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 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, [...]