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News and Program Updates: News and Updates

FHA Mortgage Insurance Premiums Effective April 1, 2013 and June 3, 2013

FHA Mortgage Insurance Premiums Effective April 1, 2013 and June 3, 2013

[ 0 ] February 8, 2013

FHA Single Family Annual Mortgage Insurance Premium (Annual MIP) will rise effective April 1, 2013 and June 3, 2013. How long you have MIP will also change effective June 3, 2013. UpFront Mortgage Insurance Premium (UFMIP) will not change.

HUD Announces 2013 FHA Loan Limits

HUD Announces 2013 FHA Loan Limits

[ 0 ] December 28, 2012

The Department of Housing and Urban Development announces 2013 FHA loan limits effective January 1, 2013 to December 31, 2013. Below is an excerpt from the Mortgagee Letter:

2013 Conventional Loan Limits Announced

2013 Conventional Loan Limits Announced

[ 0 ] December 3, 2012

Maximum conforming loan limits in 2013 will remain at 2012 levels ($417,000 for a one-unit property in the continental U.S.), as announced by the Federal Housing Finance Agency (FHFA). Loan limits are set annually by FHFA and apply to conventional loans that Fannie Mae or Freddie Mac may acquire.

USDA Rural Housing Update: Funding Available Through Fiscal year 2013

USDA Rural Housing Update: Funding Available Through Fiscal year 2013

[ 0 ] November 16, 2012

USDA Rural Housing Update: Mortgage Funding Available Through Fiscal year 2013

FHA Mortgage Insurance Premiums Effective April 9, 2012

FHA Mortgage Insurance Premiums Effective April 9, 2012

[ 0 ] March 7, 2012

Effective April 9, 2012 The charts below illustrate the 10 basis points (0.10%) increase in the Annual FHA Mortgage Insurance Premiums. The Upfront Mortgage Insurance Premium (UFMIP) will increase 75 basis points (0.75%).

HUD Announces 2012 FHA Loan Limits

HUD Announces 2012 FHA Loan Limits

[ 0 ] January 12, 2012

The Departement of Housing and Urban Development announces updated 2012 FHA loan limits effective January 1, 2012 to December 31, 2012. Below is an excerpt from the Mortgagee Letter:

2012 VA County Loan Limits for High-Cost Counties

2012 VA County Loan Limits for High-Cost Counties

[ 0 ] January 12, 2012

The Department of Veterans Affairs Loan Guaranty program does not impose a maximum amount that an eligible veteran may borrow using a VA guaranteed loan. However, the following county “limits” must be used to calculate VA’s maximum guaranty amount for a particular county. These limits apply to all loans closed in 2012.

2012 Conventional Loan Limits Announced

2012 Conventional Loan Limits Announced

[ 0 ] January 11, 2012

Maximum conforming loan limits in 2012 will generally remain at 2011 levels ($417,000 for a one-unit property in the continental U.S.), as announced by the Federal Housing Finance Agency (FHFA).

Funding for USDA Rural Housing Loans is Available

Funding for USDA Rural Housing Loans is Available

[ 0 ] October 7, 2011

Funding for the Single Family Housing Guaranteed Loan Program will not be available for a short period of time at the beginning of Fiscal Year 2012 (FY 2012), which starts October 1, 2011. It took a week but today, October 7, 2011, we are again closing and funding USDA loans with Conditional Commitments “subject to the availability of commitment authority”. There are lenders that will not close with a conditional commitment but we are and will continue to. USDA rural housing is a great loan program and are proud to offer it to our customers.

Mortgage Updates

2011 Conventional Loan Limits Announced

[ 0 ] October 1, 2011

2011 conventional loan limits will remain at 2010 levels not including conventional high cost areas. This will keep the 1-unit loan limit at $417,000 for all areas except those identified as high cost areas. Loans originated on or after October 1, 2011, will use the “permanent” high-cost area loan limits established by FHFA under a formula of 115% of the 2010 median home price, up to a maximum of $625,500 for a 1-unit property in the continental U.S. You can view high cost areas here (pdf).

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