Fha 101

[rondelu]

Does all loans regradless of LTV requires MIP?

[waltersadvisors]

Just a note on theFHA 3% downpayment, there was a deadline for October 31st where FHA wasn't going to allow any downpayment assistance programs, but would only allow gift funds from relatives or employment. they extended the deadline so I would try and find out what that new deadline is. Just a note.

[Greg]

There is no deadline now. The courts ruled against HUD.

MIP Question...

This mortgagee letter covers it.

For 203b...

Quick answer. UFMIP of 1.5% always. No Monthly MIP on 15yr terms of 90% or less LTV. 78% on 30 year.

[cpruitt]

It's going to be interesting to see how the new FHA Modernization bill works out as the House and Senate reconcile their bills soon. FHA may change a lot in the next month or two.

[Greg]

Update:


Look for this program....

HUD Incentives

In an effort to increase the affordability of homeownership, FHA has approved the use of several sales initiatives for use in conjunction with the purchase of HUD Homes in Ohio and Michigan.

• Available to borrowers who purchase a HUD repossessed home in Ohio and Michigan
• Incentives are available on bids placed on or after November 15, 2007 through September 30, 2008
• Borrowers utilizing FHA financing to purchase homes that will be owner occupied, have the following benefits:
- $100 downpayment
- $2500 sales allowance at closing to apply towards closing costs, make repairs, or reduce the principal balance of the mortgage
- $500 Broker bonus
• Borrowers not utilizing FHA financing will obtain the following:
- $1,000 sales allowance at closing to apply towards closing costs, make repairs or reduce the principal balance
- $250 broker bonus

A product profile has been created specifically for the HUD Repo Incentive Program and will be available on the Third Party Lending website December 3, 2007.
When utilizing this offer please contact your Regional Account Manager or Account Relationship Associate for details on how to register the loan.