Wednesday, August 11, 2010

FHA Premium Increases Will Impact Borrowers' Ability to Qualify
(Effective date October 4, 2010)

FHA is raising its annual mortgage insurance premium charges.

A contract must be in place and an FHA case number assigned by September 7 in order to avoid the MIP increase.

What does this mean for borrowers?

Some borrowers may no longer qualify because monthly payment will be increasing.

Example of FHA increase for $200k loan @ 5% - 30 year fixed

.55% Today $204,500 P/I $1098 MI $94 = $1192

.90% 10/4 $202,000 P/I $1083 MI $152 = $1235 (+$43)

1.55% Future $202,000 P/I $1083 MI $261 = $1344 (+$152)

For any FHA borrower who is considering buying, they may be better-able to qualify and will save money if they buy prior to this new rule going into place.

Please call me if you have any questions.

Thursday, August 5, 2010

Help for Those Struggling to Stay in Their Homes

Avoid foreclosure. Get the help you need.
Short Sale and Foreclosure Assistance from Fannie Mae.

If you or anyone you know is struggling with a mortgage payment or facing foreclosure, check out this new site from Fannie Mae. It helps homeowners get information and help before it’s too late.

 Free & simple to click through
 Walks you through options of staying or leaving
 Provides short and long-term options & solutions
 How to be prepared to talk to your mortgage company
 Who are housing counselors are in your area
 Hear from others in similar situations who had success
 How to avoid scams

Please pass this on...This site can really help people in this situation get information, ease their frustration and actually get help.

Taum Hemmingsen
Mortgage Banker