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

January 8, 2015

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?


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

Extended HARP Program

On Monday, Oct. 24, the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac announced several enhancements to the Home Affordable Refinance Program (HARP) to attract more eligible borrowers who may benefit from refinancing their mortgage.

We are currently assessing the announcement and impacts. The industry expects more operational details for HARP II to be published by the FHFA, Fannie Mae and Freddie Mac by Nov. 15, 2011. More information will be provided as it is received. Once this information is out, its expected that the program will be ready for implementation by the first of the new year.

FHFA announced the following enhancements expected in HARP II:
· Removing the current 125 percent loan-to-value ceiling on fixed rate refinanced mortgages.

· Waiving risk-based fees on borrowers who take shorter term mortgages and reducing those fees for others.

· Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the Fannie Mae and Freddie Mac

· Extending availability of the program through the end of 2013.

Watch for additional information in the future about dates, delivery details and specific changes. Until official notice of the effective date for the HARP enhancements, We will continue to follow the existing polices and processes for Freddie Mac Relief Refinance MortgageSM and Fannie Mae DU Refi PlusTM.

These enhancements are not available for borrowers that currently have a VA or FHA loan or any other loan that Fannie or Freddie do not currently service.

This may help a few more borrowers in the fact that the LTV limitation will be removed. Borrowers will still need to be current in their mortgages and have jobs to qualify for the refinance.

Watch for more details as they are released!
Call me with any questions. Karen 503 385-4050 or email at karen@landmarkprofessional.net.

USDA Loans – Still Funding!

We are still closing and funding the USDA RURAL HOUSING GUARANTEED LOAN PROGRAM! 100% Financing in Rural Areas

Last month the United States Department of Agriculture Rural Development Administration issued a Single Family Housing Guaranteed Loan Program Fiscal Year 2012 Commitment Notice.

Funding for the Single Family Housing Guaranteed Loan Program will not be available for a short period of time at the beginning of Fiscal Year 2012, which started October 1, 2011. During this temporary lapse of funding, Rural Development has been issuing Conditional Commitments “subject to the availablity of commtment authority” for purchase and refinance transactions.

Some lenders are currently not closing loans with a conditional commitment issued by Rural Development if the commitment is subject to the availability of commitment authority.

Landmark Professional will close and fund a USDA loan once the loan is cleared to close if the conditional commitment is subject to the availability of commitment authority subject to all other closing requirements.

As a reminder, the announcement also included the FY 2012 fee structure which will be as follows for all loans that receive a conditional commitment from Rural Development on or after October 1, 2011:

2 percent up-front fee for purchase transactions;
1 percent up-front fee for refinance transactions; and
0.3 percent annual fee based on the average scheduled unpaid principal balance of the loan, for both purchase and refinance loans transactions.
Please contact me if you have any questions in regard to this notice.
Karen Cox 503 385-4050 or at karen@landmarkprofessional.net