New FHA MI Rule To Take Effect 1-26-15…

I mentioned this might happen earlier, and now it’s going to happen on the 26th of January 2015.

FHA is reducing their monthly mortgage insurance premium on a 30 year mortgage from 1.35bps to .85bps.

The result of this is that it puts it back squarely in competition with Conventional Mortgages. …and, ultimately there will be more FHA mortgages originated.

This has needed to happen. FHA MI was too high for a long time.

That’s it for today!

Thanks for reading.

Brett

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Some Hope For Lower FHA MI Rates…

There is a push in congress to lower FHA MI rates.

A group of 18 U.S. Senators and the Mortgage Bankers Association both sent letters to the U.S. Department of Housing and Urban Development, stating that the time has come for the Federal Housing Administration to lower its mortgage insurance premiums.

In two separate letters both addressed to HUD Secretary Juliàn Castro, the group of senators and the MBA both cited the improved financial health of the Mutual Mortgage Insurance Fund as the main reason why the FHA should reexamine its insurance fees immediately.

FHA MI is very high right now, and it would be great for borrowers if they could lower it.

I’ll let you know if it happens!

That’s it for today!

Thanks for reading.

Brett

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News On FHA’s HAWK Program…

I hope you had a safe New Years!

I think we’ll all have a great year this year.

Mortgage News…

One of the programs we were looking forward to this year was FHA’s HAWK program.

Now it looks like HAWK isn’t going to happen – at least for another year. This is due to congressional budget restrictions. The program simply wasn’t allotted funding for 2015.

Under the four-year HAWK pilot program, home buyers who committed to housing counseling would qualify for tangible savings on their FHA-insured loans.

That’s it for today!

Thanks for reading.

Brett

Get Pre Approved For A Loan Here.

Get A Rate Quote Here.

Need A Mortgage Calculator?

My Previous Blog Posts