Government Loan programs

FHA CHANGES ARE COMING-

The Federal Housing Authority outlined policy changes to its mortgage assistance program. The shift is meant to both reduce the government group’s portfolio risk while strengthening its overall financials.

For consumers, the changes mean higher costs. As listed in the official announcement, there are 3 major guideline updates for the FHA:

  • Upfront mortgage insurance premiums are increasing to 2.25% from 1.75%
  • Minimum downpayments for applicants with sub-580 FICOs are rising to 10%
  • Seller concessions are being limited to 3%, down from today’s allowable 6%
  • Furthermore, the FHA has appealed to Congress to raise an FHA borrowers’ monthly mortgage insurance premiums.

FHA loansleft

 

An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.

 

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.

 

Some of the other benefits of FHA financing:

  • Only a 3.5 percent down payment is required.
  • Closing costs can be financed.
  • Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
  • More flexible underwriting criteria than conventional loans
  • FHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage).
  • Loans are assumable to qualified buyers.

 Please call us direct at (407) 999-9700 or (877) VETS-USA

Basic Pre-Approval

Get the Best Mortgage Rate!

Tell us a little about your current needs and we can use that
information to match you with just the right loan.
 
Tell us about your loan needs.
*Reason for loan (purch, refi, cash out):
*Value of property:
*Type of property:
*Amount you need to borrow:
Type of loan wanted (30 Yr, 15 Yr, ARM, Int. Only):

How can we get in touch with you?
*Name:
*Email:
Phone:
Address:
City:
*State:

Tell us about your credit history.
*Credit History (Excellent, Good, Average, Poor):

Note: Fields with an * are required

ORLANDO MORTGAGE COMPANY, INC.  FULL SERVICE LENDER


OMC Orlando Mortgage Company, Inc. 644 West Colonial Dr. Orlando, FL 32804-7342
Phone: Toll Free Phone: Fax:

Contact Us | Preferred Partners | USDA Loans | Reverse Mortgage | Tell a Friend | Home | Mortgage Saving Tips | Site Map | Getting Qualified | Refinancing Options | Mortgage Payoff Calc | Refi Interest Savings Calc | Refi Breakeven Calc | Mortgage Calculators | VA Loans | FHA Loans | Pre Approval | Reverse Mortgages

Copyright © 2010 OMC Orlando Mortgage Company, Inc.
Portions Copyright © 2010 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map