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FHA Rules/Dates Again; Spot Approval; Appraisal; MIP Increase

FHA Down Payment: An increase to 5% Down does not seem likely for FHA loans according to several of our lenders.

Using our OWN Appraisers: If FHA Case Numbers are ordered on or after Feb. 15th, we are subject to HVCC appraisal rules. This is serious, as our super-skilled appraisers have saved many FHA deals over the last 12 months. So get your offers in now.

Spot Approvals are no longer available unless the FHA Case Number was ordered prior to Feb. 1st.

Up Front Mortgage Insurance Premiums for FHA Loans increase to 2.25% for all Case Numbers ordered on or after April 5th, 2010. Up Front MIP is now 1.75% of loan amount.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167