Comments on: Summary of Recent Changes in the FHA Loan Program

By: Brenda - Cellulite Treatment Spa

Brenda - Cellulite Treatment Spa — Tue, 27 Oct 2009 17:15:11 +0000

I really hope the current loan limits get extended beyond the end of this year. There are a lot of people tied up in short sales who will be forced to bail if it gets adjusted downward significantly.

By: Becky

Becky — Tue, 08 Sep 2009 23:16:16 +0000

Hello Aimee
Do you know if FHA approves loans for a home that are on a WELL and not city water and what are the requirements for that?

By: First-Time Home Buyer Tax Credit Website – Arizona Mortgage Guru

First-Time Home Buyer Tax Credit Website – Arizona Mortgage Guru — Thu, 11 Dec 2008 03:57:57 +0000

[...] government has been very busy this past year and half or so enacting all kinds of legislation. Many changes have been made to mortgage finance tax law. So many that it can be hard to keep track of [...]

By: Aimee Ghimire

Aimee Ghimire — Mon, 13 Oct 2008 19:48:31 +0000

Peg,

Thanks for your inquiry on the AZ Mortgage Guru. Mortgage Insurance can be confusing, especially in this market. To answer your question, you need to put a minimum of 5% down on a conventional, owner-occupied purchase. Mortgage Insurance will go to 95% LTV (loan to value).

However, you must be careful. SOME of programs will automatically cut of 5% additional from this 95%, bringing it down to 90% IF your home is considered to be in a “declining market”. Make sure you ask your loan officer about this!

Please let me know if you have any further questions!

By: Peg

Peg — Sat, 04 Oct 2008 03:00:44 +0000

What is the minimum downpayment in Phoenix that the mortgage insurance industry requires for a conventional loan whenputting a downpayment down that’s less the 20%? Does the mortgage insurance downpayment requirements change based on the company? How is that regulated? I’ve heard conflicting information from loan officers and brokers.

By: Shailesh Ghimire

Shailesh Ghimire — Sun, 17 Aug 2008 03:18:05 +0000

No problem Dru. You prompted the research and the incentive.

By: Dru Bloomfield

Dru Bloomfield — Sat, 16 Aug 2008 23:32:43 +0000

Shailesh, Since I was one of those asking you questions, I really appreciate you getting this information out, especially regarding how the new FHA loan limit will be calculated.