FHA to TAKE 22% OF YOUR EQUITY......June 3, 2013 : FHA MIP Changes Again

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FHA to TAKE 22% OF YOUR EQUITY......June 3, 2013 : FHA MIP Changes Again.

The Federal Housing Administration has made 6 changes to its mortgage insurance premiums in the last 6 years. Each has increased the short-term cost of using FHA-backed mortgages. The agency's next change, however, will change its long-term costs.
Beginning June 3, 2013, the FHA will change its long-standing Annual MIP Cancellation Policy. Certain homeowners will lose their right to cancel the annual MIP. FHA MIP will be perpetual.

Here's what's changing.

Currently, the Federal Housing Administration requires homeowners to pay annual MIP so long as their loan-to-value is greater than 78%, where "value" is equal to the last known value of the home. In addition, if the original mortgage term is greater than 15 years, at least 60 payments must have been made on the mortgage before FHA MIP can be automatically cancelled.

Beginning in June, though, the FHA moves away from an LTV-based system. The new cancellation policy will be as follows :
Loans beginning at 90% LTV or less will pay annual MIP for 11 years.
Loans beginning at 90% LTV or more will pay annual MIP for the complete loan term.

This means that home buyers using the Federal Housing Administration's 3.5 percent downpayment program will pay annual mortgage insurance for the loan's full 30 years, regardless of whether the home appreciates to the point of having 22 percent equity or more.

With the new FHA rules, MIP is forever.

 

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Oh yeah, in the next 2 weeks you will know of friends, neighbors, or coworkers who are looking to sell or buy a home or need a mortgage. “‘Be sure to tell them about us working together and feel free to send them our contact information or contact us personally or call us right away with their phone numbers so that I can help them, too.’

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Realty Investors LLC Regional Office 507 N Cedar Bluff Rd Knoxville, Tennessee 37923 Tennessee Real Estate License 261417 865-691-5348 Each Office is Independently Owned and Operated. Property Data Provided Agent and Companies member of: Knoxville Area Association of REALTOR® MLS and Great Smoky Mountains Association of REALTORS® MLS

Oh yeah, in the next 2 weeks you will know of friends, neighbors, or coworkers who are looking to sell or buy a home or need a mortgage. “‘Be sure to tell them about us working together and feel free to send them our contact information or contact us personally or call us right away with their phone numbers so that I can help them, too.’ http://justlistedknoxville.com/OpenHouse/

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Tennessee Real Estate Broker - REALTORS/MLS - Certified Residential Specialists CRS - Certified Buyer's Representative - Certified New Home Specialist - Short Sales & Foreclosures Certified - Residential Construction Certified.

Realty Investors LLC Regional Office 507 N Cedar Bluff Rd Knoxville, Tennessee 37923 Tennessee Real Estate License 261417 865-691-5348 Each Office is Independently Owned and Operated.


Oh yeah, in the next 2 weeks you will know of friends, neighbors, or coworkers who are looking to sell or buy a home or need a mortgage. “‘Be sure to tell them about us working together and feel free to send them our contact information or contact us personally or call us right away with their phone numbers so that I can help them, too.’

Obama presses lenders to make home loans to more applicants

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Obama presses lenders to make home loans to more applicants.....The Obama administration is trying to persuade banks to make home loans available to a wider range of applicants, not just those with strong credit, by offering federal programs that protect lenders if borrowers default. Too many Americans are being left out of the housing market's recovery, Obama's economic advisers and experts outside the government say.

Officials are also encouraging lenders to use more subjective judgment in determining whether to offer a loan and are seeking to make it easier for people who owe more than their properties are worth to refinance at today’s low interest rates, among other steps. Obama pledged in his State of the Union address to do more to make sure more Americans can enjoy the benefits of the housing recovery.


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Tennessee Real Estate Broker - REALTORS/MLS - Certified Residential Specialists CRS - Certified Buyer's Representative - Certified New Home Specialist - Short Sales & Foreclosures Certified - Residential Construction Certified.

Realty Investors LLC Regional Office 507 N Cedar Bluff Rd Knoxville, Tennessee 37923 Tennessee Real Estate License 261417 865-691-5348 Each Office is Independently Owned and Operated. Property Data Provided Agent and Companies member of: Knoxville Area Association of REALTOR® MLS and Great Smoky Mountains Association of REALTORS® MLS

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