Deanne's Video Blog Library

November 20, 2012 - HUDS Proposed MIP sample email

So when you shoot the video, you'd actually be at work with your hair done instead of in Jammies ready to go to bed :) I'm sending it to myself as well to see what email looks like. 30 seconds or less and I recorded from my iphone (tip - turn the camera sideways and it comes out like a regular video)

HUDs Proposed MIP Increase

While no date has been set yet, HUDs press release 12-171 has two proposals that will affect FHA loans in the future.

1. Proposed that MONTHLY MIP remain for the entire term of the loan.

• HUD mentions that it will affect 30-year fixed rate mortgages.  But there is no mention whatsoever if it will also affect 15 or 20-year fixed rate loans.
• Borrowers, who have a loan where the FHA monthly premium will fall off someday, will have to pay the premium forever if they refinance when this change goes into effect.
• Here's a link to Cancellation of Mortgage Insurance Fact Sheet for you to review.

2. Proposed a 10 basis point increase to the ANNUAL insurance premium.

• HUD expects the premium increase to add $13 more on monthly payments.
• Here's a link to FHA 11-Year History of Mortgage Insurance Changes

So, what should you do?

If you have clients that are on the fence as far refinancing or purchasing a new home now is the time to do it!!!!!  We can order an FHA case number and get it grandfathered.  Remember we are still closing loans in less than 2 weeks and issuing commitments in 2-3 days.  Call me today and help your buyers celebrate the holidays in their new home

November 19, 2012 - Mortgage Down Payments