Tim Bradford - AMMCorp.net

head_left_image

FHA New MIP changes Delay till October 4, 2010

The following announcement was made today.  

STATEMENT BY DEPUTY ASSISTANT SECRETARY VICKI BOTT

Tuesday, August 10, 2010

"Last week, FHA Commissioner David H. Stevens announced plans for implementing FHA's new mortgage insurance premium structure. As we work to publish a Mortgagee Letter, it is our intention to announce that based on industry feedback and our desire to have this change implemented successfully in the marketplace, FHA will make the premium fee changes on all new case numbers effective October 4, 2010.

"Over this past week, the industry responded with support of the new fee structure, but voiced strong concern about having system changes ready in time to meet the original September 7, 2010 deadline. Since these system changes impact regulatory disclosures, lenders expressed they must have the additional time to implement and test systems. FHA took this feedback seriously and has accommodated the need for additional time."

Note:

FHA will lower its upfront premium simultaneously with the increase to the annual premium. FHA's upfront mortgage insurance premium will be adjusted down to 100 basis points on all amortization terms and the annual mortgage insurance premium will increase to 85-90 basis points on amortization terms greater than 15 years


Tim Bradford
Ohio Mortgage Banker LO.007173.000/ NMLS 250013
Cell: 216.324.8113 Anytime
www.GetAMortgageNow.com or www.Go2Apply.com
www.OhioHomePath.com or www.OhioRuralHomeLoans.com

Serving the Ohio Realtors and Home Buyers and Home Owners
Comment balloon 2 commentsTim Bradford • August 10 2010 07:50PM
FHA New MIP changes Delay till October 4, 2010
share
The following announcement was made today. STATEMENT BY DEPUTY ASSISTANT SECRETARY VICKI BOTT Tuesday, August 10, 2010 "Last week, FHA Commissioner David H. Stevens announced plans for implementing FHA's new… more
Ohio Refinance your FHA Loan with A Streamline Refinance
share
Dear Home Owners, Today I spoke with a buyer that owned more on their home and the current value of the home. Because of this, they thought they were unable to refinance and take advantage of today's Low, Low Rates. I was able to: &… more
Only a Short time to take advantage of the lower Monthly MIP - Ohio…
share
FHA has announced that After Sept 6, 2010 they will be changing the way FHA's MIP (Mortgage Insurance Premium) will be collected. Presently, FHA collects 2. 25% of the Loan Amount upfront and can be financed, After that a monthly premium of 50%… more
USDA has been funded with additional moneys to guarantee loans.
share
I believe this is a link to the bill that will bring back USDA Loans. http://thomas. loc. gov/cgi-bin/bdquery/z? d111:HR04899:@@@X I am still looking for additional details. The NAR is reporting. The program allows 30-year originations… more
How to Compare Good Faith Estimate in Ohio, When Lender quote…
share
For consumers the shopping for the Better Loan is difficult when Lenders are quoting Different Rates. The 2010 Good Faith Estimate was intended to assist borrowers Shopping for the best Mortgage, however many lenders have chosen to develop their… more
Compensating Factors for FHA Home Loans in New Jersey
share
Jeff, Great post and great summary of compensating factors. This is a definite reblog for both Consumers and Real Estate professionals. Thanks. FHA Home Loans have been a big part of the home buying process when it comes to… more
Federal Income Tax Credits are still available in Ohio to First Time…
share
For any first time home buyers or realtors wanting to save their borrowers money you may want to look at the OHFA First Time Buyers Mortgage Credit Certificates program. The Federal Income Tax Credits can exceed the $8, 000 Stimulus Program many… more
Don't Screw Up Your Loan With Untraceable Deposits
share
Great post about the need for lenders to verify any deposits to your account. Before making any deposits to you account you need to make sure you have the audit trail in case it is needed. Dang! It just happened again! My buyer's daughter… more
BANK PRESERVATION CREW STOLE MY STAGING MATERIAL
share
Any buyers or Realtors looking at Bank Owned properties should read this post. When the Bank Cleans out the house, they clean out everything. BANK PRESERVATION CREW STOLE MY STAGING MATERIAL CASH FOR KEYS &… more
Mortgage Interest Rates - Mortgage Market Reports - July 23rd, 2010
share
As said here, Rates are great. It is a good time to refinance or to buy a home. Mortgage interest rates continue to still be very low, ranging from 4. 25% to 4. 75% for a 30 year fixed rate. So why are interest rates… more