Mortgage Loans

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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: FHA Rules to change around March 31st on Mortgage Insurance!

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‎01-21-2013 04:45 PM

It will sometime after the announcement. No one knows at this point. It could be 6-12 months from the announcement. I am thinking it will be within that timeframe.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
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jennaxx
Posts: 44
Registered: ‎02-04-2013

Re: FHA Rules to change around March 31st on Mortgage Insurance!

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‎02-15-2013 10:26 AM

Is this only if you put less than 20% down ?

EQ 678 FICO on 2/4/13 EX FAKO (Quizzle) 639 on 2/8/13
TU FAKO (CK) 627 on 2/8/13 EX FAKO CS 737 on 2/15/13
Lender Pull 02/21/13 TU 684 EXP 730 EQ 678
SW alert on 02/22/13 EQ 688
Message 32 of 49 (315 Views)
 
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Mike_B03
Posts: 962
Registered: ‎11-30-2012

Re: FHA Rules to change around March 31st on Mortgage Insurance!

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‎02-15-2013 10:31 AM

It does not matter how much you put down, if it's an FHA loan, then whatever rules are in place at the time it affects the loan.

 

 

Message 33 of 49 (309 Views)
 
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Established Member
jennaxx
Posts: 44
Registered: ‎02-04-2013

Re: FHA Rules to change around March 31st on Mortgage Insurance!

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‎02-15-2013 10:36 AM

and this new rule that maybe coming is what affects this ? As on the FHA site itself (first paragraph) it says mortgage insurance is for buyers with less than 20% down.

 

http://www.fha.com/fha_requirements_mortgage_insurance.cfm

EQ 678 FICO on 2/4/13 EX FAKO (Quizzle) 639 on 2/8/13
TU FAKO (CK) 627 on 2/8/13 EX FAKO CS 737 on 2/15/13
Lender Pull 02/21/13 TU 684 EXP 730 EQ 678
SW alert on 02/22/13 EQ 688
Message 34 of 49 (303 Views)
 
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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: FHA Rules to change around March 31st on Mortgage Insurance!

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‎02-15-2013 10:48 AM

That's not a reputable site. The FHA website is www.fha.gov NOT .com

PMI will be required for the life of the loan with less than 10% down starting June1st. Right now it is only required until 78% LTV.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Message 35 of 49 (291 Views)
 
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Established Member
jennaxx
Posts: 44
Registered: ‎02-04-2013

Re: FHA Rules to change around March 31st on Mortgage Insurance!

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‎02-15-2013 12:10 PM

Thanks !

EQ 678 FICO on 2/4/13 EX FAKO (Quizzle) 639 on 2/8/13
TU FAKO (CK) 627 on 2/8/13 EX FAKO CS 737 on 2/15/13
Lender Pull 02/21/13 TU 684 EXP 730 EQ 678
SW alert on 02/22/13 EQ 688
Message 36 of 49 (273 Views)
 
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foofighter74
Posts: 674
Registered: ‎12-09-2012

Re: FHA Rules to change around March 31st on Mortgage Insurance!

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‎02-15-2013 12:52 PM

Thank God we'll have a case number by the end of March. 

Message 37 of 49 (261 Views)
 
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tooleman694
Posts: 1,924
Registered: ‎08-25-2011

Re: FHA Rules to change around March 31st on Mortgage Insurance!

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‎02-15-2013 12:53 PM

I know right. If this was the case now I would be going conventional.

Message 38 of 49 (257 Views)
 
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MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: FHA Rules to change around March 31st on Mortgage Insurance!

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‎02-15-2013 12:59 PM

+1, so glad I have gotten in the door before the door closes as well. These new FHA rules are awful! I am curious to watch how these new rules are going to affect mortgage loans going forward.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Message 39 of 49 (248 Views)
 
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tooleman694
Posts: 1,924
Registered: ‎08-25-2011

Re: FHA Rules to change around March 31st on Mortgage Insurance!

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‎02-15-2013 01:16 PM

Only people going FHA will be the ones that have to. Or that cant wait.

Message 40 of 49 (240 Views)
 
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