Team Annett

When buyers are approved for an FHA home loan, they are required to carry mortgage insurance. That includes both a monthly Mortgage Insurance Premium (MIP) and an Up Front Mortgage Insurance Payment (UFMIP). The Upfront Mortgage Insurance Premium payments go into an escrow account set up by the U.S. Treasury Department and the funds are used to protect the government in case the borrower defaults on the FHA loan.

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Ok, so it appears that my old post from 2010 on the Welcome Home Grant is still getting the bulk of the traffic from search engines!!! – So I hope this one finds everyone just as well because like any program there are some slight changes this year. Read on and email me at lindsay.shapiro@cbws.com with questions!

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Article below is from 2011 – for a more updated approach to the 2012 Welcome Home Grant, click here to see updated details.

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Two years in the making — the federal government will be reducing their involvement in the mortgage market. Both Fannie Mae and Freddie Mac will wind down within as little as five years.

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Article below is from 2010 – for a more updated approach to the 2012 Welcome Home Grant, click here to see updated details.

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Beginning April 4, 2010, FHA will raise its upfront Mortgage Insurance from 1.75% to 2.25%.  Other discussions taking place – decrease seller concessions from 6% to 3%.  If you need an FHA loan, start looking in earnest for a home before the increase takes place.  FHA is looking for ways to increase their income, and have a congressional mandate to have a certain percentage of funds in reserves. We will likely see them make more changes that will toughen the requirements and make their loans more expensive this year.  Stay tuned!

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Interest rates are likely to rise to 6% by the end of 2010,predicted Amy Crews Cutts, deputy chief economist at Freddie Mac.

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The Federal Housing Administration has announced a set of policy changes on Wednesday that will effect purchasers.

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An update from FHA was released on Friday January 15th, 2010, regarding the 90 day regulation on the resale of a purchase property. Effective February 1st 2010, FHA/ HUD will not require that a seller of a property be on title for 90 days or more in order to sell the property to a borrower acquiring FHA financing. This is an incredible opportunity for many buyers in today’s market who require a loan with a 3.5% down payment - especailly first time home buyers. The change will take effect for a period of one year.

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There are a wide variety of home loan products out there, including one that’s right for you. Here’s an informative look at general mortgage categories, including the advantages of each program and things to consider when choosing a loan. Featured programs include fixed rate and adjustable rate mortgages, interest-only loans, jumbo loans, and FHA and VA mortgages.

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