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FHA UFMIP Changes April 5

Fred Chamberlin — Thu, 21 Jan 2010 20:09:20 +0000

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

HUD’s Anti-Flipping Rules Change Feb. 1

Fred Chamberlin — Mon, 18 Jan 2010 20:33:20 +0000

HUD announced Friday that the rules on flipping homes will be changing Feb. 1. This could have a huge effect on the Eugene/Springfield, Lane County Oregon market. This is being done in an effort to stabilize home values and improve conditions in communities where foreclosure activity is high according to HUD Secretary Shaun Donovan. I see this as being a boon to our are in getting rid of more of the foreclosures that have been plaguing our market. Under current rules, foreclosures that were still owned by the banks that purchased them could be bought with an FHA loan but any that were purchased from the bank had to be owned for 90 days before an offer could be made on them for an FHA loan.

HUD’s Anti-Flipping Rules Change Feb. 1 is a post from: FHA Loans Oregon

What will a co-signer do for me on an FHA loan?

Fred Chamberlin — Wed, 18 Nov 2009 19:21:46 +0000

Answering questions is one of the best things about my job. I really enjoy being able to share the knowledge that I have accumulated in my over 25 years in lending. Of course, with the rapid changes in mortgage lending now, I have to be doubly concerned that the answer that was right yesterday is still right today. One of the multi user platforms that I belong to, My FHA Mortgage Blog, has started a mortgage question forum and I am doing what I can to answer some of the questions posed by people and try to get the right information out there. I will be using all three of my blogs to answer those questions, this one, FHA Loans Oregon and EugeneLoanguy. This question has to do with using a co-signer on an FHA loan. Read More