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FHA updating policies

Valued Contributor

Re: FHA updating policies

Thanks Shane! Great info! When I first posted this, most folks took it as a grain of salt by saying it will be at least a year. When I read the article, the change seemed imminent. I am so glad I have my FHA case# as well.
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 11 of 36
Established Member

Re: FHA updating policies

sound like lf a person is eligible for usda thats a much better choice now

Message 12 of 36
Valued Contributor

Re: FHA updating policies

But with USDA, don't you have to buy in a targeted ares?
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 13 of 36
Established Member

Re: FHA updating policies

yes more rural areas. All areas dont qualify  so im def lookin in a rural area now Smiley Happy

Message 14 of 36
Valued Contributor

Re: FHA updating policies

It looks like the only thing taking effect April 1st is the increase  in the MIP rates by 0.10%. All other changes, such as having to pay MIP for the life of the loan, starts on June 3rd. The MIP for the life of the loan is for loan with less than 10% down payment. If you put down 10% or more, then the MIP will end after 11 years. 

 

http://portal.hud.gov/hudportal/documents/huddoc?id=13-04ml.pdf

Message 15 of 36
Frequent Contributor

Re: FHA updating policies

That's pretty bad news. I was planning to go for an FHA mortgage in the next few months. I'm trying to get things together and get a property sold before applying for the new mortgage, but this really makes my timeline tight. Not to mention it's probably going to make things harder in terms of buying if people are trying to rush to get contracts signed and case numbers issued before June 3rd. Smiley Sad

Scores:
07/29/12: EX FICO (Amex) 684 | EQ MyFICO 631 | TU Walmart 695
Current: EX FICO (MyFICO) 733 | EQ (MyFICO) 683 | TU (Walmart) 745

First Goal: 700+ across the board - Got it on EX & TU!!!
Message 16 of 36
Valued Contributor

Re: FHA updating policies

Maybe they will lower the credit score needed for conventional, that would really help out a lot of people.

 

Lower conventional down to a 640 so you can get out of PMI.

 

Use FHA if you have some credit problems and can't get up to 640.

Message 17 of 36
Valued Contributor

Re: FHA updating policies

True. I forgot that others will be rushing to do the same. If possible, try to get on Contract before school lets out as after that, there will be folks looking to buy before their children go back to school in the fall.
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 18 of 36
Valued Contributor

Re: FHA updating policies

Colorado doesn't have any rural areas until we get far away from the city...like 100 miles out min. I'm glad you have a rural area to look for homes in! So you won't have to deal with this FHA nonesense.
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 19 of 36
Valued Contributor

Re: FHA updating policies

Dallas has a lot of rural areas at a commutable distance.

Message 20 of 36