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 [...]

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 [...]

The Mortgage Banker’s Association is reporting that the FHA Reform Act of 2010 passed the US House of Representatives.  This bill was drawn up in response to many of the solvency issues that the FHA began encountering late last year (see HERE).  One of the most aggressive provisions of the bill is that it will [...]

Two days ago HUD announced changes to the popular FHA loan program.  The changes are designed to “strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for undeserved communities.“ If you’ll recall last September FHA announced that their capital reserves (used to insure FHA [...]

There are a few things to know about standard FHA loans. *Minimum down payment requirement: Currently homebuyers who use FHA mortgage financing to buy a home can put as little as 3.5% down and borrow the remaining amount. *Down payment may be gifted: FHA is one of the few programs that allows the entire down [...]