New Refi Options for FHA Loans

Friday, April 20th, 2012

There’s a new mortgage refinance option for those with FHA loans that can benefit you even if you’re upside-down in your home. The program would lower your interest rate to 4% or below. There are some criteria you must meet in order to qualify: Your current home loan must be FHA-insured and must have been […]

Possible Changes to FHA Loans

Wednesday, August 24th, 2011

We wanted to pass along a note below from our preferred mortgage banker, Mark Daker, regarding a possible change in FHA loans. Here is Mark’s take: Over the last couple of months, there has been quite a bit of speculation as to whether FHA would drop their loan limits. Initially, I thought this was unlikely […]

FHA Loan Changes

Thursday, February 11th, 2010

FHA has changed the amount of Up Front Mortgage Insurance. Effective April 5th all new loans will have an Increased Up Front Mortgage Insurance (UFMIP) from 1.75% to 2.25%. So, for example, on a $200,000 loan that means the extra .5% will add $1,000 to their loan. For a $300,000 loan the increase will add […]

FHA Condo Changes

Thursday, December 3rd, 2009

For buyers looking to purchase a condo with an FHA loan, things are about to change. Condo buildings must be approved by FHA in order to use an FHA loan on a condo in that building. In the past, it was possible to get a spot approval on the unit in a pretty timely fashion. […]