FHA Loans Oregon

Archive for January, 2010

There are some pretty important changes coming in FHA loans that I wrote about earlier, but so far we don’t have those changes in place making purchases harder or more expensive in the Eugene/Springfield, Lane County, Oregon area. Those HUD rules don’t go into effect for some time, so it is still a great time to purchase a new home in Springfield or Eugene using FHA. The UFMIP (up front mortgage insurance premium) hasn’t increased yet but will, so take advantage of the lower amount now. Read More

Up until now, get get assistance on an FHA loan in Oregon, the borrower had to be at least 30 days behind on their payments. However, homeowners with FHA-insured mortgage loans who are experiencing financial hardship are now eligible for loss mitigation assistance before they fall behind on their mortgage payments, according to a recent release from the U.S. Department of Housing and Urban Development (HUD). Read More

One of the great programs that I have had the pleasure of working with is the IDA (Individual Development Account) program. This program can be used to accumulate a down payment to buy a home on a 1 to 3 ratio. For every dollar the participant saves, the IDA program contributes $3. Pretty good ratio, I think. However, today I found out from NEDCO (Neighborhood Economic Development Corporation of Lane and Marion Counties), one of the IDA program organizations, that they are out of money for the program. Read More

The Mortgagee Letter is out and the Up Front Mortgage Insurance Premium (UFMIP) will officially change from 1.75% to 2.25% effective with FHA case numbers issued after April 5, 2010. This will be a change in the amount of the premium collected up front but not in the monthly amount at this time. FHA will be asking for an increase in the monthly premium but that must be posted in the Federal Register first and probably will not take effect until Spring or early Summer. Read More

WOW! There are changes, and then there are changes. FHA Commissioner David Stevens announced today a bunch of policy changes designed to strengthen FHA’s Capital Reserves. Those changes range from raising down payment requirements, to raising upfront and monthly mortgage insurance premiums to lowering the seller concessions. These are changes that can make huge differences in a person’s ability to actually get an FHA loan in the future. Read More