Know Before You Owe New Mortgage Rules

Lat week, the Consumer Financial Protection Bureau (CFPB) finalized two changes to the “Know Before You Owe” mortgage disclosure rules. The new rules address when mortgage borrowers will receive updated disclosures after locking their rates, and how consumers receive information regarding certain construction loans. (more…)

FHA Streamline Refinance With Previous Short Sale

Recently, I have received a number of calls from homeowners saying that they’ve been told they can obtain a streamline refinance 2 years after short sale. I’m going to shed some light on that subject, as we are a direct lender without any specific overlays regarding this topic.However, there is a certain criteria you need to meet in order to get approved.

There is no rule on seasoning for short sale with FHA, meaning you could potentially have a short sale and obtain a loan immediately (read below for more info).  (more…)

How will lower cost FHA mortgage insurance help homebuyers?

In an effort to help potential homebuyers and the U.S. economy, President Obama announced yesterday that the Federal Housing Administration (FHA) will lower its annual mortgage insurance (MI) premiums significantly from 1.35% to 0.85%.

The White House estimates this will save $900 a year for new borrowers and said this is part of the President’s plan “to expand responsible lending to creditworthy borrowers.” However, the upfront mortgage insurance premium (MIP) of 1.75% will remain in place. (more…)

2015 FHA Mortgage Limits by County for Arizona

Here is a list of the current 2015 FHA Mortgage Limits for all the counties in the state of Arizona. This new schedule is the same as the 2014 levels, and FHA-insured reverse mortgages will also remain unchanged in 2015. The list includes a Median Sale Price value for each county which is based on the median price estimates.

If you have questions about this list or an FHA mortgage, please give me a call at 800-779-4547. (more…)

2015 FHA Mortgage Limits by County for California

Here is a list of the current 2015 FHA Mortgage Limits for all the counties in California. This new schedule is the same as the 2014 levels, and FHA-insured reverse mortgages will also remain unchanged in 2015. The list includes a Median Sale Price value for each county which is based on the median price estimates.

If you have questions about this list or an FHA mortgage, please give me a call at 800-779-4547. (more…)