BREAKING NEW: FHA NOW HAS RISK GRADE PRICING, BASED ON CREDIT SCORE

FHA Announces Risk-Based Premiums
A Special FHA Announcement from THE FHA Experts


For the first time in history, credit scores will be utilized in FHA lending. We encourages all Clients to review the important FHA guideline changes that become effective on July 14th, 2008.

Let's take a closer look at the ten primary changes to the FHA guidelines:

1. Borrowers with either no score or at least 500 may get an LTV >90%; see matrix below.
2. Borrowers with a score less than 500 get a maximum LTV of 90%.
3. Borrowers without scores will require manual underwriting.
4. Upfront Mortgage Insurance Premiums will range from 1.25% to 2.25%, depending on score.
5. The Monthly Mortgage Insurance will range from .50% to .55% depending on score.
6. The premium is based on the borrower with the lowest score.
7. If one of the borrowers has no score, then the Non-Traditional credit grade is used.
8. Credit rescoring is allowed to improve a borrower's credit grade.
9. All FHA Secure refinances >95% LTV with delinquencies have a 2.25% UFMIP and .55% MMI.
10. Along with purchases, these changes apply to cash-out, rate & term, and non-delinquent FHA Secure refinances.


image

Review the full update letter.

CLICK LINK FOR COMPLETE DETAILS.

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/08-16ml.doc

Looking Back And Looking Ahead : June 16, 2008

The Consumer Price Index rose in May 2008, hinting that inflation pressures are building.Mortgage rates moved higher last week on lingering concerns about inflation, the fourth straight week in which rates rose.

Mortgage rates are now as high as they've been since October 2007.

Because inflation devalues mortgage bonds, market players are quick to unload them when signs of inflation are present.  

Last week, there were several such signs:

  1. The American Consumer is spending undettered despite economic uncertainty
  2. The Cost of Living is rising faster than expected
  3. The Federal Reserve reports that some business are passing higher costs on to consumers

Hence, the higher mortgage rates.

This week, only Tuesday registers as a "big data day" with reports on housing, productivity, and Producer Price Index -- the "Business Cost of Living" report.  

There will be four members of the Federal Reserve speaking, though, and that will add some volatility to the market.  Fed Chairman Bernanke is among the speakers, addressing Congress this morning at 10:00 A.M. ET.

So, expect mortgage rates to continue to jump and dip this week, taking their cues from inflation.  More inflation means higher rates and a slowing economy should cause rates to retreat. 

(Image Courtesy: LA Times)

 

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