Loan Limit Increase for 2017!

Written by Michael A. Foote, CMB on . Posted in FHA lending, fha mortgage, FHA purchase loan, hud, mortgage banker, mortgage broker, mortgage finance, Mortgage Processing, mortgage regulations

mbaaIn high-cost areas, the FHA national loan limit “ceiling” will increase to $636,150 from $625,500. FHA will also increase its “floor” to $275,665 from $271,050. Additionally, the maximum claim amount for FHA-insured Home Equity Conversion Mortgages (HECMs), or reverse mortgages, will increase to $636,150. This amount is 150 percent of the national conforming limit of $424,100.

FHA Changes

Written by Michael A. Foote, CMB on . Posted in FHA lending, hud, mip, mmi, ufmip

FHA is changing it’s terms, yet again. FHA will increase it’s MMI or monthly mortgage insurance premium to as high as .90% from the current .55% and it’s UFMIP or upfront mortgage insurance premium to 1% from the current 2.25% for purchase transactions. The result, plenty of technology updates and confused Loan Officers. The question is how will the streamline refinances be affected by this?