FHA Loan Houston Blog

A couple quick updates before I start wrapping presents…

The FHA Secure Program is going away as of next Wednesday, December 31, 2008. If you are a distressed homeowner having trouble making your mortgage payments, then please contact us to find out more information on Hope for Homeowners program. Below is the mortgagee letter from HUD showing the termination of FHA Secure.

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/08-41ml.doc

There will be a new maximum LTV (Loan-to-Value) calculation in regards to FHA refinances. Due to the Housing and Economic Recovery Act of 2008, the new LTV will be 97.75% of the appraised value. Read more about it below:

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/08-40ml.doc

Here is a great breakdown from HUD getting into a little bit more detail if you’re interested:

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/08-40mlattmt.doc

Enjoy your Holidays, and I’ll be back next week.

Cheers,

Tommy

Information and documents are directly from HUD