cancel
Showing results for 
Search instead for 
Did you mean: 

FHA mortgage insurance changes (4/1/13 & 6/3/13)

Highlighted
Established Contributor

Re: FHA mortgage insurance changes (4/1/13 & 6/3/13)

And make sure your LO provides you the number, bc being the end of the month, they can be crazy busy and forgetful.

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Established Contributor

Re: FHA mortgage insurance changes (4/1/13 & 6/3/13)


foofighter74 wrote:

You need an FHA Case # prior to April 1st to be subject to all FHA guidelines as they stand today.  After 4/1, as it says, the rate goes up, and in early June, you'll need to pay the mortgage insurance for the life of your loan.

 

From what I've heard, you get an FHA case # when you apply for a loan and you're under contract on a specific property.


Ok so i am new to all of this...but you are saying that if you don't have 33% down on a home we have to pay PMI for the entire loan if done after 6/3/13

Current as of 7/10/17 EQ 598 TU 611 EX 629
Discharge 7/2016 Ch 7 BK
Valued Contributor

Re: FHA mortgage insurance changes (4/1/13 & 6/3/13)

Where did you get the 33% figure from? With FHA, no matter how much you put down, you always have to pay at least 5 years of PMI and starting June 1st, youll have to pay PMI for the life of the loan, no matter how much you put down or what your LTV is. Only way to get out of PMI is to refinance into a conventional loan.
Super Contributor

Re: FHA mortgage insurance changes (4/1/13 & 6/3/13)

Just a friendly reminder that there is less than a month before the big FHA mortgage insurance change.

Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Valued Contributor

Re: FHA mortgage insurance changes (4/1/13 & 6/3/13)

Just when the economy is getting good

Regular Contributor

Re: FHA mortgage insurance changes (4/1/13 & 6/3/13)


ShanetheMortgageMan wrote:

Just a friendly reminder that there is less than a month before the big FHA mortgage insurance change.


So am I correct in understanding that if I apply now, I won't have to pay PMI for the life of my loan but I am subject to the annual mortgage insurance premium increase?

NFCU Cash Rewards $16,100/FNBO Platinum $9.100/Best Buy Citibank $2,500/Care Credit $7,600/TJ Maxx $1000/Neiman Marcus $7000/Saks5thAve $2500

Starting Score: 426 Ch. 13 BK Filed Sep 2009; Discharged Jan 2013 Smiley Happy
Current Score: TU 706 EQ FICO 701 EX 704
Goal Score: 720

Valued Contributor

Re: FHA mortgage insurance changes (4/1/13 & 6/3/13)

yes

Regular Contributor

Re: FHA mortgage insurance changes (4/1/13 & 6/3/13)

It's more than just applying. You have to make sure your LO has an FHA case number for your loan. As long as he receives that before the cutoff, you're good. If you were to apply today, I'm sure you'd have no problem getting one. Smiley Happy

-------------------------------------------------------------------------------------------------
Starting Score - 575 (4/10)
Current Score - EQ - 750, TU - 752, EX - 728 11/4/12

Current Cards:
AMEX SPG ($7.5k), Amazon.com Visa ($3k), Discover More ($2k) all since 11/4/12

Fighting the good fight!
New Contributor

Re: FHA mortgage insurance changes (4/1/13 & 6/3/13)

I sent my FHA loan application into Wells Fargo yesterday. I was told by my LO I should have an FHA case number assigneed to me withing the next couple of days.


VS- $500, BarclayCard - $1200, Lowes - $5000, Old Navy - $1400, CapOne - $200, Chase Freedom - $1200
Started My credit rebuilding 11/2012 (stating scores in the low/ mid-500s)
Current scores - EQ 690. TU 724, EQ 719
Closed on my first home 7/25/2013!!! THANK YOU SO MUCH MyFico!
Gardening until 3/1/2014
Member

Re: FHA mortgage insurance changes (4/1/13 & 6/3/13)

I have a prior bankruptcy and I am wondering if I have to wait to apply before the seasoning period ends or if I have to wait to close on the home.  When exactly is the case number assigned?  We want a new construction home so it will be about 8 months before we can close on the home.  We did not start looking yet because I thought we needed to wait until its been 2 years from the bankruptcy discharge before we could apply.


Starting Score: 533 (BK Ch7 discharge 8/2011
Current Score: 640
Goal Score: 680


Take the FICO Fitness Challenge