MAJOR FHA CHANGE:
I just wanted to let you know about the change to FHA Loans on 1/26/15. They have reduced the Mortgage Insurance rate from 1.35% to .85%. It is a significant reduction for the payment. Once again, FHA has become feasible for BUYERS. IF the BUYER doesn't qualify for Rural Housing, because of income or credit, it is likely they would be able to get FHA with 3.5% down payment. And as you may know, FHA is good for Manufactured Housing Properties. Rural Housing will not finance Manufactured Housing under the Guarantee program that we, the lenders, have access to.
FHA Benefits:
* Manufactured housing
* Lower than market rates
* More attractive MI
* More forgiving on Credit and Income
* Small Down Payment
* Liberal Gifting allowed
* Multiple Unit properties
* 2 years after Bankruptcy
* 3 years after most foreclosures or short sales.
Courtesy of: Pam Van Dolah, Mortgage Loan Officer
Umpqua Bank, 541-751-8139