HUD Secretary Castro proudly announced the reduction of FHA’s annual mortgage insurance premium just a week ago as his parting gift of tenure before having to leave his position. There has been a lot of discussion on if this will be an action that Trump’s new administration will roll back. [Read more…]
HUD’s reducing Mortgage Insurance on FHA Mortgages
January 9, 2017 by Leave a Comment
UPDATE January 20, 2016: HUD has suspended the reduction to FHA mortgage insurance effective immediately.
HUD has announced today that mortgage insurance will be reduced on most FHA mortgages. FHA mortgages have two types of “mortgage insurance” the borrowers pay regardless of loan to value. There is the upfront mortgage insurance (currently 1.75% of the loan amount) that is typically added to the base loan amount and financed over the life of the loan and there is the annual mortgage insurance that is actually paid as part of the monthly mortgage payment. This reduction of 25 basis points is on the annual mortgage insurance premium.
2017 FHA Loan Limits for Washington State
December 1, 2016 by Leave a Comment
HUD has just announced FHA loan limits for 2017. Loan amounts were increased for all Washington counties EXCEPT for Chelan, Callam, Douglas, Jefferson, San Juan and Skagit which have the same FHA loan limits as 2016.
Loan limits for 2017 are in effect with FHA case numbers issued in 2017.
BREAKING NEWS: 2017 FHA Loan Limits increased for Greater Seattle area
December 1, 2016 by Leave a Comment
HUD has updated their website with the 2017 loan limits for FHA mortgages. King, Pierce and Snohomish counties will match the 2017 conforming high balance loan limits. FHA loan limits are effective with CASE NUMBERS issued in 2017. [Read more…]
FHA revises guidelines for calculating student loans
April 13, 2016 by 1 Comment
Tonight HUD announced that they are backing off how they have been treating student loan debts for people who are trying to qualify for a mortgage.
From HUD’s announcement:
“…FHA believes that its approach provides the appropriate balance between expanding access to credit and ensuring that the borrower is able to maintain successful, long-term homeownership.
2016 FHA Loan Limits for homes in Washington State
December 9, 2015 by Leave a Comment
HUD has just announced FHA loan limits for 2016. Loan amounts were increased for King County, Pierce County, Snohomish County, Clark County and Skamania County.
All other counties have the same loan limits as they did in 2015.
2016 FHA loan limits for King, Pierce and Snohomish Counties are the same as 2016 Conforming High Balance loan limits.
Here is a complete list of FHA loan limits for all counties in Washington:
HUD temporarily eases approval process for Condos
November 13, 2015 by 1 Comment
HUD is easing the requirements for condo approvals for a limited time. This is a great opportunity for home owner associations to submit their condo for HUD approval so that units in the condominium may be eligible for FHA financing.
HomeStyle Mortgage is now available at Mortgage Master Service Corporation
May 19, 2015 by Leave a Comment
The HomeStyle mortgage is Fannie Mae’s version of an FHA 203k rehab mortgage. Fannie Mae HomeStyle allows home buyers to finance improvements and/or repairs with their purchase or with a refinance. This allows home owners to have just one mortgage payment while enjoying upgrades made to their home.
Just like a 203k loan, HomeStyle requires that you work with a consultant to determine what repairs will be required and help advise on improvements. If you’re buying a home and using HomeStyle for your financing, the consultant’s report may also serve as your home inspector.
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