FHA Buy and Bail Exceptions HUD-4155.1 REV-5, paragraph 1-2 Principal Residences Question 50: If my principal residence is currently covered by an FHA-insured mortgage, can I purchase another principal residence with an FHA-insured mortgage? Answer: Only under the following situations described below: a) Relocation – Relocating to another area not within a reasonable […]
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FHA monthly mortgage insurance is going up. Staring on April 18, 2011, the amount you pay for monthly mortgage insurance on an FHA loan is going up by .25%. The box below shows how this increase will impact a typical FHA Loan. Current FHA Monthly Mortgage Insurance FHA Monthly Mortgage Insurance After […]
FHA Buy And Bail Guideline Update: January 24, 2011. How lenders interpret FHA guidelines. On September 19, 2008, FHA issued MORTGAGEE LETTER 2008-25 which can be viewed here . It is also listed on this site here. The purpose of this letter was to address what is commonly referred to as a Buy and Bail […]
Summary of FHA Streamline Refinance changes Effective date is for case numbers issued on or after 11/18/2009 Old: Could do an FHA Streamline Refinance loan with no waiting period from current loan New: Borrower must have made 6 full payments on loan before being allowed to streamline. Old: FHA Mortgage Loan being refinanced must be […]
