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.

 

 

First Weber Celebrates Agent Achievement in 2011

First Weber Celebrates Agent Achievements in 2011

This past Wednesday Inlanta attended the First Weber 2011 Awards Breakfast at Potawatomi Bingo and Casino here in Milwaukee. It was a good opportunity for Inlanta to participate in the celebration of the achievements of so many great agents at First Weber and the terrific organization First Weber has built as a leader in Wisconsin real estate. Click here to find a First Weber Agent near you.

The theme of the awards day was the “new normal” and how First Weber has adjusted in the past year to meet the challenges of a different economy and real estate market. The awards were presented to the top performing agents who adjusted to the changes of the market and found out how to be successful in the “new normal.” Inlanta congratulates the recipients on their achievements.

Even though the awards ceremony focused on 2011’s agent record achievements, First Weber announced they have posted record numbers already for January and February 2012. Inlanta Mortgage and First Weber both agree 2012 is going to be a great as it appears there are very positive signs of slow and steady recovery. Inlanta values the relationship with First Weber and is committed to helping First Weber agents and their customers find the best financing solutions to achieve their sales and closing goals, along with helping buyers and sellers enjoy smooth, hassle free financing. Click here to find a licensed mortgage professional near you.

“We were struck by the number of tenured agents at First Weber, clearly a testament to the professional and dedicated leadership team that has built this company,” Nicholas DelTorto, Inlanta Executive Vice President, said. “So many people have been there 5, 10, 15, 20, 25, 30 and even 35+ years – it really is a statement of how strong they are and will be in the future.

Congratulations to all the winners! We know 2012 is going be a GREAT year!

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.