FHA Cancels Mortgage Insurance Cut

FHA Cancels Plan to Lower Monthly Mortgage Insurance 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 … [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...]

FHA Non Purchasing Spouse Debts in Arizona

FHA Rules & Non Purchasing 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 … [Read more...]

FHA Appraisal Changes Challenge FHA Appraisers

FHA Appraisal Changes Firing Up 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. … [Read more...]

FHA Mortgage Rules Undergo Major Changes 2015

FHA Mortgage Rule Changes in 2015 While Fannie Mae slides their guidelines toward Easy St, FHA is tugging theirs into the Matrix.  It's true, Conventional financing is undoubtedly easing however FHA is both tightening and clarifying some of its guidelines effective September 14, 2015. After reading over 100 pages of FHA changes I can share that there are a few major categories the changes fit into: Clarifying qualifiers or measurements that were previously vague (example: old - … [Read more...]