backed by Fannie Mae and Freddie Mac came down by 27,000. It sat at 1.515 million on Aug 10. The drop corresponds to 1.8%. FHA and VA forbearance mortgages saw a dip of roughly 8,000.  According to Black Knight,…continue reading →

New FHA Condo Rule Poised to Turn FHA Financing on its Head

Less than 10,000 condo projects out of the estimated 150,000-160,000 such projects across the country are approved for FHA financing. In the light of this stat, any guideline that opens up 20,000 to 60,000 condo units for FHA financing each year is a guideline worth getting ecstatic about. Precisely why the FHA’s longed-for condominium rules update (the Final Rule)- coming into effect on 15th October 2019- is happy tidings. Now certain specific individual condominium units can benefit from FHA financing (through spot approval) even if the condominium complexes or buildings in which the…continue reading →

How the FHA Streamline Refinance Program Can Help You

Many home buyers find that an FHA home loan is the best way for them to obtain a mortgage. They are able to enjoy the benefits of homeownership without having to put down a large down payment and do not have to have a super high credit score. The FHA has more products and programs than just loans for first-time buyers, however. The FHA streamline refinance program is one of the most popular. If you currently have an FHA home loan and would like to refinance, the FHA streamline refinance program may reduce…continue reading →

FHA Loan Options – Updated for 2019

FHA loan options in 2019 offer incredible alternatives for potential home buyers and existing homeowners. Workable terms and flexible payments cater to a variety of loan needs. Traditional fixed and adjustable rate FHA mortgages for homes continue to exist, but special opportunities which include energy efficient incentives, graduated payments, and reverse mortgages are available this year, as well. While we provide an overview of available FHA loan products and qualification guidelines below, a personalized assessment is the best way to find the loan product that will work best for you and your home…continue reading →

How is an FHA Loan Different From a Conventional Mortgage

Now that you’ve decided to jump into the home buying process, it’s time to face the alphabet soup of mortgage loans. From the outside, it looks like a jumble of meaningless letters, acronyms, and silly names like FHA, VA, Fannie Mae, and Freddie Mac. What do they all mean and how do you know which one is right for you? In this blog post, I’m going to help you learn some primary differences between an FHA loan and conventional loans, which includes Fannie, Freddie, and Jumbo loans. Be prepared - many of the…continue reading →

Top 5 Mortgage Trends for 2018

There’s always a lot going on in the world that impacts mortgages, with global and national news popping up throughout the year to surprising effect -- both positively and negatively.  But at the outset of 2018, here are the 5 major mortgage trends sure to have an impact. #1 Tax Reform and Jobs Act of 2017 The new Tax Reform bill was signed into law by President Trump on December 22, 2017, but the impact it may have on mortgages and real estate in 2018 is a hot topic of speculation.  The new…continue reading →

New FHA Loan Limits for 2018; Limits to increase in >3,000 counties

The Federal Housing Administration (FHA) recently announced the agency's new schedule of loan limits for 2018, with most areas in the country to experience an increase in loan limits in 2018. In fact,  3011 counties in the country will see an increase in loan limits for 2018, while 223 counties will see no change (compared to 2017). In high-cost areas of the country, FHA's loan limit ceiling will increase to $679,650 from $636,150. FHA will also increase its floor to $294,515 from $275,665. Low-Cost Area: The FHA national low-cost area mortgage limits, which…continue reading →

FHA Loans Insurance Premiums (MIP/PMI) – Rates + Calculator

Ultimate guide to Upfront and Monthly Mortgage Insurance Premiums (MIP/PMI) rates for FHA purchase loans and (streamline) refinances. FHA charges both an upfront mortgage insurance premium and monthly mortgage insurance on almost all the loans it insures. On December 23, 2011 the President signed into law Temporary Payroll Tax Cut Continuation Act of 2011 which required FHA to increase the annual mortgage insurance premium. However, changes were made again in January 2015 to reduce the mortgage insurance premium to make FHA loans more affordable to First Time Home Buyers. The most recent update…continue reading →

FHA Loans Streamline Refinance and Rates- A Complete Guide

What is FHA Streamline Refinance? Refinancing of a current FHA insured loan into another FHA insured loan is called an FHA Streamline Refinance. The mortgage to be refinanced must be current (not delinquent). Not all FHA to FHA refinances are streamline in nature. Is there a minimum waiting period before which you can do a Streamline Refinance? Even though FHA loans come with no pre-payment penalty, you need to wait for 211 days from your last FHA loan before which you are eligible for a new FHA streamline refinance. Is there an appraisal…continue reading →

FHA Loans Requirements, Guidelines, Limits and Mortgage Rates – Ultimate Guide

Find out about requirements (including credit scores), guidelines, rates, loan limits, how to qualify and how to apply for an FHA Loan. This post is limited to qualifying for FHA loans as a home buyer - First Time or repeat. Click on this link if you are interested in reading about FHA Streamline Refinance. What is an FHA Loan? Federal Housing Administration (FHA) Loans are insured by Housing and Urban Development (HUD) which allows lenders to offer low downpayment loans to homebuyers like you. FHA loans have been helping people become homeowners since…continue reading →