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Long, but very helpful… Increases in FHA UFMIP, monthly MI factor, and reductions in seller paid closing costs Yesterday was a pretty big day, and this morning even more. The DOW is currently down about 133 points, and while several economic reports are out, the biggest one is, again, the Jobless Claims is in at 482k, that is the largest jump in claims in the past 8 months – a pretty big figure. What does [...] (via MND) FHA to Raise FICO Requirements, Reduce Seller Concessions, Increase Premiums and Downpayment The Federal Housing Administration (FHA) is not, as some have claimed “the next subprime,” according to remarks prepared for presentation to congress this morning by Housing and Urban Development Secretary Shaun Donovan. Secretary Donovan told members of the House Committee on Financial Services that [...] by C.M. “Corky” Watts, CMB Over the weekend, I received a copy of the proposed HUD changes that will impact correspondent “mini eagles” and mortgagee “full eagles”. According to the letter, the changes are aligned with provisions contained in the National Housing Act, as amended by the FHA Modernization Act of 2008. The letter, date [...] This is the main reason you NEED to have an FHA EXPERT (such as us of course) working with you. Can you imagine being 2 weeks into the process and your part-time Loan Officer calling and saying, “Hi Bob… um, we have a little issue?” In our information age, you need what you want, and you need [...] |
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