FHA Mortgage Insurance changes coming!
Effective for FHA loans for which the case number is assigned on or after October 4, 2010 the Upfront Mortgage Insurance will decrease from 2.25 to 1.00 (100 basis points) on most FHA insured loans except Home Equity Conversion (HECM – “reverse mortgage”). Chances are you have heard this or some version of it but until yesterday, September 1, 2010, it was not in writing in the official form from HUD.
When are FHA case numbers assigned?
Case numbers must be assigned prior to ordering third party services such as the appraisal. Appraisals are not ordered until there is a fully executed sales agreement in the lender’s possession. The lender orders the FHA case number and assigns it to the loan application where it becomes permanent record.
30 Year Fixed Rates Still Falling
Another week, another new low for conforming mortgage rates. In fact, this week marks the 9th time in a row it’s happened.
Mortgage rates are (again) at their lowest levels in history.
Avoiding “Free Credit Report” Scams
Did you know that identity theft often occurs when you are obtaining your Government Free Annual Credit Report? Therefore, you must protect yourself before you become another victim of America’s fastest rising crime.
So How Is Identity Stolen With The “Free Credit Report” Scam?
Bills Introduced to Extend USDA Home Loans
Two members of the U.S. House of representatives have introduced bills to save the U.S. Department of Agriculture’s Single-Family Housing Guaranteed Loan Program–one of the last ways to get into a house for no money down–which is expected to exhaust its fiscal-year funding in coming weeks.
Read the full article on our USDA website: www.indianausdamortgages.com
Property Tax Bills to hit mailboxes April 10
The 2010 tax bills will be mailed at the end of this week. May 10 is the due date for the first installment; the second installment is due November 10. Each bill has two pages. Page one is a remittance coupon; page two is a tax description summary. The remittance coupon has an “A” portion to accommodate the payment of the spring installment and a “B” portion to accommodate the payment of the fall installment. Both installments can be paid in the spring with one check if you desire to do so.
New this year, if you have a homestead credit on file in the auditor’s office, you will receive a third, rose-colored page in your billing known as a homestead verification form. You are required by law to fill this form out and return it to the Howard County Auditor’s Office. Questions regarding this form should be directed to 456-2215.
