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FHA Loans

FHA Loan Programs

About FHA Loans

The Federal Housing Administration (FHA) is the world’s largest government insurer of mortgages, having insured over 38 million home mortgages since 1934. The government established the FHA to increase homeownership and improve existing housing conditions for Americans. The FHA does not lend money; it guarantees to pay the lender if the borrower defaults on a loan.


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Mortgages

FHA Streamline Refinance

FHA Streamline Refinance

No Appraisal/No Income Verification

Streamline mortgage refinancing is reserved for borrowers whose existing mortgage is insured by the Federal Housing Administration (FHA).

The entire loan refinancing process is “streamlined” – making it one of the easiest home mortgage loans to get approved and closed.

Even if you have recently been turned down, an FHA Streamline Refinance may be your answer.

The FHA Streamline Advantage

  • Unlimited loan-to-value (LTV) – Even if you owe more than the value
  • No Appraisal – Typically, no appraisal is required
  • No Income – Typically, no income verification is required
  • No Cost – Typically zero points, and no fees rolled into loan
  • Lower FHA fees – Dramatically reduced monthly mortgage insurance (MIP) and Up-front Mortgage Insurance (UFMIP)
  • Quicker Process – Less documentation, faster closings
  • Same low rates and pricing as other conventional and FHA mortgages

“We found the process to be very simple and smooth…We couldn’t have been happier.”


Who’s Eligible?

  • Homeowners whose existing mortgage is insured by the FHA
  • Must be current on their existing Mortgage
  • Must have no more than one 30-day mortgage late payment in last 6 months
  • New payment must be reduced by at least 5% to qualify
  • Mortgage refinance only/no cash out

Unsure if you have an FHA mortgage? Call us today to find out.

Why Now?

  • With this program, refinancing home loans has never been easier
  • Fixed rates have never been lower
  • Lock in now for the lowest payment
  • Homeowners can save hundreds per month
  • Not every home mortgage company offers this program
  • Apply today

FHA County Loan Limits

FHA Loan Limits

The Federal Housing Administration (FHA) establishes annual limits for FHA loan amounts based on property type and geographic area. Select your state from the list below to view the loan limits for your specific county.

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Act Now to Avoid Paying Longer Terms on FHA MIP

Act Now to Avoid Paying Longer Terms on FHA MIP

In our last post, FHA MIP Changes, we talked about how FHA mortgage insurance premium amounts increased April 1, 2013. Effective June 3, the amount of time borrowers must carry MIP increases to either 11 years, or for the life of the loan, depending on LTV (loan to value) at the time of origination.

  • LTV under 90% — MIP will last 11 years (no 78% criteria anymore)
  • LTV over 90% — MIP will last the entire term of the loan (no 78% criteria anymore)

Begin processing loan paperwork now

To avoid having to pay MIP for these longer term periods, you must begin processing your paperwork now – as the MIP term is based on when your Case Number is assigned. All Case Numbers assigned before June 3, 2013 will fall under the old MIP timetable (you can drop MIP after five years if you’ve reached < 78% LTV).

All fifteen-year loans under 78% LTV will also be subject to the new MIP terms. Formerly, these loans weren’t subject to MIP.

Factor in time for unforeseeable delays

The first step we at Meridian take to obtain your FHA case number is to establish a new FHA case with HUD by providing the required information (e.g. validating borrower information, credit history, etc.).

This process is comprehensive and complex – and can take up to a week or more. In addition, if you’re borrowing money to fund new construction, your address may not be listed in the FHA database – delaying case number assignment. Other factors that can cause a delay include: any issues with credit history, missing or incorrect borrower information and not having an active loan application in progress.

Starting your application now – before the new MIP terms go into effect – can save you literally thousands of dollars over the life of your loan. To begin your loan application process, contact Meridian Home Mortgage today.

FHA MIP Changes

FHA MIP Changes

The following two changes are effective for all case numbers assigned on or after April 1st:

1. FHA will be increasing their MIP fees (up to 10 bps).

Your FHA case number cannot be assigned until we get your signed loan disclosure package back. So, Meridian began structuring loans with the new MIP fees as of Monday, March 18th 2013.

If we receive your package back before April 1st, we will attempt to reduce your MIP amount. But Meridian cannot promise that your FHA number will be assigned in time. Please discuss this with your Personal Adviser if you have any questions or concerns.

2. MIP will no longer be cancelled after 5 years and 78% LTV. Instead:

  • LTV under 90% – MIP will last 11 years (no 78% criteria anymore)
  • LTV over 90% – MIP will last the entire term of the loan (no 78% criteria anymore)

The following change is effective for case numbers assigned on or after June 3rd:

15 year loans under 78% LTV will no longer be exempt from MIP. They will have the same MIP as other 15 year FHA loans < 90% LTV.