FHA Anti-Flipping Rules Change
June 27, 2008 by Carl Chapman · Leave a Comment
Great news for investors interested in acquiring, rehabilitating and reselling foreclosed houses: The Federal Housing Administration has temporarily waiving its “anti-flipping” rules and will now insure mortgages on properties that have been owned by the current seller for less than 90 days. Call me to learn more. 623-979-5962.
Changes in FHA Loans
June 17, 2008 by arizonan · Leave a Comment
Big changes for those getting FHA loans. For the first time in history, FHA will take credit scores into account. I have attached the details for those who like to know all the details! These guidelines are effective as of July 14th, 2008.
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Borrowers need either no score, or at least 500, to get a LTV >90%; see matrix below.
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Borrowers with a score less than 500 get a maximum LTV of 90%.
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Borrowers without scores will require manual underwriting.
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Upfront Mortgage Insurance Premiums will range from 1.25% - 2.25%, based on score.
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The Monthly Mortgage Insurance will range from .50% to .55% depending on score.
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The premium is based on the borrower with the lowest score.
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If one of the borrowers has no score, then the Non-Traditional credit grade is used.
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Credit rescoring is allowed to improve a borrower’s credit grade.
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All FHA Secure refinances >95% LTV with delinquencies have a 2.25% UFMIP and .55% MMI.
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Cash-out, rate & term, and non-delinquent FHA Secure refinances are included in this chang