Suspension of FHA MIP

Friday, January 20th, 2017, the previously announced reduction of the FHA MIP annual premium was suspended indefinitely.

Once new information is available, I will post again.

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FHA REDUCES ANNUAL MORTGAGE INSURANCE PREMIUMS!

This morning HUD announced a 25 basis point reduction in the annual MIP fee effective for loans with a closing/disbursement date on after January 27, 2017. That takes the fee from 80 to 55 bps for the loan terms of <= $625.5k loan size and <=95% LTV. The new MIP for loans >95% LTV is now 60 bps vs. 85 bps earlier.

This reduction makes FHA even more competitive for first time homebuyers, especially those buyers with lower credit scores.   If you are looking at homebuying this year, this just made it more in reach for many.  Call me today to become pre-approved to buy your first home! 503 581 8100

Please use the following link to view this morning’s HUD notice.

 

https://portal.hud.gov/hudportal/documents/huddoc?id=17-01ml.pdf

FHA Monthly Mortgage Insurance Premium drops

January 26th is the official date for lower mortgage insurance premiums!!

This drop of .5% will help more homebuyers into their first homes.  FHA offers lower interest rates, 3.5% down payment and now the lower monthly mortgage insurance makes an FHA loan a more competitive option for home buyers.

If you are looking to purchase or even refinance an existing FHA loan, now is the time to call or email me for estimates to make sure this is right for you!  karen@landmarkprofessional.net or 503 581 8100

FHA to reduce Monthly Mortgage Insurance Premiums

FOR RELEASE
Thursday
January 8, 2015

FHA TO REDUCE ANNUAL INSURANCE PREMIUMS
Reduction to increase credit affordability and reflects improved economic health of FHA

WASHINGTON – As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums new borrowers will pay by half of a percent. This action is projected to save more than two million FHA homeowners an average of $900 annually and spur 250,000 new homebuyers to purchase their first home over the next three years.

Today’s action also reflects the improved economic health of FHA’s Mutual Mortgage Insurance Fund (MMIF). FHA’s recent annual report to Congress demonstrates the economic condition of the agency’s single-family insurance fund continues to improve, adding $21 billion in value over the past two years.

“This action will make homeownership more affordable for over two million Americans in the next three years,” said U.S. Department of Housing and Urban Development Secretary Julián Castro. “Since 2009, the Obama Administration has taken bold steps to reduce risks in the mortgage market and to protect consumers. These efforts have made it possible to take this prudent measure while also ensuring FHA remains on a positive financial trajectory. By bringing our premiums down, we’re helping folks lift themselves up so they can open new doors of opportunity and strengthen their financial futures.”

In the wake of the nation’s housing crisis, FHA increased its premium prices to stabilize the health of its MMI Fund. In addition, the Obama Administration took dramatic steps to safeguard consumers in the mortgage market to ensure responsible borrowers continued to have access to mortgage capital as many private lending sources tightened their lending standards.

Today’s reduction will significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 800,000 households who use FHA annually.

FHA’s new annual premium prices are expected to take effect towards the end of the month. FHA will publish a mortgagee letter detailing its new pricing structure shortly.

Do you have an FHA mortgage or know someone who does?

GREAT NEWS!!!

Beginning June 11th, FHA is lowering their mortgage insurance premiums significantly for refinances. This could mean a much lower payment if you currently have an FHA mortgage.

How it works:

You simply do a FHA Streamline Refinance. This will allow you to take advantage of the super low interest rates and the lower mortgage insurance premium. With a FHA Streamline there is NO APPRAISAL and NO INCOME VERIFICATION and the costs are very minimal.

The rules:

Your current FHA mortgage must have closed before May, 2009.
You must be current on your mortgage.

If you know anyone who has a FHA mortgage have them call me.
It is an opportunity not to be missed! Call or email me to see if you qualify.
Karen 503 581-8100 or karen@landmarkprofessional.net

Purchase for $100.00 Down

 

$100 Down Gets

You into a Home. 

With New FHA Sales Incentives

 

 

$100 Down Gets

You into a Home.

With New FHA Sales Incentives

Introducing the FHA & HUD-Owned Home Sales Incentives. Increasing the Affordability of Homeownership.

INCENTIVES

Up to 110% LTV,* varies by county.**

$100 down payment with FHA financing.

$5,000 sales allowance paid toborrower for repairs at closing when using FHA financing.

HUD 3% allowable closing cost funds still apply.

WHAT IS ELIGIBLE?

All HUD-owned homes for sale in eligible states/territories.***

Only properties purchased by an owner-occupant are eligible.

List of eligible homes in each state available at: http://www.hud.gov/homes.

*The LTV may exceed 100%, up to 110%, as the result of financing a repair escrow included in the sales contract. The cost of repairs may not exceed $5,000. **Refer to maximum loan amounts section in product description. ***The new products are available in all states/territories where HUD is currently offering its $100 down payment program. See product description for state restrictions. Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply.

Karen Cox Landmark Professional Mortgage

503 385 -4050 or karen@landmarkprofessional.net