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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

Reverse Mortgage: Is it right for you?

Fred Chamberlin — Fri, 06 Nov 2009 19:42:24 +0000

Reverse mortgages are becoming popular in America. HUD’s Federal Housing Administration (FHA) created one of the first. The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more. Since your home is probably your largest single investment, it’s smart to know more about reverse mortgages and decide if one is right for you

Reverse Mortgage: Is it right for you? is a post from: FHA Loans Oregon

FHA underwriting guidelines vs. Lender Overlays

Fred Chamberlin — Mon, 02 Nov 2009 19:06:41 +0000

Many people may not understand the difference between an FHA underwriting guideline and a lender overlay, but I am going to try to explain it here, because there are some very interesting things happening in this arena currently. First of all, where a lot of people get confused is what is an FHA Insured Loan? Basically, it means that FHA insures that the loan will perform, it does not mean that FHA is loaning the money for the home loan and this is where the difficulty begins.

FHA underwriting guidelines vs. Lender Overlays is a post from: FHA Loans Oregon