FHA Cancels Mortgage Insurance Cut

As of 01/20/2017 FHA has put a hold on the update below.  We will update this if/when the situation changes. 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 … [Read more...]

2017 FHA Loan Limit Arizona | $279,450

FHA has followed Conventional loan limit increases as we predicted.  HUD increased FHA Loan limits for 2017 in Maricopa County (and other Counties nationwide). FHA Loan Limit Maricopa County 2017: $279,450 FHA Loan Limits Nationwide: Max FHA Loan Limits Apply now for an FHA Loan 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. Learn more about FHA … [Read more...]

Deferred Student Loans & a Home Loan

If you have had the misfortune of having a student loan payment derail your home loan pre-approval, do not give up yet!  Far too many mortgage lenders do not keep up with the rapid changes with student loans.  Whether it be on a Conventional Loan, FHA Loan or VA Loan there are multiple methods a lender can use to determine what student loan payment needs to be counted against you.   Lets look at Conventional Financing and how to get through student loan trouble. Deferred Student Loan Mortgage … [Read more...]

FHA & Spouse’s Debts in Arizona

FHA has an often overstated rule that states that even if your spouse is not on your FHA home loan application, their debts, judgments and liens must be counted against you if you live in Arizona (or other community property state).  Ouch!  Talk about sparking some interesting dinner table talk. To add insult to injury, you cannot use the income of a spouse that is not actually on an FHA loan application.   However,  in many case in the state of Arizona (and other community property states) … [Read more...]

FHA Changes Challenge Appraisers

We recently discussed HUD recently shook up the FHA mortgage world on Sept 14, 2015 with some significant guideline alterations, additions and omissions.  The part we did not discuss was how local appraisers are being impacted by HUD's FHA appraisal related adjustments. HUD simply put is making life more nerve-wracking for an FHA appraiser.  Recently I connected with several FHA licensed appraisers to inquire about their take on these changes.  The appraisers responses (while none were in … [Read more...]