Here is a good program, want all the details? Visit the link below for the information directly from FHA/HUD:
FHA Power Saver Program
Here are the bullet points:
Qualification for this program could change before the launch, but here are some general guidelines currently:
1. Minimum credit scores of at least 660
2. Total Debt-to-income ratios of no higher than 45 percent
3. Combined loan-to-value (including the PowerSaver loan) of no more than 100 percent
Sounds like a great program and hope people take advantage of this! Here are the lenders who will be offering it: Lenders for the FHA Power Saver program
As stated before about FHA mortgage costs going up in September, looks like HUD pushed back the increase in mortgage costs to October 4th. Still need to wait for the mortgagee letter to come out and make it official. Find out more at www.hud.gov.
Here comes more changes! We all have hopefully heard about the FHA Condo Changes that took place in February, but now the cost of an FHA mortgage is going up. It was only a matter of time this would happen because you have major market share of people now only able to go under the FHA product since that is the only product with the lowest down payment available right now, unless you fit into THESE categories. Looks like April 5th, 2010 is going to be the date FHA (HUD) will make some changes and here is a summary of them.
1. Increase in upfront MIP from 1.75% to 2.25%
2. Reduction in maximum seller contributions from 6% down to 3%
3. Congressional request to increase monthly mortgage insurance premiums. For a 30 year fixed FHA those are currently .55% a month.
4. Minimum credit score of 580 in order to have only a 3.5% down payment. If below 580 then a 10% down payment is required. (of coarse most all banks are currently at 580 to 620 so this will not be a concern unless the markets credit score requirements go lower)
Want to read it for HUD’s website then keep on reading below. Hope this helps 
continue reading »
Looks like a new mortgagee letter from FHA, mortgagee letter 2009-46b is out with the new condo approval process for FHA loans. Saying it simpler, if you are buying a condo these are the guidelines lenders will be looking at for all FHA loans. You still have guidelines from Fannie Mae and Freddie Mac, then beyond that it is up to each individual lender and their interpretation of the guidelines and how much risk they want to take on. I originally talked about these changes in my earlier post HUD Delays Condo Changes notifying everyone of the delay until December 7th, 2009 for these changes to take place. The major change is the elimination of FHA’s Spot Loan Approval process for condo projects. So this means that all projects will be required to be approved through FHA with two approval options:
*HUD Review and Approval Process (HRAP)
* Direct Endorsement Lender Review and Approval Process (DELRAP) — The preferred method for approval, as it is typically faster.
DELRAP is available only through lenders who have unconditional Direct Endorsement authority as well as staff who are experienced in reviewing and approving condo projects. So this means for any one looking for financing on condos it is very important now what lender you choose and knows what they are doing!
Here is a link to the actual Mortgagee Letter 2009-46b for your reading pleasure. Any questions please feel free to ask and as always……Hope this helps
