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FHA Updates

The mortgage industry is in a constant state of change right now for many reasons.  It is difficult at best to keep up with all the changes.

This page will cover the FHA changes as they come about.  We also hope to include a summary for each mortgagee letter that is posted. 

I know that David H. Stevens, Assistant Secretary for Housing-Federal Housing Commissioner, has more changes planned for the future.

There are several other changes that will be posted in the next few days so we can get everything up to date.  You may want to return as time goes on.

Updates

FHA has waived their 90 day Property Flipping Rule for one year beginning February 1st, 2010.  Property Flipping
I spoke of more changes in the future.  FHA Commissioner David Stevens is considering:
  • Raising the minimum down payment 
  • Establishing a minimum credit score 
  • Increasing the cost of mortgage insurance 
  • Decreasing the amount the seller can kick in  

Read this article put out by the Wall Street Journal.  FHA Future Changes

Details of the extension & revision of the Home Buyer Tax Credit can be seen here: Tax Credit
FHA relaxes limit on origination fees.  Mortgagee Letter 2009-53

Changes to FHA Mortgage Insurance. Mortgagee Letter 2010-28

New RESPA guidelines took effect January 1st, 2010.  The following page contains the changes, instructions, and fillable forms you can down load for your use.  RESPA

RESPA FAQ's in PDF format.

 

 

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