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
Thursday, January 21, 2010
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)
Wednesday, January 20, 2010
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:
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
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