FHA Reverse mortgage Applications

Mortgage loan application

August 19th, 2013 | by Jason Oliva Published in , |

The number of Federal Housing Administration (FHA) single-family loan applications plummeted by nearly 50% in June compared to the previous month, according to a issued Friday by FHA.

FHA loan applications fell 49% in June to 93, 734, compared to the previous month when there were a total of 182, 431 applications received.

So far, June had the lowest application volume for FHA single-family loans than any other month in 2013, the highest volume month being March with 221, 596.

The decrease in applications for June come following a June 3 implementation of a new policy that makes GHA loans more expensive over the long-term, and changes on April 1 that raised the annual mortgage insurance premium to 1.35% over the life of the loan.

Home Equity Conversion Mortgage (HECM) loan application activity declined slightly in June to 6, 495 compared to 6, 526 applications recorded for May 2013.

The highest month for HECM application activity for 2013 thus far was March with 13, 613 loans, while April recorded the least HECM volume with 5, 182, according to FHA’s report.

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Higher rates = Higher Home prices?

2011-08-23 15:15:52 by irvinerealtor

The Federal Housing Administration (FHA) will reduce single-family loan limits in the highest-cost metropolitan areas from $729,750 to $625,500 starting Oct. 1. The reduction, announced Friday afternoon, will affect 669 of the 3,234 jurisdictions in which the FHA insures loans.
The current floor loan limit in areas where housing costs are relatively low will remain unchanged, at $271,050 for one-unit properties. The mortgage loan limit and maximum claim amount for FHA-insured reverse mortgages will also remain unchanged, at $625,500.
The current maximum loan limits were to be retired in January 2009, but legislation delayed implementation of the loan-limit...

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Just Approved: Recent FHA buyers refinance to remove mortgage insurance  — San Francisco Chronicle
Mortgage consultant: Ty Cabalsi. Loan type: 30-year and 15-year fixed-rate refinance mortgages.

FHA lowering loan limits in Chicago area  — Chicago Tribune
Combined, the moves taken by the FHA this year will force some homebuyers in 2014, particularly first-time homebuyers, to expand their search for mortgage financing or put their planned home purchases on hold.

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