FHA Proposes Limiting Seller Concessions from 6% to 3%

This dates back to the summer of 2010, but it looks like the wheels are in motion to implement a change. The bad news is that there will be a new lower cap on seller concessions (seller contributions). The good news is that it will not be a hard reduction in seller...

FHA Underwriting Changes

FHA just released a new mortgagee letter 12-03 which has 3 important changes: Self Employed:  Highlight:  P&L and balance sheet required if it has been more than 3 months since the end of the last tax year that we have returns for.  Translated:  nearly 100% of the...
FHA MIPs Increasing On April 1, 2012

FHA MIPs Increasing On April 1, 2012

If you are considering purchasing a home using an FHA loan, you best move quickly. For FHA case numbers assigned on or after April 1st, 2012 there will be two increases in MIP. The first increase is due to our friendly politicians in Washington applying a payroll tax...