Monday, January 23, 2017

False Alarm On FHA MI Reduction…

I wanted to give you some news related to a post I made a couple of weeks ago that FHA’s monthly MI was going down.
The Trump Administration has indefinitely suspended a scheduled reduction in the annual premium for Federal Housing Administration (FHA) insurance.
A 25-basis point reduction in that premium was announced by then Housing and Urban Development (HUD) Secretary Julian Castro on January 9, scheduled to go
into effect on January 27.
As of this time this reduction won’t happen. I’ll keep watching it for you!…
We have been closing our purchase loans in less than 30 days lately. If you want to buy a house let me know!
Have a good day today!
…and thanks for reading.
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Wednesday, January 18, 2017

Look At The New Max FHA Loan Limits…

Did you know the max FHA loan amount for the Dallas / Fort Worth area is now $362,250?
That’s the highest limit in the state of Texas! …even higher than the Austin area at $361,100.
The advantages of FHA are…
1) More flexible credit guidelines. (You can get a loan with credit scores in the 500’s)
2) Much higher allowable debt to income ratio than Conventional loans.
3) Only 3.5% down.
BTW… We have been closing our purchase loans in under 30 days, so if you are looking to buy a house let me help you!
Have a good day today!
…and thanks for reading.
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Wednesday, January 11, 2017

Exciting News From FHA…

FHA just announced they lowered their monthly MIP effective on closing/disbursement dates on or after January 27, 2017.
The FHA MIP dropped 25bps in most cases and even more in some other situations.
This is good news! Not only will you save money, but more people will be able to qualify for FHA loans now.
If you or someone you know is wanting to purchase a home I would love to help you out! …just give me a call or shoot me an email!
Have a good day today!
…and thanks for reading.
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