Texas Mortgage Corner » fha down payment http://therightmortgageguy.com/blog FHA, VA, USDA, Refinance Tips and Mortgage Market Updates Mon, 21 May 2012 16:24:05 +0000 en hourly 1 FHA Increases UFMIP and Down Payments http://therightmortgageguy.com/blog/fha-increases-ufmip-and-down-payments/ http://therightmortgageguy.com/blog/fha-increases-ufmip-and-down-payments/#comments Wed, 20 Jan 2010 15:28:58 +0000 FHA VA USDA Jumbo Home Equity Texas Mortgage Lender http://therightmortgageguy.com/blog/?p=956 Read the Rest of Article]]> So I’m sitting here watching CNBC, and what do I hear?

FHA changes UFMIP to 2.25% and Down Payments are being increased!

If you recall, I have been writing about my outlook on FHA changes for a while now, and folks, I wasn’t that far off.

The Federal Housing Administration has been in some financial trouble due to other types of financing being unattractive, and because of all the rising defaults due to the job market, FHA’s tightening up.

Now this is going to take some time to get passed down through the funnel to the investors (banks/lenders), so I am not sure of when the changes will be effective, but take this a forewarning, and also, A HEAD START TO PREPARE. When it does go into effect, I will be the first to let you know.

In this morning’s mortgage bond market, we are up 16 bps and we’re hedged between both levels of resistance, as the FNMA 30 Year 4.5% coupon is currently being sold at $100.78.

Here are the results from today’s reports:

  1. Producer Price Index (PPI)- 0.2%
  2. Core Producer Price Index- 0.0%
  3. ICSC-Goldman Store Sales- 2.0%
  4. Housing Starts- 557K

Have a great day, and I’ll be back with any significant changes!

***Connect with me on Twitter for the most up-to-date mortgage and market updates***

]]> http://therightmortgageguy.com/blog/fha-increases-ufmip-and-down-payments/feed/ 0 HUD Will Require 3.5% Down Payment for FHA Loans http://therightmortgageguy.com/blog/hud-now-requires-35-down-payment-for-fha-loans/ http://therightmortgageguy.com/blog/hud-now-requires-35-down-payment-for-fha-loans/#comments Tue, 16 Sep 2008 21:42:06 +0000 FHA VA USDA Jumbo Home Equity Texas Mortgage Lender http://fhahouston.wordpress.com/?p=32 Read the Rest of Article]]> HUD has posted changes to the required down payment structure. These changes are effective for case numbers assigned on or after January 1, 2009.

HIGHLIGHTS:

Effective Date
Case # assignments on or after January 1, 2009

Down payment
3.5% and can no longer consist of Borrower paid closing costs.. i.e. the entire investment is via true down payment (96.5% LTV MAX)

LTV
96.5% max based on the lesser of value or sales price

Refinances
Up to a 100% LTV which includes the UFMIP (i.e… the base loan amount + UFMIP cannot exceed 100% of the value*).

The effective date for this change is for case number assignments on or after January 1, 2009

*lesser of the original purchase price or value if not already FHA insured. Cash out refinances remain limited to 85% LTV or state mandated restrictions. Subject to statutory loan limits as determined by the subject property county.

Please let me know if you have any questions. I’m sure I’ll run into some investor bulletins, and possibly more HUD mandates between now and the effective of these changes and I will alert you to these if/when they are posted.

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