Important Changes from the FHA
From Linda Wilkes, Ambassador Capital Mortgage:
FHA Annual Mortgage Insurance Premium to Increase
If your clients are still on the fence about buying a home, you should let them know that the Federal Housing Administration (FHA) is increasing mortgage insurance premiums on FHA home loans as of April 18, 2011. This deadline applies to the FHA case assignment date.
This increase could cost your buyers more money each month for their total monthly mortgage payment. What can your buyers do? If they are close to contract, advise them to buy now before the new mortgage insurance premium takes effect. They must have an active loan application for the subject property prior to April 18, 2011.
HUD Temporary Flipping Waiver Extended
In an effort to expand access to FHA mortgages and allow for the rapid resale of foreclosed properties, HUD announced a temporary waiver of the 90-day flipping restriction until December 31, 2011.
The waiver is subject to certain conditions, and eligible mortgages must meet these conditions to take advantage of the waiver. The complete text of the waiver extension, including conditions the waiver is limited to, is available on the HUD website.
Call or email Linda if you want more information on FHA loans.
|Senior Loan Officer
Ambassador Capital Mortgage
1499 Huntington Dr.
South Pasadena, CA 91030
Office: (323) 221-5111
Fax: (866) 706-6443