Cash Reserves
• 3 month’s PITI is required on all 3-4 unit purchase transactions regardless of Automated Underwriting findings. No
reserves are required for all other transactions.
3.875%/4.141APR
FHA Mortgage News
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Angry Greeks vote in cliffhanger election2012-05-06 05:50
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FHA Delays Loan Rule on Borrower Credit Disputes2012-04-23 19:50
After being criticized that a new rule could shut out too many borrowers, the Federal Housing Administration says it will postpone implementing the rule, which would make it tougher for borrowers with credit disputes on their records to qualify for an FHA-backed mortgage.
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HUD INDEFINITELY DEBARS FOUR INDIVIDUALS FOLLOWING REVERSE MORTGAGE SCAM THAT TARGETED SENIORS2012-04-19 09:50
WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) today announced the indefinite debarment of three South Florida mortgage loan officers and a Pittsburgh title agent following their criminal convictions on charges they defrauded elderly borrowers, mortgage lenders and the Federal Housing Administration (FHA). Marcos Echevarria, Louis Gendason, John Incandela and Kimberly Mackey pled guilty to charges of conspiracy to commit wire fraud for their part in a $2.5 million nation-wide reverse mortgage scam. All four individuals are currently serving prison terms.
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Lawsuits Accuse Banks of REO Neglect in Minority Areas2012-04-18 19:50
The National Fair Housing Alliance has filed a second discrimination lawsuit against a bank for allegedly poor upkeep of foreclosures in minority areas compared to foreclosures in mostly white neighborhoods. The NFHA says more lawsuits are coming, too.
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Jobs recovery suffers setback in March2012-04-07 09:50
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FHA Fees to Increase on Monday2012-04-06 19:50
The upfront insurance premium charged on FHA-insured mortgages for home purchases will increase from 1 percent to 1.75 percent on April 9, and the annual FHA mortgage insurance premiums will rise by one-tenth of a percentage point.
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FHA Fees to Increase on Monday2012-04-06 16:50
The upfront insurance premium charged on FHA-insured mortgages for home purchases will increase from 1 percent to 1.75 percent on April 9, and the annual FHA mortgage insurance premiums will rise by one-tenth of a percentage point.
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HUD'S MORTGAGEE REVIEW BOARD PERMANENTLY HALTS AMERICAHOMEKEY FROM DOING BUSINESS WITH FHA2012-03-30 05:50
WASHINGTON - The U.S. Department of Housing and Urban Development's Mortgagee Review Board (MRB) today announced that it is immediately and permanently withdrawing approval for AmericaHomeKey, Inc. (AHK) to originate and underwrite new mortgages insured by the Federal Housing Administration (FHA). In addition, the MRB is imposing $268,000 in penalties against the Dallas-based mortgage lender for repeated and serious violations of FHA requirements.
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FHA Loan Apps Rise as Borrowers Try to Beat Fee Hikes2012-03-29 19:50
Mortgage applications for FHA loans soared 11 percent in one week, according to a new report.
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FHA ANNOUNCES PRICE CUTS TO ENCOURAGE STREAMLINE REFINANCING2012-03-08 19:50
WASHINGTON - Today, Acting Federal Housing (FHA) Commissioner Carol Galante announced significant price cuts to FHA's Streamline Refinance Program that could benefit millions of borrowers whose mortgages are currently insured by FHA. Beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) to just .01 percent and reduce its annual premium to .55 percent for certain FHA borrowers.
HUD Mortgage News
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