fhamortgagesdoneright.com

FHA Home Loans and Mortgages

FHA Mortgage Calculator - Monthly Mortgage Insurance Included

$
  %
  yrs
  %
$

Contact Us

*(denotes required field)

Trulia

John Burke

Live Traffic Feed

Feedjit Widget

FHA Rates for May 6, 2010

May 6, 2010 1 comment

Today’s FHA Mortgage Rates.

May 6, 2010

*Please note that FHA Rates are subject to change, sometimes several times per day.*

*We now have credit score tier specific FHA mortgage Rates!*

*All FHA Rates posted are based on 30 day locks. *

*Please note that the FHA Rates posted are subject to adjustments for the following criteria*

1) Loans amounts under $100,000.00.

2) State specific adjustments.


FHA 30 year fixed – Credit Scores 620 to 639

With .50 points – 4.75%! – APR of 5.425%

With 0 points – 4.875%! – APR of 5.505%


FHA 30 year fixed – Credit Scores 640 to 659

With .375 points – 4.75%! – APR of 5.414%

With 0 points – 4.875%! – APR of 5.505%


FHA 30 year fixed – Credit Scores 660 to 699

With 1.125 points – 4.625%! – APR of 5.357%

With .125 points – 4.750%! – APR of 5.391%


FHA 30 year fixed – Credit Scores 740+

With 1.0 points – 4.50%!  – APR of 5.219%

With 0 points – 4.75%! – APR of 5.379%


FHA 15 year fixed – Credit Scores 620 to 639

With a credit of .625 points – 4.25%! – APR of 4.933%


FHA 15 year fixed – Credit Scores 640 to 659

With a credit of .625 points – 4.25%! – APR of 4.933%

With a credit of 1.125 points – 4.375%! – APR of 4.933%


FHA 15 year fixed – Credit Scores 660 to 699

With a credit of .875 points – 4.25%! – APR of 4.733%

With a credit of 1.375 points – 4.375%! – APR of 4.733%


FHA 15 year fixed – Credit Scores 740+

With a credit of .875 points – 4.25%! – APR of 4.733%

With a credit of 1.375 points – 4.375%! – APR of 4.733%


FHA 3/1 ARM- Credit Scores 620 to 639

With a credit of 1.25 points – 3.75%! – APR of 4.301%

With a credit of 1.625 points – 3.875%! – APR of 4.301%


FHA 3/1 ARM – Credit Scores 640 to 659

With a credit of 1.25 points – 3.75%! – APR of 4.301%

With a credit of 1.625 points – 3.875%! – APR of 4.301%


FHA 3/1 ARM – Credit Scores 660 to 699

With a credit of 1.25 points – 3.75%! – APR of 4.301%

With a credit of 1.625 points – 3.875%! – APR of 4.301%


FHA 3/1 ARM (1/1/5 Caps)- Credit Scores 740+

With a credit of 1.25 points – 3.75%! – APR of 4.301%

With a credit of 1.625 points – 3.875%! – APR of 4.301%


FHA 5/1 ARM (1/1/5 Caps) – Credit Scores 620 to 639

With 1.125 points – 3.250%! – APR of 3.969%

With 0 points – 3.625%! – APR of 4.249%


FHA 5/1 ARM (1/1/5 Caps) – Credit Scores 640 to 659

With 1.125 points – 3.250%! – APR of 3.969%

With 0 points – 3.625%! – APR of 4.249%


FHA 5/1 ARM (1/1/5 Caps) – Credit Scores 660 to 699

With 1.125 points – 3.250%! – APR of 3.969%

With 0 points – 3.625%! – APR of 4.249%


FHA 5/1 ARM (1/1/5 Caps) – Credit Scores 740+

With 1.125 points – 3.250%! – APR of 3.969%

With 0 points – 3.625%! – APR of 4.249%


FHA 7/1 ARM (2/2/6 Caps) – Credit Scores 620 to 639

With .125 points – 3.750%! – APR of 4.386%

With 0 points – 3.875%! – APR of 4.5%


FHA 7/1 ARM (2/2/6 Caps) – Credit Scores 640 to 659

With .125 points – 3.750%! – APR of 4.386%

With 0 points – 3.875%! – APR of 4.5%


FHA 7/1 ARM (2/2/6 Caps) – Credit Scores 660 to 699

With .125 points – 3.750%! – APR of 4.386%

With 0 points – 3.875%! – APR of 4.5%


FHA 7/1 ARM (2/2/6 Caps) – Credit Scores 740+

With .125 points – 3.750%! – APR of 4.386%

With 0 points – 3.875%! – APR of 4.5%


FHA 203K Streamline

30 Year Fixed

With 0 point – 5.250%! – APR of 5.882%          With 1 points – 5.00%! – APR of 5.724%

Click here for your free customized quote!

Compare Today’s FHA Rates with Today’s USDA Rates and Today’s VA Rates

Information provided is solely for use by licensed real estate agents, builders and consumer use but not for distribution. Rates and APR are accurate as of date shown above and subject to change without notice. *APR and rates are based on $200,000 loan amount with 3.5% down and 30 day rate locks.


Today's FHA Rates ,

FHA Rates for February 12,2010

February 12, 2010 3 comments

Today’s FHA Mortgage Rates.

February 12,2010

*Please note that FHA Rates are subject to change, sometimes several times per day.*

*We now have credit score tier specific FHA mortgage Rates!*

*All FHA Rates posted are based on 30 day locks. *

*Please note that the FHA Rates posted are subject to adjustments for the following criteria*

1) Loans amounts under $100,000.00.

2) State specific adjustments.


FHA 30 year fixed – Credit Scores 620 to 639

With .75 points – 4.75%!          With .125 points – 4.875%!

FHA 30 year fixed – Credit Scores 640 to 659

With .875 points – 4.75%!          With 0 points – 5.0%!

FHA 30 year fixed – Credit Scores 660 to 699

With .50 points – 4.75%!          With 0 points – 4.875%!

FHA 30 year fixed – Credit Scores 740+

With 1.250 points – 4.625%!          With .125 points – 4.75%!


FHA 15 year fixed – Credit Scores 620 to 639

With 0 points – 4.25%!          With a credit of .750 points – 4.375%!

FHA 15 year fixed – Credit Scores 640 to 659

With a credit of .250 points – 4.25%!          With a credit of .875 points – 4.375%!

FHA 15 year fixed – Credit Scores 660 to 699

With a credit of .50 points – 4.25%!         With a credit of 1.125 points – 4.375%!

FHA 15 year fixed – Credit Scores 740+

With a credit of .875 points – 4.25%!          With a credit of 1.5 points – 4.375%!


FHA 3/1 ARM- Credit Scores 620 to 639

With .5 points – 3.75%!          With .125 points – 3.875%!

FHA 3/1 ARM – Credit Scores 640 to 659

With .375 points – 3.75%!          With 0 points – 3.875%!

FHA 3/1 ARM – Credit Scores 660 to 699

With .125 points – 3.75%!          With a credit of .25 points – 3.875%!

FHA 3/1 ARM (1/1/5 Caps)- Credit Scores 740+

With a credit of .250 points – 3.75%!          With a credit of .625 points – 3.875%!


FHA 5/1 ARM (1/1/5 Caps) – Credit Scores 620 to 639

With 1.50 points – 3.750%!          With .125 points – 4.125%!

FHA 5/1 ARM (1/1/5 Caps) – Credit Scores 640 to 659

With 1.375 points – 3.750%!          With 0 points – 4.375%!

FHA 5/1 ARM (1/1/5 Caps) – Credit Scores 660 to 699

With 1.125 points – 3.75%!          With 0 points – 4.125%!

FHA 5/1 ARM (1/1/5 Caps) – Credit Scores 740+

With 1 points – 3.75%!          With 0 points – 4.00%!


FHA 203K Streamline

30 Year Fixed

With 0 point – 5.250%!          With 1 points – 5.00%!

Click here for your free customized quote!


Compare Today’s FHA Rates with Today’s USDA Rates and Today’s VA Rates

Information provided is solely for use by licensed real estate agents, builders and consumer use but not for distribution. Rates and APR are accurate as of date shown above and subject to change without notice. *APR and rates are based on $200,000 loan amount with 3.5% down and 30 day rate locks.



Today's FHA Rates ,

FHA Rates for January 21,2010

January 21, 2010 No comments

Today’s FHA Mortgage Rates.

January 21,2010

*Please note that FHA Rates are subject to change, sometimes several times per day.*

*We now have credit score tier specific FHA mortgage Rates!*

*All FHA Rates posted are based on 30 day locks. *

*Please note that the FHA Rates posted are subject to adjustments for the following criteria*

1) Loans amounts under $100,000.00.

2) State specific adjustments.


FHA 30 year fixed – Credit Scores 620 to 639

With 1.25 points – 4.75%!          With 0 points – 5.00%!

FHA 30 year fixed – Credit Scores 640 to 659

With .875 points – 4.75%!          With 0 points – 5.0%!

FHA 30 year fixed – Credit Scores 660 to 699

With .875 points – 4.75%!          With .250 points – 4.875%!

FHA 30 year fixed – Credit Scores 740+

With .5 points – 4.75%!          With 0 points – 4.875%!


FHA 15 year fixed – Credit Scores 620 to 639

With 1.0 points – 4.25%!          With .250 points – 4.375%!

FHA 15 year fixed – Credit Scores 640 to 659

With .750 points – 4.25%!          With .125 points – 4.375%!

FHA 15 year fixed – Credit Scores 660 to 699

With .50 points – 4.25%!         With 0 points – 4.375%!

FHA 15 year fixed – Credit Scores 740+

With .125 points – 4.25%!          With 0 points – 4.375%!


FHA 3/1 ARM- Credit Scores 620 to 639

With 1 points – 3.75%!          With .125 points – 4.125%!

FHA 3/1 ARM – Credit Scores 640 to 659

With .75 points – 3.75%!          With 0 points – 4.0%!

FHA 3/1 ARM – Credit Scores 660 to 699

With .5 points – 3.75%!          With .125 points – 3.875%!

FHA 3/1 ARM (1/1/5 Caps)- Credit Scores 740+

With .125 points – 3.75%!          With 0 points – 3.875%!


FHA 5/1 ARM (1/1/5 Caps) – Credit Scores 620 to 639

With 1.250 points – 4.0%!          With .125 points – 4.375%!

FHA 5/1 ARM (1/1/5 Caps) – Credit Scores 640 to 659

With .875 points – 4.0%!          With 0 points – 4.375%!

FHA 5/1 ARM (1/1/5 Caps) – Credit Scores 660 to 699

With .875 points – 4.0%!          With .250 points – 4.25%!

FHA 5/1 ARM (1/1/5 Caps) – Credit Scores 740+

With 1.0 points – 3.875%!          With 0 points – 4.125%!


 

FHA 203K Streamline

30 Year Fixed

With 0 point – 5.250%!          With 1 points – 5.00%!

Click here for your free customized quote!


Compare Today’s FHA Rates with Today’s USDA Rates and Today’s VA Rates

Information provided is solely for use by licensed real estate agents, builders and consumer use but not for distribution. Rates and APR are accurate as of date shown above and subject to change without notice. *APR and rates are based on $200,000 loan amount with 3.5% down and 30 day rate locks.

 

Today's FHA Rates ,

January 15, 2010 – HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS

January 20, 2010 No comments
HUD No. 10-011
 FOR RELEASE
Friday
January 15, 2010

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS

Measure to help bring stability to home values and accelerate sale of vacant properties.

WASHINGTON – In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.”As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,” said Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization.”

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

“This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed,” Donovan said.

In today’s market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

  • All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
  • In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
  • The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website.

###HUD is the nation’s housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development ad enforces the nation’s fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.


FHA Loan Updates ,

January 20, 2010 – *FHA Announces Policy Changes to Address Risk and Strengthen Finances*

January 20, 2010 1 comment
HUD No.10-001
Melanie Roussell
(202) 708-0980
 FOR RELEASE
Wednesday
January 20, 2010

FHA Announces Policy Changes to Address Risk and Strengthen Finances
New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities

WASHINGTON – Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.
The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. U.S. Housing and Urban Development Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.
“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” said Commissioner Stevens. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities.”
Announced FHA Policy Changes:

Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending

    • The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
    • If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
    • This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
    • The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.

Update the combination of FICO scores and down payments for new borrowers.

    • New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
    • This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
    • This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.

Reduce allowable seller concessions from 6% to 3%

  • The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
  • This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.

Increase enforcement on FHA lenders

  • Publicly report lender performance rankings to complement currently available Neighborhood Watch data – Will be available on the HUD website on February 1.
    • This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
  • Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
    • Implement Credit Watch termination through lender underwriting ID in addition to originating ID.
    • This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.
  • Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process
    • Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.
  • HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:
    • Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders.This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite
    • Legislative authority permitting HUD maximum flexibility to establish separate “areas” for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches

In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.


###
HUD is the nation’s housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation’s fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

You can find this press release by clicking here: HUD

FHA Loan Updates
Powered by WordPress Web Design by SRS Solutions © 2012 fhamortgagesdoneright.com Design by SRS Solutions