Place 728 x 90 Ad Here

Latest from Clearwater Real Estate Tampa Homes

Latest from Clearwater Real Estate Tampa Homes


Congress Approves FHA Insurance CAP Increase

Posted: 06 Aug 2010 05:23 PM PDT

August 5, 2010
 
Congress recently approved a FHA request to raise the statutory cap of the annual federal mortgage insurance fee from 0.55 percent to 1.55 percent. While the details are being finalized it looks like the up-front MIP will be reduced and the monthly MIP will be increased.
Here is the text from the announcement from the Desk of David H. Stevens – Assistant Secretary for Housing / Federal Housing Commissioner:
 
"Over the past week, Congress has taken quick action and passed H.R. 5981. The bill gives FHA the authority to adjust its annual mortgage insurance premium, yielding approximately $300 million per month in value to the FHA Mutual Mortgage Insurance Fund at a time when its reserves are perilously low.

 
As I have previously stated in my testimony before Congress, FHA will lower its upfront premium simultaneously with the increase to the annual premium¹. It is our intention that effective on September 7, 2010, FHA's upfront mortgage insurance premium will be adjusted down to 100 basis points on all amortization terms and the annual mortgage insurance premium will increase to 85-90 basis points on amortization terms greater than 15 years². A Mortgagee Letter will be forthcoming once President Obama signs the bill into law, but with today's passage of H.R. 5981 and our expedited implementation schedule, I wanted to immediately inform the industry of our plans so the lending community can begin preparing for the operational and system changes required to implement FHA's new mortgage insurance premium structure on all new case numbers by September 7, 2010.
 
With this authority, FHA is in a better position to address the increased demands of the marketplace and return the MMI fund to congressionally mandated levels without disruption to the housing market.
 
While we appreciate and applaud this recent action, there is still work to be done. HUD remains steadfast in its commitment to comprehensive FHA reform legislation, similar to the FHA Reform Act passed earlier this year by the House, which would further enhance FHA's lender enforcement capabilities and risk management efforts. We hope Congress will take swift action to pass a broader FHA reform bill when they return from the August recess. FHA's risk management efforts will not be complete without the ability to monitor lender performance and ensure compliance with our rules.
 
Although the transition timeframe is short, implementation by September is critical. Thank you in advance for the efforts of you and your organization to make this change happen on such short notice. We appreciate your hard work and continued partnership.
 
¹The upfront and annual premium changes do not apply to the following FHA Programs: Title I, HECM, HOPE for Homeowners (H4H), Section 247 (Hawaiian Homelands), Section 248 (Indian Reservations), Section 223 (e) (declining neighborhoods), Section 238(c) (Military Impact areas in Georgia and New York).
² LTV's <= 95% will increase to 85bps and LTV > 95% will increase to 90 bps"
 
=============================================================================

Ask us for a Market Survey for Your Property – Find Out What Your Home is Worth.

Search MLS:

Clearwater FL Homes For Sale

Email us today if you are thinking of buying or selling your home or condo in Clearwater FL, or any of these other local cities: Dunedin FL, Safety Harbor FL, Palm Harbor FL, Largo, Seminole, Tarpon Springs, Clearwater Beach FL, Belleair Beach, Indian Rocks Beach, Indian Shores, Redington Shores, North Redington Beach, Redington Beach, Madeira Beach, Treasure Island or St Pete Beach.

If you're looking for a Realtor we'd like you to know that we are passionate about being your real estate advocate. We're committed to delivering Results based on Integrity, Knowledge & Experience – helping you find the perfect home or condo – just ask.

We'd like to be YOUR

Clearwater FL Realtors

We specialize in luxury and waterfront condos and homes!

Call Jack @ 727710.8036 or Cyndee @ 727.710.8035

Jack and Cyndee Haydon
Charles Rutenberg Realty
1545 S. Belcher Road
Clearwater, FL 33764
Jack's Cell: 727-710-8036
Cyndee's Cell: 727-710-8035

See What a Customer Says About Us:

Client Videos

Search the MLS:

Clearwater FL Homes For Sale

Posted via email from ClearwaterRealEstateTampaHomes’s posterous

0 comments:

Post a Comment

Note: Only a member of this blog may post a comment.

 
Real Estate © 2010 Template design by Vida de bombeiro . Powered by Blogger.
Vida de bombeiro Recipes Informatica Humor Technology Curiosidades Mensagens News Tecnology Curiosity Car News Saude Video Games Mister Colibri Diario das Mensagens Eletronica Rei Jesus News Esportes Noticias Atuais Pets Career Religion Fashion Recreation Business Education Television Programming Motosport Tech Arts Fashion Business Computer Academics Sport Design Photography Travel Ebooks Music Politic Science Education Gadget Games Ecology Fish Flowers Sociology Home Soccer Downs Center Handicraft Education Show Music Show Fashion Health Freak Drag Home Toscas Noticias dos Times Futebol Central do Coração Science Livros Politics Music Business Women Law Downloads Saude Downs Computer Downs World Tele News Wireless Tech Arts Fashion Business Computer Academics Sport Design Photography Travel Ebooks Music Politic Science Education Gadget Games Ecology Fish