topic Re: FHA changes in Mortgage Loans

FHA changes

Anonymous — Tue, 19 Feb 2013 01:17:07 GMT

Hello does anyone know when the changes begin because I have heard April 1 & June 1

Re: FHA changes

Anonymous — Tue, 19 Feb 2013 01:23:30 GMT

Some changes April 1st and some June 1st, depends on the change. Only change happpening on April 1st is that the PMI is going up by 10 basis points as far as I know. On June 1st, the rest of the new rules go into effect.

Re: FHA changes

Anonymous — Tue, 19 Feb 2013 01:40:29 GMT

Thanks How much is that on 115000 loan

Re: FHA changes

JonRun — Tue, 19 Feb 2013 01:53:19 GMT

If both the UpFront and monthly PMI are going up 1 basis point, then your UPMIP will be $2,127.50 and your monthly PMI will be $129.37.

Re: FHA changes

Anonymous — Tue, 19 Feb 2013 02:43:39 GMT

Sorry I don't really understand but is that129.37 for 10 point or per point just trying to see what the overall increase would be on loan for that amount 115000

Re: FHA changes

Anonymous — Tue, 19 Feb 2013 02:49:50 GMT

@Anonymous wrote:
Sorry I don't really understand but is that129.37 for 10 point or per point just trying to see what the overall increase would be on loan for that amount 115000

That's the total amout of PMI that you will pay monthly on that loan amount. The increase is really small, almost negligible.

Re: FHA changes

Anonymous — Tue, 19 Feb 2013 03:00:16 GMT

Ok planning to buy soon

Re: FHA changes

Anonymous — Tue, 19 Feb 2013 14:00:19 GMT

When all these new rules kicked in will it affect those who are already under contract and the loan got approved but just waiting for closing. For example, my closing date is March 28. If FHA doesn't release th money until April 2 or the seller for whatever reason can't close til April, am I subject to the new rule?

Re: FHA changes

tooleman694 — Tue, 19 Feb 2013 14:33:31 GMT

When you get your case file you use the rules when you got it. So if the rules change tomorrow but you got your case today you are good.

Re: FHA changes

ccubedzx3 — Tue, 19 Feb 2013 15:41:16 GMT

When do you get a case #? I put an earnest deposit back in October of last year, right before they started buidling. Would I have one now, or will I not receive one until we re-app to close?

Re: FHA changes

Anonymous — Tue, 19 Feb 2013 15:47:52 GMT

You get a case number when you apply for a loan, assuming there's a property attached. They can't assign a case number until there's an address. You most likely already have a case #.

Re: FHA changes

Anonymous — Tue, 19 Feb 2013 16:35:03 GMT

You should get one when you go on Contract and fill out the FHA loan app so you should have a case number by now.