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
Recently Jim & Natalie came to me for advice. I had helped them get into a house a few years earlier when a large national lender changed the game on them at the last minute and asked for a larger down payment. I won’t name names but….. it was Bank of America, shhhh. I got [...]
Sebastopol, California - 707-887-1275
Maryland is changing it’s FHA guidelines on April 5th 2010. and here are 3 important changes you need to know about.
The new Maryland FHA upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans up from 1.75%
Maryland FHA seller contributions will be cut in ½. You will be limited to a 3% seller [...]
Baltimore, Maryland - 410-963-2308
Given the need for the Federal Housing Administration (FHA) to assure solvency of their insurance fund, they continue to implement changes to protect themselves. The changes that affect borrowers most directly for 2010 are highlighted below:
The loan being refinanced must be in existence for at least 6 months.
For loans outstanding for 6-12 months, no 30-day [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
Maryland FHA responds to Short Sales and here are the 5 things you need to know.
Changes are effective immediately.
Maryland borrowers ARE eligible for new FHA financing if they are 0X30 on the mortgage in the last 12 months and the proceeds from the short sale serve as payment in full.
Maryland borrowers whose mortgage was in pre-foreclosure [...]
Baltimore, Maryland - 410-963-2308
The Maryland 2010 FHA loan limits by county are unchanged from 2009. With only a 3.5% down payment, FHA mortgages have been a great mortgage option for First Time Home Buyers.
For more information about a Maryland FHA Mortgage, Loan Limits, or FHA guidelines, please feel free to contact me directly.
Bill Sohan
410-963-2308
County Name
Single Family
Duplex
Tri-plex
Four-plex
ALLEGANY
$271,050
$347,000
$419,400
$521,250
CUMBERLAND, MD-WV (MSA)
ANNE [...]
Baltimore, Maryland - 410-963-2308
The FHA Streamline Refinance without an Appraisal and without a Credit Score
The FHA Streamline Refinance has changed quite a bit since HUD issued the HUD Mortgagee Letter 09-32. So we have revised our FHA Streamline Refinance programs for new loans to fit properly and to provide the most benefit to our borrowers.
There are many changes, [...]
Tucson / Phoenix / Flagstaff / Kingman, Arizona - (520) 225-0380
Idaho Home owners are facing declining home values. Falling home values makes it hard to refinance a home mortgage and take advantage of the great interest rates available.
The problem home owners have with refinancing when housing prices have fallen is that many home owners are upside down in there home. Meaning they owe more on [...]
Boise, Idaho - 208-859-5825
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