My Mind on Mortgages

Homes that are the subject of a FHA mortgage application must meet minimum property requirements as determined by the Department of Housing and Urban Development (“HUD”: the agency which oversees the FHA mortgage insurance program).  I am often asked if specific repairs will be required by the lender when a FHA loan is in play. [...]

The Federal Housing Administration announced that it would increase the mortgage insurance premiums for FHA mortgages beginning April 1st, 2012.  Here is the announcement copied from the FHA website: “…FHA announced a new premium structure for FHA-insured single family mortgages: as of this spring, the annual mortgage insurance premium (MIP) will increase by 0.10 percent [...]

Congress approved an appropriations bill that amongst other things restores the FHA loan limits that have been in place the past 2 years and extends them through 2013.  For the Portland-Metro area this means the maximum FHA loan amount goes back to $417,000.  If you’d like to check another location you can do so at [...]

Sorry for the late post on this topic.  As of October 1st, 2011 FHA loan limits for most areas of the country have declined as a result of expiration of stimulus legislation.  Currently, the  FHA loan limit for a single family residence in the Tri-county area (Portland, OR) is $362,250.  This figure can adjust as [...]

In my interactions with first-time homebuyers I am often asked about special assistance programs that may be available for them.  I recently came across the HOMEOWNERSHIP OPPORTUNITIES WEBSITE NORTHWEST which provides a search tool where you can plug in information about yourself and see what programs might be available to you.  It’s an easy way [...]

The financial blog couplemoney.com gave very prudent advice in THIS POST for aspiring 1st-time home-buyers.  They recommend taking a breath before jumping into a house and making sure that the home-buyer is both financially and emotionally ready for this level of commitment.  What I also love about the post is that they recommend a home-buyer [...]

You may remember that HUD increased monthly mortgage insurance premiums on FHA loans last year in an effort to shore up finances for the FHA insurance poll.  Unfortunately, HUD is at it again.  Beginning with FHA case numbers assigned after April 17, 2011 monthly mortgage insurance premiums will be going up .25% for 30 year [...]

In case you want to find a FHA or conforming loan limit for a specific area around the country you can use THIS HANDY WEBSITE from HUD.gov.

The Department of Housing and Urban Development released THIS STATEMENT last week announcing upcoming changes to the popular FHA loan program.  The changes will take effect September 7th October 4th and are designed to increase mortgage insurance revenue to help stabilize the FHA insurance pool which makes FHA loans possible.  Effectively, HUD is decreasing the [...]

Homebuyers with bad lenders just got a break.  Congress has passed an extension provision to the popular homebuyer credit.  Now homebuyers who qualify under the other rules (including going into contract by April 20, 2010) have until the end of September to close.