FHA’s Up Front Mortgage Insurance Premium (UFMIP) for purchases and refinances in the Eugene/Springfield Oregon area will increase the current 1.75% to 2.25% on case numbers assigned after April 5. On a $200,000 loan FHA Mortgage Loan in Lane County, this is an additional $1,000 cost. Beating this deadline on a purchase will also qualify you for the First Time Home Buyer Tax Credit if eligible.
Eugene, Oregon - 541-342-7576
If you were looking to buy or sell a San Jose Condominium read the post below to find out what has changed to FHA Loans for these properties.
Elimination of “Spot Loan” Approval Process
If a condo project was not approved by FHA, a “spot approval” was allowed just for financing one unit. This process has been [...]
San Jose Metropolitan Area, California - 408.905.6261
New FHA rules will greatly aid in the home sales market of foreclosed properties in Los Angeles and other areas of California. HUD has announced a temporary waiver of its regulations providing that a loan will not be eligible for FHA insurance if the contract of sale for the purchase of the property is executed within [...]
Upland, California - 909-581-4075 x202
South Florida Home Sales Jump Led by Miami-Dade
Single family home and condominium sales were up across the board as all of South Florida beat the national numbers reported the National Association of Realtors today in terms of percentage increase in units sold for the month of December on a year over year basis.
Media outlets will [...]
Sewall's Point, Florida - 561-373-4622
Oregon borrowers had to be at least 30 days behind on their FHA Insurance Mortgage Loan payments to get assistance from FHA, up until now. That has changed and homeowners with FHA-insured mortgage loans who are experiencing financial hardship are now eligible for loss mitigation assistance before they fall behind on their mortgage payments, according to a recent release from the U.S. Department of Housing and Urban Development (HUD).
Eugene, Oregon - 541-342-7576
FHA announced that upfront mortgage insurance premium requirements for San Jose, CA FHA Home Loans is being increased. Upfront Mortgage Insurance is the money that FHA collects at the time of closing a mortgage to insure the loan against default. Currently, this premium is 1.75% for most purchase and refinance transactions. However, effective April 5, [...]
San Jose Metropolitan Area, California - 408.905.6261
FHA Up Front Mortgage Insurance Premium (UFMIP) will officially change from 1.75% to 2.25% effective with FHA case numbers issued after April 5, 2010 according to the FHA Mortgagee Letter 2010-2 issued today. This will be a change in the amount of the premium collected up front but not in the monthly amount at this time. FHA will be asking for an increase in the monthly premium but that must be posted in the Federal Register first and probably will not take effect until Spring or early Summer.
Eugene, Oregon - 541-342-7576
The Eugene/Springfield, Lane County Oregon real estate market could see a huge benefit from the HUD announcement Friday that the rules on flipping homes will be changing Feb. 1. . This is being done in an effort to stabilize home values and improve conditions in communities where foreclosure activity is high according to HUD Secretary Shaun Donovan. I see this as being a boon to our are in getting rid of more of the foreclosures that have been plaguing our market. Under current rules, foreclosures that were still owned by the banks that purchased them could be bought with an FHA loan but any that were purchased from the bank had to be owned for 90 days before an offer could be made on them for an FHA loan.
Eugene, Oregon - 541-342-7576
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