Denver CO FHA, FHA Secure, VA home loan purchase and refinance information and application. Information – Summit Mortgage

FHA VA Blog

FHA REFI NOW!

March 21st, 2008 12:40 PM

This year the market has been very volatile, bouncing all over the place, and we've seen more swings on a single day than we used to see over a month! The good news is, on the good days the rates are very low, and we have been able to secure them for our clients.

Look at your current rate on your mortgage, realize that FHA loan limits are now at $406,250 for Metro Denver & surrounding counties and $460,000 for Boulder. We have been doing 'no cost' refinances (that is where we pay your closing costs, they are not rolled into your loan) at 5.50% on 30 year fixed rate loans. (Yes, that is on the difficult loans too).

If you think this would help you, call or e-mail us, we can look at how much that would lower your monthly payment, go over the good faith estimate, etc. Also, if you currently have an FHA or VA loan - great time to do a no quailifying, no appraisal streamline refi - they are simple and another great HUD program.

Posted by Ray Williams on March 21st, 2008 12:40 PMPost a Comment (0)

$100 DOWNPAYMENT

March 21st, 2008 12:57 PM

For those of you wanting to take advantage of the low home prices, and purchase a home - HUD has a special offering.

Purchase a HUD home using an FHA loan and your downpayment is reduced to $100. This is a special offer for HUD homes in Colorado.

HUD homes are simply FHA foreclosures, there are about 100 (or more) new ones every single week. There is a misconception that HUD homes are horribly run down - not true. While some of them can be, many of them are newer homes, and some in great condition.

Call or e-mail us for more information on this program.

Posted by Ray Williams on March 21st, 2008 12:57 PMPost a Comment (0)

NEW FHA LOAN LIMITS

March 21st, 2008 12:33 PM

Well we have been hearing about the higher loan limits for FHA for some time, they are currently available to us now! We are now locking and closing FHA loans with the higher loan limits. Metro Denver's five major counties new limit is $406,250 for a single family home and up to $781,250 for a four family home. For those of you that have been waiting for the opprotunity to get into an FHA loan - now is a great time!

Theresa

(Per HUD/FHA) Effective March 6, 2008, HUD will offer temporary FHA loan limits that will range from $271,050 to $729,750 (Limits). Overall, the change in loan limits will help provide economic stability to America's communities and give nearly 240,000 additional homeowners and homebuyers a safer, more affordable mortgage alternative. The maximum amount of $729,750 will only be applicable to extremely high-cost metropolitan areas. Previously, FHA's loan limits in these very high-cost areas were capped at $362,790.

The Economic Stimulus Act of 2008 permits FHA to insure loans on amounts up to 125 percent of the area median house price, when that amount is between the national minimum ($271,050) and maximum ($729,750). The new minimum and maximum loan limits are based on 65 percent and 175 percent of the conforming loan limits for Government-Sponsored Enterprises in 2008, which is $417,000. The FHA used a combination of existing government data sets and available commercial information to determine the median sales price for each area. The change in loan limits are applicable to all FHA-insured mortgage loans endorsed with HUD’s publication of the increased loan limits today, and it lasts until December 31, 2008.

By increasing loan limits nationwide, FHA will provide much needed liquidity and stability to housing markets across the country. Already, as conventional sources of mortgage credit have been contracting, FHA has been filling the void. From September to December 2007, FHA facilitated more than $38 billion of much-needed mortgage activity in the housing market, more than $15 billion of which was through FHASecure, FHA's refinancing product. By focusing on 30-year fixed rate mortgages, FHA helps homeowners avoid and escape the risks associated with exotic subprime mortgage products, which have resulted in rising default and foreclosure rates.

"This is not an easy crisis to address, and there is no silver-bullet, but I know that we can help hundreds of thousands of people keep their homes, and we can calm the waters," said HUD Secretary Jackson.

In January 2009, FHA's maximum loan limit will return to $362,790, unless the U.S. Congress approves bipartisan legislation to permanently increase loan limits as part of the FHA Modernization bill, which is still awaiting final approval on Capitol Hill.

Posted by Ray Williams on March 21st, 2008 12:33 PMPost a Comment (0)