FHA New Condo Guidlines a Q&A

Do you have questions about the new changes with FHA condo guidelines. Chance are they have been answered in FHA Q&A you can access it here.

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 Changing UFMIP

Don’t forget April 5th all case numbers order on or after this date the new upfront mip will be 2.25 this is for stream line loans also. The monthly mi will be .55 for loans with a LTV greater than 95%. You can view the mortgage letter.

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

2 New Mortgagee Letters

Two new mortgagee letters came out today Mortgagee Letter 2010-03 (Mortgage Approval for Single FamilyPrograms - Extened Procedures for Terminating Underwriting Authority) and Mortgagee Letter 2010-02 (Increase upfront premium for FHA Mortgage Insurance)

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 Annouces changes

1) Upfr9ont MIP will go from 1.75 to 2.25

2) If FICO is below 580, max LTV is 90% (oh really is anyone doing FHA with FICOS below 620?)

3)Max Seller contribution is droppimg from 6% to 30% (this will be an issue for our builders - please make sure we don't have any in - process construction loans that need th 6% concession)

To eread this information in is entirety go to:

FHA ANNOUCES POLICY CHANGES TO ADDRESS RISK AND STRENTHEN FINANCES

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