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GET THE FHA APPVOVED CONDO LIST BELOW
The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders (Racheli is working with one) throughout the United States and its territories. FHA is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals.
When dealing with direct FHA lender underwriters are available, to assist in providing quick turn around time responding and securing your loan for purchases or refinancing.
Racheli Smilovits as Your Personal Mortgage Advisor will walk you Hand in Hand through the process.
What dose it mean to you?
- Quick response to questions
- discuss ideas for your scenario to work with an FHA loan
- Quick turn around times
FHA new Guidelines may cost you more to get an FHA mortgage
• The upfront mortgage insurance premium (UFMIP) will increase to 2.25 percent up from 1.75 percent. Contrary to reports, FHA will continue to allow the financing of the UFMIP.
• Borrowers with a credit score below 580 will be required to have at least a 10 percent down payment. The minimum down payment will remain at 3.5 percent for all other borrowers.
• FHA will seek legislative authority to increase the annual premium (currently capped at .55 percent). Over time, increasing the annual premium may allow FHA to reduce the upfront premium.
• Seller concessions will be reduced to 3 percent from 6 percent.
Read the entire press release
Usefull links-
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