Deadline for FHA Borrowers

FHA Deadlines

Borrowers should be aware of some important FHA deadlines.

Many of us rely on low down payment mortgage options when seeking to become a home owner. FHA mortgages, backed by the Federal Housing Administration, are one low down payment mortgage loan option.

Increasing Monthly Insurance Premiums

While the 3.5% minimum down payment option will continue, monthly payments for borrowers who opt for an FHA mortgage will soon be facing higher monthly payments. Why? The FHA is changing its policies and will increase the monthly insurance premium borrowers pay. To avoid this increase in monthly insurance premiums, borrowers must apply for an FHA mortgage loan no later than March 28th and the lender they apply with must obtain a valid case number by March 29th.

If you are considering a home purchase and think the 3.5% down payment option would be your best option – contact a licensed mortgage loan officer as soon as possible so you are not subject to the premium increase in effect beginning April 1st.

Another FHA Mortgage Insurance Premium Change

Another policy change that may encourage you to begin your loan application sooner (than later) is the FHA’s decision to make mortgage insurance mandatory for either a minimum of 11 years or the life of the mortgage loan based on the Loan-to-Value (LTV) at the time of the loan closing effective for all case numbers assigned on or after June 3rd. Currently, the insurance fee is dropped once the outstanding balance falls to 78 percent of the home’s value or 5 years from the date when the money was borrowed.

We don’t mean to pressure! We just want those in the market for a new home to realize the cost savings that can be realized by getting an application in before March 28th.

Inlanta Mortgage loan officers can answer your specific questions and help you determine if an FHA mortgage loan is right for you.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

 

 

Inlanta Mortgage Celebrates 20 Years

20th Anniversary Inlanta Mortgage

Looking Back

In 2013, many of us at Inlanta Mortgage will be looking back a few years at the events that have shaped and molded our company into what it is today. Why? Inlanta Mortgage is fortunate to be celebrating our 20th Anniversary in 2013.

20 Years Strong

In 1993, our CEO and founder, John Knowlton assembled a small group of mortgage professionals and began offering mortgage lending services as First Choice Mortgage in Waukesha, Wisconsin. Twenty years later, First Choice Mortgage continues to thrive as Inlanta Mortgage, employing more than 200 people in 15 states.

Our Past Shapes Our Future

What were you doing in 1993? As we approached this momentous year, we began to question what was happening during the year our CEO made the decision to start our company. Who was our nation’s President? What sort of market conditions existed that year? What was the mortgage industry like 20 years ago?

Our Plan for 2013

While our first priority is to provide the highest level mortgage lending services possible – we also hope to enlighten our readers and customers about our history and what it took (and what it continues to take) to be successful in the ever changing mortgage industry. Visit our blog regularly or visit us on Facebook, Twitter, LinkedIn, or Google + for more information.

We welcome your comments, feedback, memories, and more. If you have anything you would like to share regarding our 20th Anniversary please email info@inlanta.com.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.