Michelle Leonard : New FHA Guidelines as of October 1 , 2008

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New FHA Guidelines as of October 1 , 2008

By: Michelle Leonard
Saturday, September 20, 2008 9:56 AM

The news on the street is that as of October 1 - there are new FHA guidelines that are favorable to our buyers - meaning less or no MIP up front and less or no MIP monthly. I have been told if the client has a case number prior to October 1 they will not be eligible for this goodie factor. Who can shed more light on this new rule?

Comments

Member Since '07	Gary Morris said: Hi Michelle, This may help. Read Mortgee Letter 2008-22. http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ September 20, 2008 7:11 PM
Member Since '07	Gary Morris said: That should be "Mortagee Letter"...it is Document Number 08-22. September 20, 2008 7:12 PM
Member Since '04	Phil Anderson said: It's "MORTGAGEE LETTER 2008-22". Let me help you both with a link to it: http://tinyurl.com/49pb8o :) September 20, 2008 8:49 PM
Member Since '07	Gary Morris said: Thanks Phil...I tried the Tiny URL but it was / is not working. Your link is not valid. I linked to the main page because the URL was shorter than the link to the letter. September 21, 2008 9:28 AM
Member Since '03	Gregory Bain said: It works for me, Gary. Thanks, Phil. I think I read it as No PMI for 10% down on mortgage over 15 years. Is that right? September 21, 2008 10:03 AM
Member Since '06	Michelle Leonard said: I found oud from a lender this morning that up until October 1 the amount of MIP charged was based on their credit score so if your client has a good Fico score than they shoudl buy BEFORe October 1 and after October 1 it is a fixed rate. September 22, 2008 8:58 AM
Member Since '04	Phil Anderson said: Works for me, Gary.... September 22, 2008 9:03 AM
Member Since '06	Michelle Leonard said: Gary and Phil, Thank you for your help. I appreciate it! Michelle Leonard www.MichelleLeonard.com September 25, 2008 6:56 AM