2013 FHA Mortgage Insurance Changes

Arizona FHA buyer's buckle up, FHA is at it again.  As of January 31, 2013 FHA has officially made the mortgage insurance related changes we announced just a few months back.  If you are into reading legal jargon, here is a copy of the official notice/ML 2013-047: FHA CHANGES - MI.  For the rest, here is a brief overview: The 2 Changes: INCREASE TO AN FHA BUYER’S MONTHLY MORTGAGE INSURANCE COSTS (known as “annual MIP”) - specific change depends on loan scenario ELIMINATION OF AN FHA … [Read more...]

Important FHA Home Loan Facts

I wanted to follow-up on yesterday's post on the important upcoming FHA Changes to share a few significant statistics that were released int the Annual Report to Congress (released November 16, 2012).  So in a sort of random/bullet point manner here are some of the facts/figures that caught my attention in the report: FHA insured 1.2 million single family home loans in 2012 (FHA has now financed over 40 million homes since its inception) FHA closed $213 billion in single family home … [Read more...]

2013 FHA Mortgage Insurance Changes

Were you getting comfortable with FHA mortgage guidelines?  Yes?  Well then that means it is time for some change!  FHA released some big news in their "Annual Report To Congress" on November 16, 2012.  The 57 page report outlined several noteworthy proposed alterations the world of FHA mortgages.  The change is predicated upon HUD's need to "beef up" the FHA mortgage insurance fund in order to be able to withstand expected losses going forward and to reduce its' market share as private capital … [Read more...]

Eliminate FHA Mortgage Insurance

FHA financing is a great option for Phoenix area home-buyers.   It offers a low down payment along with a competitive mortgage rate.   FHA also requires that homeowners pay something called mortgage insurance.   Each FHA homeowner pays mortgage insurance in both of the following ways: 1.Up Front FHA Mortgage Insurance Premium  (UFMIP) UFMIP is paid in the form of a one time/up front premium that is added to/financed into the home buyer's FHA loan amount at closing 2. Monthly FHA Mortgage … [Read more...]