{"id":13885,"date":"2010-09-13T07:16:40","date_gmt":"2010-09-13T13:16:40","guid":{"rendered":"http:\/\/www.myfhamortgageblog.com\/?p=13885"},"modified":"2010-09-13T07:16:40","modified_gmt":"2010-09-13T13:16:40","slug":"fha-announces-changes-in-texas","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/fha-announces-changes-in-texas\/","title":{"rendered":"FHA Announces Changes in Texas"},"content":{"rendered":"<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-21023\" title=\"FHA Announces Changes to MIP\" src=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2013\/12\/iStock_000008857422_ExtraSmall.jpg\" alt=\"\" width=\"292\" height=\"411\" srcset=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2013\/12\/iStock_000008857422_ExtraSmall.jpg 292w, https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2013\/12\/iStock_000008857422_ExtraSmall-213x300.jpg 213w\" sizes=\"auto, (max-width: 292px) 100vw, 292px\" \/><\/p>\n<p>As some of you may have heard <a title=\"HUD\" href=\"http:\/\/www.HUD.gov\" target=\"_blank\" rel=\"noopener\">HUD<\/a> has officially announced their intention to make the following changes to the <a title=\"FHA program changes\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/fha-makes-changes-to-the-mortgage-insurance-premium\/\">FHA loan program\u00a0in Texas<\/a>:<\/p>\n<ul>\n<li>Lower the Up Front MIP from 2.25% to 1% AND<\/li>\n<li>Increase the Annual (monthly) MIP From .50 &#8211; .55% to .85 &#8211; .90% depending on LTV<\/li>\n<\/ul>\n<p>on loan terms greater than 15 years. This is scheduled to be effective for case numbers issued on <strong>October 4, 2010<\/strong>.<\/p>\n<p><strong>Here is how this change will look on paper:<\/strong><\/p>\n<p>Assuming<\/p>\n<p>$100,000 base loan<\/p>\n<p>UFMIP<\/p>\n<p>$101,000 using the new MIP in the mortgage amount<\/p>\n<p>$102,250 using the old MIP in the mortgage amount<\/p>\n<p>Annual MIP<\/p>\n<p>$909.00 ($75.75 Monthly) New Annual MIP based on $101,000<\/p>\n<p>$562.38 ($46.86 Monthly) Old Annual MIP based on $102,250<\/p>\n<p>At 5% 30 years assuming 96.5% LTV<\/p>\n<p>$617.94 New<\/p>\n<p>$595.76 Old<\/p>\n<p>A borrower will need an estimated $75-80 more in monthly income or $900 more per year to qualify per $100,000 in loan amount. While this may sound scary it&#8217;s just another move to ensure we are properly qualifying the borrower upfront.<\/p>\n<p>With all of these changes to the FHA loan program now might be a good time to consider your possibilites.\u00a0 Sure, if <a title=\"FHA\" href=\"http:\/\/www.fha.gov\" target=\"_blank\" rel=\"noopener\">FHA<\/a> is the best for you then we can put together a program to help get you out of mortgage insurance in the near future by refinancing into a conventional loan.\u00a0 If however you qualify for a conventiona loan then that might be the best option.\u00a0 The <a title=\"renovation lender\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/loan-programs\/203k-rehab-mortgage-loans\/\">Fannie Mae HomeStyle loan<\/a>, which is the conventional answer to renovation lending, requires a down payment of 5% and a credit score of at least 680.\u00a0 You will find that the mortgage insurance\u00a0can\u00a0be much less than that of\u00a0FHA\u00a0and best of all the mortgage insurance isn&#8217;t on the loan for the life of it.\u00a0 When you reach 80% loan to value or pay the mortgage down to this level you can apply to have it removed.<\/p>\n<p>Having options is key to renovation lending and working with a lender who has these options is very important!<\/p>\n<p><strong>Now is a great time to <a title=\"Conventional vs. VA loan\" href=\"http:\/\/mortgagedaily.tv\/2013\/04\/25\/conventional-jumbo-vs-va-jumbo-loans-in-texas\/\" target=\"_blank\" rel=\"noopener\">get under contact <\/a>to avoid being subject to these changes.<\/strong>\u00a0 Please <a title=\"Contact\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/contact\/\">call or email me <\/a>today for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As some of you may have heard HUD has officially announced their intention to make the following changes to the FHA loan program in Texas: Lower the Up Front MIP from 2.25% to 1% AND<br \/>\nIncrease the Annual (monthly) MIP From .50 &#8211; .55% to .85 &#8211; .90% depending on LTV.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[58],"tags":[104],"class_list":["post-13885","post","type-post","status-publish","format-standard","hentry","category-mortgage","tag-mortgage-insurance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FHA Announces Changes in Texas<\/title>\n<meta name=\"description\" content=\"FHA Announces Changes in Texas. HUD has officially announced their intention to make the following changes to the FHA loan program in Texas.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/fha-announces-changes-in-texas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FHA Announces Changes in Texas\" \/>\n<meta property=\"og:description\" content=\"FHA Announces Changes in Texas. 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