FHA Mortgage Insurance Costs Drop by 29% – 2017

FHA Lowers Monthly Mortgage Insurance Costs by 29% - 2017 FHA is lowering monthly mortgage insurance costs by 29%.  In layman unfriendly terms, the mortgage insurance factors used to calculate monthly mortgage insurance on an FHA are decreasing by 25 basis points on the 3.5% down/30 year fixed FHA loan program (other programs and high cost loans have different change schedules).   The change is effective for all FHA loans that close on or after January 27th, 2017.  Click HERE for more … [Read more...]

Home Loan Rates | Are They Really “That” High?

Mortgage Rates Face Jobs Data Tomorrow’s “New Jobs” and “Unemployment Rate” data is a potential market mover.  If the numbers come in near 160k new jobs and 4.7% unemployment we should see the mortgage rate rally from week 1 in 2017 continue into next week. Some have called the 9 week post-election rate increase the “Trump Tantrum” which reminds me of the “Taper Tantrum” 1 week rate jump in the summer of 2013.   Is a cost increase of only $31.06 per $100k mortgage from election week to … [Read more...]

2017 FHA Loan Limit Arizona | $279,450 – 1 Unit

FHA Loan Limits Increased |Maricopa County Arizona 2017 FHA has followed Fannie’s lead as we predicted in our email last Thursday!  FHA/HUD has increased the max FHA Loan limit for 2017 for Maricopa County (and over 2,000 other Counties nationwide). As of January 1, 2017 the maximum allowable base loan limit for FHA will be $279,450 (up from $271,050).  This loan amount is before adding the FHA up front mortgage insurance premium in. Below is a snippet direct from FHA/HUDs database … [Read more...]

VA Appraisal Fee Increased in Arizona

  VA Appraisal Fee Increases in Arizona Effective December 1, 2016 the fee for a VA interior/exterior appraisal for a single family home in Arizona is $600.   The VA appraiser also still has 7 business days in Ariziona to complete a report or communicate to the designated point of contact (someone with the buyer’s mortgage company) that they are having trouble completing the report due to value and/or property complexity. For more information on this change and other VA appraisal … [Read more...]

2017 Conventional Loan Limits Increase – $424,100

Conventional Loan Limits Increase for 2017 Fannie Mae has increased the max Conventional Loan limit for 2017.  This is the first Conventional loan limit increase since 2006! As of January 1, 2017 the maximum allowable Conventional loan limit for Fannie Mae Conventional will be $424,100. (up from $417,000) Here is a table direct from Fannie Mae’s website showing the new maximum loan limits.  The one that we most often deal with is the $424,100.   This is the limit that used to be … [Read more...]