FHA

FHA will continue to process loans during the government shutdown, as reported here by Inman news.

USDA, however, will not be processing loans during this time. This is especially a bummer for the client of mine who found a perfect house at a great price with his USDA loan late last week. His lender sent me the following note:

“FYI—USDA has been effected by the government shutdown—at the present time, they are unable to do residential loans.  We are proceeding to send the applications in hope that this will be a temporary issue.”

{ 0 comments }

No April Fool’s joke here. Today marks new changes to the fees associated with using an FHA loan. Essentially, private mortgage insurance (PMI) on a loan is here to stay- no more getting out at 78%. Some additional fees will make it more costly to obtain a loan.

Here are some thoughts on the web:

This makes a USDA loan an even better option for those areas that can get it (like Coal City and other smaller local communities).

{ 0 comments }