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

Valued Contributor

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

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! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 31 of 49
Valued Member

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

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
Lender Pull (New car) 10/05/13 761
Message 32 of 49
Valued Contributor

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

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
Valued Member

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

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
Lender Pull (New car) 10/05/13 761
Message 34 of 49
Valued Contributor

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

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! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 35 of 49
Valued Member

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

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
Lender Pull (New car) 10/05/13 761
Message 36 of 49
Established Contributor

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

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

Message 37 of 49
Valued Contributor

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

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

Message 38 of 49
Valued Contributor

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

+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! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 39 of 49
Valued Contributor

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

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

Message 40 of 49