Now and Later

Some loan officers, rookie ones, will take any and all loan applications they can, package them up and ship it off to their underwriter to essentially see if there’s any possible chance the loan can be approved. This really happens. When a potential borrower applies for a mortgage loan, a loan officer can smile, take [...]

FHA MORE TO PAY – FHA TAKES ADDITIONAL STEPS TO BOLSTER CAPITAL RESERVES

Beginning April 1, the up front mortgage insurance premium (UFMIP) will increase to 1.75% from 1% of the base loan amount.   FHA buyers will pay an additional $750 up front fee for every 100K borrowed.   In addition, the annual mortgage insurance premium (MIP) will increase between .1% and .3%. Now may be a great time for FHA buyers [...]

FHA Extends Waiver of Anti-Flipping Regulations Through 2012:

In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Acting Federal Housing Administration (FHA) Commissioner Carol J. Galante will extend FHA’s temporary waiver of the anti-flipping regulations.   With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than [...]

FHA Loan Limits MIGHT Drop! Be Prepared…

FHA's increased loan limits are set to expire on 9/30 and while there is some hint these may be extended we need to proceed on the basis they will not! Our loan limits for the Chicago MSA will go from $410,000 to $365,000 for a SFR (those of you doing loans in Kankakee, Winnebego counties, [...]