FHA will be lowering their mortgage insurance starting today, 1/26. The monthly mortgage insurance will drop from 1.35% to .85%. This will help bring FHA’s monthly insurance more in-line with USDA and Conventional mortgage insurance. FHA is still the #1 first time homebuyers program as it still only requires 3.5% down, and we require only a 580 credit score. Some good news at least, especially with USDA going away in certain areas. FHA is not the end of the world and is a great loan program!!!
USDA:
I have just received word that as of February 2nd, 2015, USDA is officially changing its maps. For Atlantic County, it will make EHT ineligible and parts of Galloway (closer to Absecon). Feel free to call me with any questions about this:
Egg Harbor City Is Eligible For FHA and USDA Financing
Thus, the ineligible area maps based on the above classifications will be effective on February 2, 2015. The changes will be those already published on the “Future Eligible Areas” maps posted on the Eligibility Website; http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Jim Malamut
Greentree Mortgage
NMLS#206095
Cell: 609-432-2829
Office: 609-646-5555
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