Comparison on FHA vs. Conventional with Mortgage Interest Premiums

If you are looking into buying a home, you might know that FHA Annual mortgage insurance premiums (MIP) will be required for the life of the loan on the vast majority of FHA transactions.   If MIP is not required for the entire term of the loan, MIP will now be required for a longer
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FHA Changes are coming April and June of 2013.

Changes coming April 1st 2013: 1) The upfront MIP charge on FHA loans is currently 1.25%. This will increase to 1.35%. On a $100,000 loan the charge would be $1250, as of April 1st it will increase to $1350. For Jumbo Loans ($625k or higher) it will change to 1.30%. 2) FHA loans currently will
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Revised FHA Loan Limits

1-    Change in FHA Loan Limits – County loan limits for FHA loans will be going back to their 2008 levels and most counties will suffer reductions.  The changes will be for all property types. The single family limits will be $379,500 for the Philadelphia area including Chester County, Delaware County, Montgomery County, Berks and Bucks County, as
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FHA loan lending limits in Delaware are decreasing

Are you one of the many people who have been wondering if rumors that FHA loan lending limits per county are going down?  Could this be true?  Unless Congress extends the temporary loan limits that are in place now – then the answer is “yes”. Effective Friday, September 30th, the FHA loan limits will in
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Low Credit Score? A Mortgage isn’t out of reach

If you have a low FICO score, qualifying for an FHA loan just got easier.  Prosperity Mortgage, in Devon, PA,  is softening FHA credit overlays on purchase transactions. Individuals with a FICO score as low as 500 may qualify for an FHA loan; most lenders place overlays on top of the minimum FHA score and
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