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Dan the loanman

FHA changes

Tuesday, February 12, 2013 - Article by: Dan the loanman - ArcStone Financial Services - Message

HUD announces fee increases to MIP effective with new case numbers issued after April 1, 2013....the increase is .10 basis points...from 1.25% to 1.35% for a majority of FHA loans.

Other changes are on the drawing board:

Notice of Proposed Changes to the Maximum LTV for Loans above $625,500(high cost areas) On February 6, 2013 FHA published a Notice in the Federal Register proposing to set a 95 percent maximum LTV for FHA-insured loans over $625,500 with
certain exceptions. FHA welcomes comments on the proposals set forth in
this notice for a period of 30 calendar days. To read this notice in its
entirety, and for information on submitting comments, see:
HUD PROPOSED LTV CHANGES Summary: This proposed notice would make changes to the loan-to-value (LTV)
financing available to qualified borrowers of FHA-insured loans. This notice
proposes to set a 95 percent maximum LTV for FHA-insured loans over
$625,500, with certain exemptions (should be exceptions). FHA's annual
Fiscal Year 2012 report to Congress on the financial status of the FHA
Mutual Mortgage Insurance Fund (MMIF, or Fund), reported a decline from
Fiscal Year 2011 in the Fund's statutorily mandated capital reserve ratio
and cited FHA's decision to continue taking steps to improve the MMIF's
short- and long-term outlook. HUD has determined that this proposed change
to the LTV requirements is necessary to improve the health of the MMIF,
while ensuring continued access to mortgage credit for American families.


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