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FHA Power User

Dedicated to teaching FHA insured financing to mortgage professionals.

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FHA Power User | fhaprofessionals.com Reviews
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Dedicated to teaching FHA insured financing to mortgage professionals.
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FHA Power User | fhaprofessionals.com Reviews

https://fhaprofessionals.com

Dedicated to teaching FHA insured financing to mortgage professionals.

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1

FHA Power User: Netting the MIP Refund

http://www.fhaprofessionals.com/2009/01/netting-mip-refund.html

Dedicated to teaching FHA insured financing to mortgage professionals. Thursday, January 8, 2009. Netting the MIP Refund. MIP Refunds can be confussing because of the way we treat them in a worksheet. Here we will look closer at the formula. If you have access to FHA Connection, you can easily get the original mortgage and the MIP refund using the Refinance Authorization process. The refund is the "unearned" premium. This mortgagee letter was generally recinded but this chart still applies). B) = $229,792.

2

FHA Power User: Determining Annual MIP on Streamlined Refinance

http://www.fhaprofessionals.com/2009/01/determining-annual-mip-on-streamlined.html

Dedicated to teaching FHA insured financing to mortgage professionals. Wednesday, January 7, 2009. Determining Annual MIP on Streamlined Refinance. The annual MIP is based on LTV. The LTV for a Streamlined With an Appraisal is easy to figure and can be done without accessing connection. You will use your new appraised value to determine the LTV. If the LTV is above 95% and the term is greater than 30 years, then .55%. If the LTV is 95% or less and the term is greater than 15 years, then .50%. From 2003 t...

3

FHA Power User: No Credit - Thin Credit - Bad Credit

http://www.fhaprofessionals.com/2009/01/no-credit-thin-credit-bad-credit.html

Dedicated to teaching FHA insured financing to mortgage professionals. Monday, January 12, 2009. No Credit - Thin Credit - Bad Credit. Guides us on evaluating borrowers that have little or no credit. The underwriters job is to review the borrower from a risk paradigm and determine the likelihood of default. 30 day late payments, 2 or less in the last 12 months, are acceptable. A 60 day late payment on one account in the last 12 months is also acceptable, but all late payments should be explained. To prop...

4

FHA Power User: March 2008

http://www.fhaprofessionals.com/2008_03_01_archive.html

Dedicated to teaching FHA insured financing to mortgage professionals. Sunday, March 30, 2008. Contributions by other interested parties (not the seller or real estate agent) are not. Entered into the Attachment A section. Contributions from the lender, employer and family members are considered a gift. Gifts are not. Handled in the Attachment A. The buyer has a minimum investment requirement and some of the costs that a buyer pays can be applied to this required investment. Saturday, March 29, 2008.

5

FHA Power User: May 2008

http://www.fhaprofessionals.com/2008_05_01_archive.html

Dedicated to teaching FHA insured financing to mortgage professionals. Tuesday, May 13, 2008. Order of Completion of the MCAW. This is the order to complete the MCAW. If you don't have a blank MCAW, let me know. I am trying to learn how to store forms and other documents so that readers of this blog can down load them. Also make note that this for is a 92900 PUR which means it is only good for working with purchases not refinances. For refinances you will use a different form called the 92900 WS. Today I...

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FHA Power User

Dedicated to teaching FHA insured financing to mortgage professionals. Monday, January 12, 2009. No Credit - Thin Credit - Bad Credit. Guides us on evaluating borrowers that have little or no credit. The underwriters job is to review the borrower from a risk paradigm and determine the likelihood of default. 30 day late payments, 2 or less in the last 12 months, are acceptable. A 60 day late payment on one account in the last 12 months is also acceptable, but all late payments should be explained. To prop...

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