What does a government shutdown mean for Baltimore real estate? It can mean quite a bit. First, the IRS is closed, so if a buyer's bank needs ANY documentation from the IRS that the buyer does not have in their possession, then they are stuck until the government reopens before that buyer can close on [...]
FHA condo recertification should get easier, thanks to the passage of H.R.3700 - Housing Opportunity Through Modernization Act of 2016 on July 14. It also lowers the current owner-occupancy from 50% to 35%, which should hopefully make more Baltimore County condominium communities eligible for FHA financing. Right now, there are a number of Baltimore County condo [...]
The FHA Back to Work - Extenuating Circumstances Program is in effect as of August 15, 2013. What is the FHA Back To Work - Extenuating Circumstances Program? It is a program for potential mortgage applicants who have gone through a financial hardship due to either unemployment or large reduction in income. The FHA Back [...]
FHA condo financing has gotten harder for many customers over the past few years. Luckily some changes announced in September could help. The National Association of REALTORS(R) broke down the changes: 1) Investors can buy up to half of project units. The maximum before was 10% investor-owned. 2) More commercial space is allowed in a [...]
FHA mortgages are very popular in the Baltimore real estate market. For not much money down, Baltimore homebuyers can get into the home of their dreams, and use any reserves they have to decorate or buy furniture. The amount that may be in reserves is going to lessen by a significant amount on April 1, [...]
The FHA annual mortgage insurance premium is set to rise by .25% for any loan case numbers assigned after April 18, 2011. Bob Mowrey, from Corridor Mortgage Group, let me know just what this could mean to FHA buyers. On average, he says, this would mean that buyers will pay an extra $30/month. For a [...]
Will FHA be flexible with seller closing cost assistance? That is possible, according to a report from National Mortgage News late last week. FHA guidelines have changed, and more changes are on their way. Beginning Monday, October 4, the new FHA changes take effect, including lower upfront mortgage insurance premium and higher monthly insurance premiums. [...]
Does HUD owe you a refund? If you had an FHA-insured mortgage after September 1, 1983 and meet certain qualifications (including no refinance), then possibly! Here are the eligibility requirements from their website: Who may be eligible for an FHA refund or share? Premium Refund: You may be eligible for a refund of a portion [...]
FHA is offering refinances for qualifying underwater borrowers, according to a mortgagee letter sent out by HUD last week. Mortgagee Letter 2010 -23 came as a result of the changes announced by HUD in March 2010 in the MHA (Making Housing Affordable) FHA program. The letter states that the focus of the program is: These [...]
Beginning October 4, 2010, new FHA Mortgage changes will be coming through, due to bill H.R. 5981 signed into law August 11. Thank you to Dan Plunkett with Prosperity Mortgage, who clarified the changes in H.R. 5981: The new FHA Mortgage changes include a reduction in the upfront mortgage insurance premium (also known as Upfront [...]