Loans By Kathy: Did you hear? FHA is making changes in June

Did you hear? FHA is making changes in June

Yesterday I wrote a blog about FHA changes taking place in April 2012.  

  Did you hear? FHA is making changes in April

Well, just when you thought it was over, there are changes coming in June 2012 too.



Effective June 11, 2012, there will be additional MIP increases on loans >= $625,500. There are a limited number of counties where loans are allowed to be at or above this limit. In GA the only county is Greene County that this would affect. More information will be provided as we get closer to that time frame. If you have loans that are at that limit, please make sure that you get your case number ordered prior to the June 11, 2012 date.  


Maximum loan amount by county can be found on the HUD website. 

 

 

Streamline Refinances Effective June 11, 2012: Case numbers ordered after this date and loans endorsed on or before 5/31/2009 the Annual MIP will be .55% regardless of the base loan amount. The UFMIP however will increase from 1% to 1.75% regardless of term or LTV as with all other FHA forward mortgages. Case number for this decreased Annual MIP cannot be ordered UNTIL 6/11/2012.



For more information about how this will impact you or your client, please feel free to call.

 

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Kathy Sheehan Senior Loan Officer

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770.634.4021

F:

404.745.8060

 

Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

800.BAY.3703 Bay Equity LLC NMLS ID#76988


 

 

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

Comment balloon 3 commentsKathy Sheehan • March 08 2012 09:45AM

Comments

At first, I thought this was a repeat until I saw your first line.  Well, we will just deal with it.  I don't even like to open my emails anymore!

Posted by Suzanne McLaughlin, Sabinske & Associates, Realtor (Sabinske & Associates, Inc. (Albertville, St. Michael)) almost 6 years ago

Suzanne, I agree with you most of the time.  However, the changes for the streamline refinances will open up the opportunity for all those that bought prior to 2008.  I already have several in my pipleline, we just need to wait until June.

 

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) almost 6 years ago

I probably should have used a different title today, hmmm, didn't consider that.

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) almost 6 years ago

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