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mortgage insurance premium (MIP)

FHA Releases "Blueprint for Access" to Expand Credit for Underserved Borrowers

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The Federal Housing Administration (FHA) has issued its “Blueprint for Access” outlining the additional steps the agency is taking to expand access to credit for underserved borrowers.  These steps include encouraging a broader use of housing counseling. This week, HUD will publish a notice in the Federal Register for the Homeowners Armed with Knowledge (HAWK) pilot program to further incorporate housing counseling into the home buying process for borrowers using FHA insured financing.Click to continue

HUD Unveils Definition of QM

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The U.S. Department of Housing and Urban Development (HUD) released its final rule which defines a ‘Qualified Mortgage (QM)’ that is insured, guaranteed or administered by HUD. The final rule will be effective on January 10, 2014 and will apply to mortgages with a case number assignment on or after that date. Read HUD’s final rule.Click to continue

$10.2 Billion in Annual Mortgage Payment Reductions Available

House Atop Money/Credit: Creatas

While it’s not getting the kind of attention you might expect, some 3.4 million American homeowners have the opportunity to share in more than an estimated $10 billion in savings on their mortgage payments. The Federal Housing Administration (FHA) recently announced changes to the fees that it will charge on its FHA Streamline Refinance program for some existing borrowers. The savings begin on June 11, so the time is right to find out if you qualify.Click to continue

FHA Takes Measures to Increase Its Capital Reserves

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As part of ongoing efforts to encourage the return of private capital in the residential mortgage market and strengthen the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund, Acting FHA Commissioner Carol Galante has announced a new premium structure for FHA-insured single family mortgage loans. FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent for loans under $625,500 and by 0.35 percent for loans above that amount.Click to continue

FHA Makes Changes to Annual MIP and Refi Transactions

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On Feb. 14, the Federal Housing Administration (FHA) released Mortgagee Letter (ML) 11-10 and ML 11-11. ML 11-10 announced an increase to the annual Mortgage Insurance Premium (MIP) on standard FHA loan programs. ML 11-11 announced some changes to refinance transactions. This month’s article is dedicated to highlighting the most important aspects of these changes for you, along with a little commentary and perspective.Click to continue

FHA Sets New Premium Structure for 15- and 30-Year Loans to Boost Capital Reserves

David Stevens at Podium

As part of ongoing efforts to strengthen the Federal Housing Administration’s (FHA) capital reserves, FHA Commissioner David H. Stevens has announced a new premium structure for FHA-insured mortgage loans increasing its annual mortgage insurance premium (MIP) by a quarter of a percentage point (0.25) on all 30- and 15-year loans. The upfront MIP will remain unchanged at one percent. This premium change was detailed in President Obama’s fiscal year 2012 budget and will impact new loans insured by FHA on or after April 18, 2011.Click to continue

FHA Insider: BIG FHA Updates ... “NegEQ” Refi, CLTVs, MIPs and Credit Scores

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The end of the summer was a big one for the Federal Housing Administration (FHA) and I have compiled a list of the highlights of each FHA update. The combined loan-to-value (CLTV) ratio, mortgage insurance premium (MIP) and credit score changes continue the disturbing trend of FHA becoming more and more like Fannie Mae and Freddie Mac. I noticed this philosophical shift once Commissioner David H. Stevens took office in July of 2009 and observed that in many press releases and U.S.Click to continue

FHA Announces New Affordable HECM Saver Reverse Mortgage Option

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The Federal Housing Administration (FHA) has announced a new modified version of its Home Equity Conversion Mortgage (HECM) product. The HECM loan is a reverse mortgage-insured by the federal government. It allows older home owners to tap into their equity to cover living expenses and healthcare costs, while continuing to live in their home without having to make the mortgage payments that are required with a traditional mortgage or equity loan.Click to continue

Lower upfront costs key feature to HUD's new reverse mortgage plan

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The Federal Housing Administration (FHA) has announced that it intends to make modifications to its Home Equity Conversion Mortgage (HECM) product, a reverse mortgage loan insured by the federal government, to make it more attractive and cost-effective for older home owners seeking to tap their home equity to cover living expenses and healthcare costs, according to the National Reverse Mortgage Lenders Association (NRMLA).Click to continue

ReverseLinks: A roundup of links to reverse mortgage articles and reports (February 2010)

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► On Feb. 3rd the Mortgage News Daily posted a blog by "The Voice of Housing: Reverse Mortgages: Friend or Foe? Definitely Friend" … to get those of you who dismiss the reverse mortgage program as too risky for the FHA and taking advantage of the elderly, to get a grip and look at this wonderful program as a means to provide our growing (aging) population a better quality of life while maintaining our independence and self respect.Click to continue