Today HUD issued Mortgagee Letter 2015-01 officially reducing FHA mortgage insurance effective on case numbers issued on or after January 26, 2015. HUD is also allowing existing case numbers (with the current higher mortgage insurance) to be cancelled as long as they were ordered within 30 days from today.
President Obama to announce drop in FHA Mortgage Insurance Premiums
January 7, 2015 by 1 Comment
Tomorrow President Obama is expected to announce a reduction in the mortgage insurance premiums for new FHA mortgage loans.
From Bloomberg News:
As part of an effort to expand homeownership among entry-level buyers, President Barack Obama will announce a cut in Federal Housing Administration mortgage-insurance premiums during a speech in Phoenix tomorrow, according to three people with direct knowledge of his plans.
The annual fees the agency charges to guarantee mortgages will be cut by 0.5 percentage points, said two of the people, who asked not to be identified because the White House hasn’t yet made the announcement.
FHA’s HAWK Program Delayed
December 20, 2014 by Leave a Comment
FHA’s HAWK (Homeowners Armed with Knowledge) program, which was designed to help home buyers receive reduced mortgage insurance premiums, has been delayed for at least one year as the program was excluded from the 2015 budget.
2015 FHA Loan Limits for Washington State
December 14, 2014 by Leave a Comment
FHA loan limits for 2015 are the same as 2014 with exception to King County, Snohomish County and Pierce County, which were all increased.
The 2014 FHA loan limits for Washington state are determined by county. Here is a list in alphabetical order by county:
BREAKING NEWS: 2015 FHA Loan Limits HIGHER for King, Snohomish and Pierce Counties
December 5, 2014 by 3 Comments
HUD just released the loan limits for 2015. All Washington state counties will have the same FHA loan limits as 2014 with exception to King County, Snohomish County and Pierce County. The tri-county area has higher loan limits that mirror 2015 conforming loan limits.
2015 Conforming Loan Limits for King, Snohomish and Pierce Counties:
- One Unit: $517,500 (up from $506,000)
- Two Unit: $662,500 (up from $647,750)
- Three Unit: $800,800 (up from $783,000)
- Four Unit: $995,200 (up from $973,100)
I will do a follow up post with a complete list of all counties soon!
UPDATE December 15, 2014: Here is a complete list of the FHA 2015 loan limits of all Washington state counties.
Why use an FHA Mortgage for your home loan?
November 2, 2014 by 3 Comments
EDITORS NOTE 2/3/2015: Since writing this post, HUD has reduced mortgage insurance premiums (yay!) and loan limits have changed. Part of the fun of writing (and reading) a mortgage blog is that guidelines and programs change constantly. Reader beware. 🙂
When Washington state home buyers and home owners request a mortgage rate quote from me, they have many options, including FHA or conventional financing. Over recent years, conventional financing has become a more popular mortgage than FHA, despite FHA’s lower down payment requirements.
What’s not so hot about FHA?
Where do I start with an FHA 203k Rehab loan?
August 7, 2014 by Leave a Comment
I just received this question from one of my readers:
My wife and I are very interested in pursuing a 203K type mortgage, but do not know where or how to start. I would appreciate any assistance you could offer. Thanks!
An FHA 203k mortgage allows improvements to be made to a home using an FHA insured mortgage. The borrower is able to finance the cost of the improvements with one mortgage. Since it is an FHA mortgage, it has a reduced down payment, FHA upfront and monthly mortgage insurance and the loan is subject to FHA loan limits in the county the property is located in.
Seattle RE Chat – FHA’s HAWK Program [Video]
July 13, 2014 by Leave a Comment
In this episode of Seattle Real Estate Chat, Jim Reppond and I discuss FHA’s HAWK program with special guest, Frances Flynn Thorsen.
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