Fha Mortgage Loans Cary | NC FHA Expert

FHA PMI Changes 4/18/2011 – Again

On February 27, 2012, FHA Announced that they will change the FHA PMI rates, again, on April 2012. The rates listed below will be in effect until the end of March, 2012.

There are currently two types of Mortgage Insurance or PMI associated with every FHA loan we make.

Up Front Mortgage Insurance Premium (sometimes referred to as UFMIP): The current rate on this premium is currently 1 percent of the loan amount. At THIS TIME, if you sell the property or refinance it – you will NOT get a refund of the fee as you did in year’s past.

Annual or MONTHLY Mortgage Insurance (I’ve seen it referred to both ways because the borrower will pay for it MONTHLY – but it’s calculated on an annual basis): The NEW rate for this FHA Mortgage Insurance Premium varies depending upon your down payment – and the length of your loan [Read more...]

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Could FHA Force Green Homeownership?

Are we going to Force Green Living?

President Obama, and most of the rest of us are thinking Green is Good, and in an Executive Order issued earlier this month, he required that all Federal Agencies must do everything possible to:

“increase energy efficiency; measure, report and reduce their greenhouse gas emissions from direct and indirect activities;… eliminate waste, recycle and prevent pollution…”

No Federal Agency, no Fannie or Freddie have put requirements on homeownership at this point – however it does cause one to pause. How far do we go?

HUD is required to report back to the White House it’s Greenhouse Gas Emmission reduction suggestions by January. Since there is pressure to show large increases in energy efficiency and corresponding decreases in pollution and greenhouse gas emissions… could this move HUD toward imposing “green” standards on federally-assisted programs like FHA?

How else is the Department going to show significant reduction efforts?

I think I’d keep this on the Radar. This could have a HUGE impact on HUD programs, especially FHA single-family and multifamily insurance programs! Think the Minimum Property Standards could be changing??

Lead Paint – move over! We could be requiring additional insulation, solar hot water heaters, upgraded windows!

If you are considering a purchase in Cary or Raleigh, NC and want to talk about being pre-qualified, please call Steve and Eleanor Thorne, 919-649-5058