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Tag Archive | "Purchase"

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USDA is out of money – *TEMPORAIRY*

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Posted by Mr. Mortgage on May 20th, 2010

Legislative Update USDA Funding The USDA extension has been attached to an Appropriations bill (we have been told it is a Defense Authorization bill).  While the extension of the program still appears likely prior to Memorial Day, it is a volatile situation in light of the uncertainty surrounding the timing of  financial reform legislation currently [...]

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Announced FHA Policy Changes

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Posted by mortgagelending101.com on January 20th, 2010

FHA Increases Upfront MIP Fee: Raises Credit Score Requirement; Reduces Seller Concessions 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 [...]