FHA issues two new mortgagee letters

FHA issues two important ant mortgagee letters
Mortgagee Letter 08-40 This changes or in effect for case numbers order on or after Jan 1, 2009. This mortgagee letter discusses Refinance Calculation for calculating loan amount and other Refinance issues.

Mortgagee Letter 08-41 Termination of FHASecure Program.


Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.mtgview.blogspot.com or www.dutips.blogspot.com

Streamline Loans and Condo's

Another FHA Streamline tip: If you have an FHA loan that propetty type is a condo that is no longer approved with FHA you can streamline it without an appraisal even though it is no longer FHA approved. Steeamline loans with an apprisal must be FHA approved


Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.mtgview.blogspot.com or www.dutips.blogspot.com

FHA changes Q and A site

FHA will begin using a new Frequently Asked Questions (FAQ) service as of December 8, 2008. This change required some modifications to the look and feel of the FAQ site ( http://faq.fha.gov ) as well as the need to use a new primary email address for email inquiries to FHA. (This link is also on the left hand side of my FHA Menu Blog)

The new primary email address for FHA is now: info@fhaoutreach.com (
In addition, clients may also utilize the "Contact FHA" tab on the FAQ site to submit questions directly to FHA.

FHA believes these changes will improve our ability to communicate with our clients and look forward to responding to your needs.

Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.mtgview.blogspot.com or www.dutips.blogspot.com

What is the LTV/CLTV for streamline loans

Tips on FHA Streamline Loans
What is the LTV/CLTV limit on a Streamline Loan? A Streamline loan without an appraisal has no LTV limit. Your max calculation is based on the previous loan amount + new upfront mip (see my link in the FHA menu for Streamline loan without an appraisal worksheet link). A streamline loan with an appraisal at the begging of the year can not exceed the LTV of 100% with MIP. There is not CLTV limit in regards to either a streamline loan with an appraisal and without.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.mtgview.blogspot.com or www.dutips.blogspot.com

Mip on FHA Streamline Loans

Effective with case numbers issued on or after October 1, 2008, through September 30, 2009:
Upfront MIP Streamline Refinance (all types) 1.50%
(UFMIP) Annual (Monthly) - Based on LTV*
(excluding UPMIP) and loan term
> 15 Year Term
Streamline Refinance (all types) > 95.00 = .55
< 95.00 = .50 > < 15 Year Term 90.00 = .25
< 90.00 = None
* LTV must be computed to two decimals (e.g., 95.65)
• Enter "9999" for credit score in Pronto

Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.mtgview.blogspot.com or www.dutips.blogspot.com

FHA Refinance Tools

The current rates will bring a lot of Refinance business: Here are some tools that should help you
FHA
FHA has four worksheets you need when you refinance a loan. Choose between them for your scenario. These links are also on my blog in the FHA Menu on the left hand side of the screen under forms.
No Cash-Out/Non Streamline – Refinance Maximum Mortgage Worksheet #1
Cash-Out/Non Streamline - Refinance Maximum Mortgage Worksheet # 2
Streamline Refinance Without Appraisal - Maximum Mortgage Worksheet # 3
Streamline Refinance With Appraisal - Maximum Mtg. Worksheet #4

Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.mtgview.blogspot.com or www.dutips.blogspot.com