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Showing posts with label Pompano Beach. Show all posts
Showing posts with label Pompano Beach. Show all posts
Monday, September 1, 2014
Wednesday, August 27, 2014
FHA to eliminate “post payment” interest charges
WASHINGTON – Aug. 27, 2014 – The Federal Housing Administration (FHA) today announced that borrowers who prepay their FHA-insured mortgages will not have to make interest payments beyond the date their mortgage is paid in full.
FHA's rule, Handling Prepayments: Eliminating Post-Payment Interest Charges, applies for FHA-insured mortgages closed on or after Jan. 21, 2015. This rule explicitly prohibits lenders from charging borrowers post settlement interest, which is broadly defined as a "prepayment penalty" by the Consumer Financial Protection Bureau (CFPB), for all FHA Single Family mortgage products and programs.
In addition, FHA announced a new rule to ensure borrowers have early access to information when making decisions about their FHA mortgages. Effective for FHA-insured Adjustable Rate Mortgages (ARMs) originated on or after Jan. 10, 2015, this rule makes two revisions to FHA's ARM Program. It requires lenders:
″ To provide borrowers with FHA-insured ARMs at least a 60-day, but no more than 120-day, advance notice of an adjustment to their monthly payment. FHA currently requires a 25-day advance notice.
″ To base an interest rate adjustment that results in a corresponding change to the borrower's monthly payment on the most recent index value available 45 days before the date of the rate adjustment (commonly referred to as a "look back period"). FHA currently requires a 30-day look-back period.
The new rules result from regulations in the Truth-in-Lending Act (Regulation Z) as revised last year by the CFPB.
© 2014 Florida Realtors®
FHA's rule, Handling Prepayments: Eliminating Post-Payment Interest Charges, applies for FHA-insured mortgages closed on or after Jan. 21, 2015. This rule explicitly prohibits lenders from charging borrowers post settlement interest, which is broadly defined as a "prepayment penalty" by the Consumer Financial Protection Bureau (CFPB), for all FHA Single Family mortgage products and programs.
In addition, FHA announced a new rule to ensure borrowers have early access to information when making decisions about their FHA mortgages. Effective for FHA-insured Adjustable Rate Mortgages (ARMs) originated on or after Jan. 10, 2015, this rule makes two revisions to FHA's ARM Program. It requires lenders:
″ To provide borrowers with FHA-insured ARMs at least a 60-day, but no more than 120-day, advance notice of an adjustment to their monthly payment. FHA currently requires a 25-day advance notice.
″ To base an interest rate adjustment that results in a corresponding change to the borrower's monthly payment on the most recent index value available 45 days before the date of the rate adjustment (commonly referred to as a "look back period"). FHA currently requires a 30-day look-back period.
The new rules result from regulations in the Truth-in-Lending Act (Regulation Z) as revised last year by the CFPB.
© 2014 Florida Realtors®
Thursday, June 12, 2014
FHA Loan Types
Choose from Several FHA Mortgage Programs
Fixed Rate FHA Loan
An FHA loan benefits those who would like to purchase a home but haven't been able to put money away for the purchase, like recent college graduates, newlyweds, or people who are still trying to complete their education.
Adjustable Rate Mortgage (ARM)
The FHA adjustable rate mortgage is a HUD mortgage specifically designed for low and moderate-income families who are trying to make the transition into home ownership.
FHA Secure Refinance Loan
Many homeowners with adjustable rate mortgages find themselves in financial trouble because of current interest rate increases. FHA Secure refinancing can help when foreclosure is a threat.
FHA Reverse Mortgage
An FHA reverse mortgage is designed for homeowners age 62 and older. It allows the borrower to convert equity in the home into income or a line of credit.
Energy Efficient Mortgage
The FHA Energy Efficient Mortgage program helps current or potential homeowners significantly lower their monthly utility bills and incorporate the cost of energy efficient improvements into their mortgages.
Graduated Payment Mortgage
Graduated Payment Mortgages are FHA loans for home buyers who currently have low to moderate incomes but expect them to increase substantially over the next 5 to 10 years.
Growing Equity Mortgage
FHA Section 245(a) allows those who currently have a limited income, but expect that their monthly earnings will increase, to purchase a home with the help of a Growing Equity Mortgage in which payments start small and increase gradually over time.
FHA Loans for Condominiums
FHA condominium loans, sometimes called condo loans, are specifically designed toward those who purchase housing units in a condominium building.
Other Loan Types
Various loan options are available for those who prefer not to use the loans noted above. These alternatives include VA loans, conventional loans, jumbo fixed rate loans, among others.
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