2014 FHA Loan Limits For All California Counties

FHA recently announced the 2014 loan limits for all counties in California and rest of the country. In a significant move, the FHA maximum loan limits for 1-unit properties have been reduced from the current $729,750 to $625,500. California will see the biggest impact of this reduction, more so San Francisco Bay Area counties like Santa Clara, Alameda, San Mateo, Santa Cruz, Contra Costa and San Francisco. Get a live rate quote for an FHA Loan Below are the 2014 FHA loan limits for all counties of California. 1 Unit 2 Units 3…continue reading →

Buy A Home One Year After Foreclosure, Bankruptcy or Short Sale

If you had a Foreclosure, Bankruptcy, Short Sale or a Deed in-lieu - you may now be able to qualify for a mortgage to buy a home one year after that incident. Federal Housing Administration (FHA) recently announced "Back to Work" loan program that would help some borrowers in California and rest of the country to buy a home quicker than earlier imposed waiting restrictions. Apply now for this loan program How Can I Qualify for "Back to Work" Program? You may be eligible for an FHA insured mortgage if You can document…continue reading →

FHA Wont Allow Cancellation Of Mortgage Insurance Anymore; Increases Premium

FHA recently announced changes to mortgage insurance premium for home loans insured by the agency. The new guidelines will make FHA loans more expensive. You will also need to pay mortgage insurance for the life of the loan in most cases. Changes to FHA Annual Mortgage Insurance Premium The below chart shows the changes coming to FHA mortgage insurance premium. This goes into effect for loan applications on or after April 1, 2013. If you got a 15 Year Fixed loan with a Loan to Value (LTV) ratio under 78%, you could avoid…continue reading →

How To Get The List Of All FHA Approved Condos {Video}

I did a quick video to show you how you can find out a list of all FHA Approved condominiums. You can search for all approved condos in a certain State, City or Zip code. You can also search if a certain condo is FHA approved or not. And if you need help with FHA financing, you can always contact me. In the video this is the website I talk about https://entp.hud.gov/idapp/html/condlook.cfm  continue reading →

Qualifying For FHA Loans To Become Tougher, Costlier

Last month FHA announced increase in mortgage insurance premium and prolonging cancellation of mortgage insurance (read the full report here). But looks like those steps are not enough to restore FHA's reserve requirements as mandated by congress. FHA commissioner and government are proposing/considering several new proposals that would make qualifying for FHA loans tougher and costlier. Let's look at some of these proposals: Down payment on loan amounts over $625,500 to be increased by 1.5%. From 3.5% it would be raised to 5%. FHA is also considering eliminating loan amounts over $625,500 altogether,…continue reading →

2013 FHA Loan Limits For California(CA), Oregon(OR) And Washington(WA)

Federal Housing Administration (FHA) recently announced 2013 maximum loan limits for California, Oregon and Washington FHA mortgages. While the "floor" and maximum high-cost limit remained the same nationally, for some counties the loan limits changed. Every county will at least have the "floor" as their loan limit, also called FHA's minimum loan amount limit per below. One-unit applies to Single family residence (SFR), Condominiums and Townhomes. One-Unit: $271,050 Two-Unit: $347,000 Three-Unit: $419,425 Four-Unit: $521,250 For high-cost areas the maximum FHA loan limits for 2013 would be: One-Unit: $729,750 Two-Unit: $934,200 Three-Unit: $1,129,250 Four-Unit:…continue reading →

FHA to Hike Mortgage Insurance Premium, Prevent MI Cancellation

Federal Housing Administration (FHA) said it will hike mortgage insurance premium (MIP) again. Its also setting in place regulation that will prevent all new borrowers to cancel their mortgage insurance premium even if the loan-to-value requirement is met during the life of the loan. This was announced in the FHA press release issued on November 12, 2012. FHA mentioned that over the past year it has been critical to housing recovery by insuring 1.2 million single family mortgages, with 78% loans to first time home buyers. FHA accounted for 50 percent of home…continue reading →

June 11, 2012 – Reduced FHA MIP For Some California Streamline Refinances

Starting June 11, 2012 some FHA Streamline Refinance borrowers in California, Washington and Oregon will be eligible for reduced FHA Mortgage Insurance Premium - both UFMIP (Up front Mortgage Insurance Premium) and Annual MIP. Launching its own version of HARP 2.0, HUD (Housing Urban Development) announced that these reduced FHA MIP would be available for homeowners who currently have an FHA loan "endorsed" before May 31, 2009. Note that FHA Loan endorsement date could be few days (or longer) after the loan closing date. Why should I consider doing an FHA Streamline Refinance?…continue reading →

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…continue reading →

FHA Extends Waiver of 90 Day Flip Regulation Till End of 2014

* The below post was originally published on Dec 22, 2011. In Dec 2012, FHA issued a notice announcing that the Flip waiver has now been extended till end of 2014. All other information in the post remains valid.** In an effort to continue stabilizing home values, Acting Federal Housing Administration (FHA) Commissioner Carol J. Galante has today extended FHA temporary waiver of the anti-flipping regulations through December 31, 2012. With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days. In 2010,…continue reading →