Credit Card Center Advertiser Disclosure

Reply
Established Contributor
Posts: 1,011
Registered: ‎04-08-2012
0 Kudos

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
Posts: 603
Registered: ‎10-13-2009
0 Kudos

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
Posts: 1,146
Registered: ‎11-30-2012
0 Kudos

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
Posts: 8,706
Registered: ‎09-28-2007
0 Kudos

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
Posts: 2,302
Registered: ‎08-25-2011
0 Kudos

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

Just when the economy is getting good

Regular Contributor
Posts: 146
Registered: ‎02-06-2009
0 Kudos

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

[ Edited ]

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
Posts: 2,302
Registered: ‎08-25-2011
0 Kudos

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

yes

Regular Contributor
Posts: 199
Registered: ‎05-23-2007
0 Kudos

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!
Highlighted
New Contributor
Posts: 51
Registered: ‎03-28-2013
0 Kudos

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
Posts: 13
Registered: ‎08-26-2011
0 Kudos

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

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.