Land Gorilla’s Post

FHA INFO 2024-03 February 21, 2024 FHA Establishes New Payment Supplement Loss Today, the Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2024-02, Payment Supplement. This ML establishes FHA’s new Payment Supplement loss mitigation home retention solution designed to help additional borrowers avoid foreclosure and retain their homes when other FHA home retention options are unable to generate a sustainable monthly mortgage payment reduction.  The Payment Supplement allows servicers to bring the borrower’s mortgage current and temporarily reduce the principal portion of their monthly mortgage payment for a term of three years without modifying the mortgage. The Payment Supplement is only repaid when the borrower sells or refinances the home, or the mortgage is otherwise extinguished.    FHA is also announcing the availability of the following new Payment Supplement documents, which are located on the Single Family Model Documents web page on HUD.gov. FHA is also providing a Payment Supplement Calculation Worksheet available on the FHA SF Loss Mitigation web page as a tool to assist servicers in calculating the Payment Supplement.   Mortgage servicers may implement Payment Supplement into their operations beginning May 1, 2024, but must implement this solution by January 1, 2025.

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Another much needed incentive to build rental homes; another $20B in fnancing available, annually, for rental developers, raising the cap from $40B to $60B (Mortgage Bond Insurance (CMHC)). "When lenders pass on favourable rates to builders, builders build more homes. It's that simple," - Housing Minister Sean Fraser. Is it that simple? Genuinely curious to hear your perspective and thoughts. #AffordableHousing #HealthyFamilies #CommunityLiving #PivotWestCommercial

While a down payment is typically the largest payment you'll make when purchasing a home, you have to consider closing costs as well -- these cover expenses like the appraisal and title insurance. Reach out to learn more about preparing for a mortgage and options to bring homeownership closer to you!

While a down payment is typically the largest payment you'll make when purchasing a home, you have to consider closing costs as well -- these cover expenses like the appraisal and title insurance. Reach out to learn more about preparing for a mortgage and options to bring homeownership closer to you!

While a down payment is typically the largest payment you'll make when purchasing a home, you have to consider closing costs as well -- these cover expenses like the appraisal and title insurance. Reach out to learn more about preparing for a mortgage and options to bring homeownership closer to you!

This chart is intended to soley illustrate the potential mortgage differences in assuming an existing VA loan with 25 years left on the note, versus financing anew for 30 years at a greater interest rate. Notable key differences are: 1) assumed VA loans do not have a downpayment requirement. In comparison, an FHA with a 3% downpayment automatically requires Private Mortgage Insurance (PMI). 2) The PMI payment is paid until the total payments made equal 20% of the financed amount. Keep in mind this fee is not applied to the principle nor the interest. 3) Homeowner's insurance was not accounted for in any calculation. 4) The property tax payment remained a constant and we all know that payment changes annually. Look at this much like you would a renaissance landscape - things are kind of fuzzy, but we know that's a lake, with swans swimming among the water lilies. Clarity will come when we identify the house you are going to purchase by assuming a VA loan with an interest rate that is half of what is available today. rate. Shall we start?

We have a one-stop-shop experience for all your construction loan needs. Our process? Simple, streamlined, and secure. Whether it's an interim or permanent construction loan, our team ensures you have the peace of mind to focus on what truly matters - building your dream home. 🏠💭 🤝 We stand apart with: Customized loan solutions in every state we're licensed. Lower down payment requirements and terms that others can't match. Construction loan specialists to guide you every step of the way. Full control and protection of your funds during the construction phase. A range of loan options: Conventional, FHA, VA, and Jumbo Loans. 🔑 Pre-approved already? Fantastic! If not, let's get you started. With Thrive Mortgage, you're choosing a partner committed to making your dream home a reality. From laying the first brick to handing over the keys, we're with you. We're not just about loans; we're about building futures, one home at a time. 🌟 #ThriveMortgage #DreamHomeBuilders #ConstructionLoans #HomeSweetHome #BuildingDreams

If you're looking to buy and build, don't let the burden of two loans stifle your creativity. Finance both the purchase of your home, and its construction costs in a single loan with a one-time-close construction loan. 👉 Upfront approval 👉 Low & locked interest rate 👉 One set of closing fees 👉 Payments begin after construction is complete Here are a few of our favorite loan products for construction: FHA: For those with less-than-perfect credit and limited cash for down payment. 👉 Easy to qualify 👉 Low down payment 👉 Lower Interest rates 👉 Flexible DTI requirements Conventional: Great for those with good credit purchasing and renovating. 👉 As little as 5% down 👉 Lower interest rates USDA: Buy and build with ease in eligible rural areas. 👉 No down payment required 👉 Flexible credit requirements 👉 Lower income limits 👉 Favorable interest rates VA: One easy loan for eligible veterans, service members and their spouses. 👉 No down payment required 👉 No private mortgage insurance 👉 Lower interest rates 👉 Flexible requirements