It is official. The bill HR 5981 has been passed and made into law. But what exactly does that mean to people in the process of LOOKING for a home? My hope is that these points will clarify any and all of your questions:
First the great news. If you are currently looking at an FHA [...]
Carlsbad, California - 760-536-6200
FHA today announced reduction in upfront Mortgage Insurance Premium (UFMIP) for SF Bay Area First Time Home Buyers and FHA Streamline Refinance on Bay Area homes.
A change that has been prompted by passage of H.R. 5981 in the congress, will reduce the upfront mortgage insurance premium to 1% from the current 2.25%. At the same [...]
San Francisco Bay Area, California - 408.905.6261
FHA announced on August 5, 2010 that with the passage by Congress of H.R. 5981, a decrease to FHA’s upfront mortgage insurance premium and an increase to the annual mortgage insurance premium will be effective on September 7, 2010. ***Update** FHA issued a statement on August 10, 2010, changing the implementation date to October 4, 2010***
Decrease [...]
Orange County, California - 877.786.4243 x 7
But Were Afraid to Ask!
You may have heard that building up equity in your home can be a valuable asset. But how can staring at your walls help you take that long needed vacation, send your child to college, or pay your bills? The answer, refinancing.
FHA offers several different options to homeowners who [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
If you are a Delaware Home Owner who currently as an FHA Mortgage Loan with a rate of 5.5% or higher, you should get a free analysis now to see whether you can qualify for an Delaware FHA Streamline Refinance. Rates are as low as they have ever been in history so now is the [...]
Delaware - 302-588-3665
For Orange County FHA borrowers with rates at 5.5% or higher, now is the time to investigate whether you qualify for an FHA Streamline Refinance. The combination of low rates, easy Streamline Refinance guidelines, and uncertainty with what changes to the FHA program may be right around the corner, now is the time learn about [...]
Orange County, California - 877.786.4243 x 7
California FHA Streamline Refinances without an appraisal just got easier to accommodate.
Since November 17 2009, Streamline FHA refinances have had traditional guidelines – prove income, provide tax returns, make sure the debt ratios are in line amongst others. As of June 9, 2010, many investors have informed their lenders that those guidelines have eased [...]
Temecula & Murrieta, California - 951-506-4663
You may have heard that in 2010, getting approved for the popular FHA-to-FHA refinance program became much more difficult than in the prior year.
Here are the main areas where the FHA has toughened up!
97.75% max LTV
Income verified
Must be employed at the time of application
Must verify cash needed at closing
FHA homeowners must commission a full appraisal in order to [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
As the old saying goes, everything old is new again.
The same can be said for the changes to FHA streamline refinance guidelines which went into effect November 18, 2009. The changes really just took us back to where we were in 2003, the biggest change being to the formula to determine the loan amount:
Outstanding Principal Balance
- Upfront Mortgage Insurance [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
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