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MAX LEAMAN

Mortgage Lender Branch Manager (512) 293-1239
Max Leaman, mortgage lender, serves the greater Austin, Round Rock, and Georgetown areas

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Texas Mortgage News

HUD Announces FHA Changes Starting October 4th, 2010

Contact Max Leaman with Questions: (512) 293-1239


How are HUD Guidelines Changing?


HUD has announced the following guideline changes for loan terms greater than 15 years:

  • Lower the Up-Front Mortgage Insurance Premium (MIP) from 2.25% to 1%,

  • Increase the annual (monthly) MIP From .50–.55% to .85–.90%, depending on Loan-to-Value (LTV).

example HUD FHA changes


When Do Policy Changes Take Effect?


This policy change is scheduled to begin for case numbers issued on October 4, 2010.



How Will These Changes Effect Borrowers?


A borrower will need an estimated $75-80 more in monthly income, or $900 more per year, to qualify per $100,000 in loan amount.



Why is HUD Changing FHA Mortgage Insurance Premiums?


High demand for FHA loans put pressure on the capital reserve of the FHA insurance fund. Guideline changes will increase the mortgage insurance paid by borrowers, thus increasing the FHA insurance fund reserves.



Have Questions? Get Answers.


I wanted you to know about these changes ASAP so you could respond quickly to questions from clients. Please don't hesitate to contact me if you or someone you know has questions.

Save Even More on Your Austin Mortgage Rate


Exclusive Float Down Program available for most Conventional and Government loans. If mortgage rates go down after you lock in your interest rate with Max Leaman, you have an option to lower your interest rate ONE time, guaranteeing you a great mortgage rate.



HUD Announces FHA Changes Starting October 4th, 2010
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My consultation is always free. If you or someone you know has questions, please contact me, Max Leaman: 512-293-1239 (Cell) and 512-617-5636 (Office).

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