Grab your party hats because FHA home loan customers have reason to celebrate today's announcement. HUD, through the FHA, will reduce its annual mortgage insurance premium (MIP), which is borrower paid in monthly installments, from 0.85% to 0.55% for most new borrowers. The change will go into … [Read more...]
2023 Baseline Conforming Loan Limit Will Increase to $726,200
This announcement has just been posted today 11-29-2022 on the FHFA website: "Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2023. In most … [Read more...]
Credit Scores May Be GOING UP In Summer of 2022!
With these exciting new credit reporting changes happening in the Summer of 2022 around medical collections, it's possible you may see your FICO credit score going up. What are the changes that we're so excited about and what it means to you? Just watch my May 20, 2022 interview with David Emge from … [Read more...]
FHFA Kills Adverse 1/2 point Refinance Borrower Fee Starting In August 2021
As reported in Housing Wire's article dated July 16, 2021, mortgage industry cheers elimination of 50 basis point fee on most refinanced mortgages. This means homeowners will have access to MORE of their property's equity when they refinance starting in August 2021. This is GREAT news for homeowners … [Read more...]
Mortgage Forbearance Clarity Offered By FHFA
Yesterday brought some good news from the Mortgage Bankers Association, (MBA) to those people utilizing the Covid-19 mortgage forbearance option during this difficult time. FHFA Director Mark Calabria, speaking Tuesday, May 19th, 2020 at a Mortgage Bankers Association event called, "MBA Live: … [Read more...]
