Blog

Important Updates to FHA and USDA Loans

April 6th, 2013

       Important Updates
 
 
FHA Mortgage Insurance – New MIP factors will be effective April 1, 2013. On a maximum LTV loan, the annual factor is 1.35% (up from 1.25%).
 
Also, starting in June, the Annual MIP will be payable for the life of the loan for LTVs over 90%.  HUD will no longer follow the 78% drop off rule.
 
USDA – A Continuing Resolution recently passed to fund our government operations.  The CR contained verbiage to extend USDA Eligible Areas – with no change – through the end of this fiscal year, 9/30/13.
 
Various bills have been introduced to modify the definition of “rural” and we will keep you updated as they make their way through Congress.
Remember!  This program is budget neutral – meaning it pays for itself.
 
Credit Reporting Basics for REALTORS®
We are hosting educational seminars to provide basic insights into the use of credit reports.  They will be led by our bureau’s Account Manager.
·       2 Hours Continuing Education Credit for DRE Licensees
·       Refreshments will be served
·       Free of Charge
 
We will hold classes in Hanford, Visalia, Selma, and Fresno.  Please contact your local KMSI Branch Manager for Date, Time, and Location.
 
Market Wrap- Be aware that interest rates have risen quickly over the past few weeks.  Time to get your clients to commit before rates push them out of the price range of the home they want.  If you’d like some ‘visuals’ on the impact of rates vs. affordability – just let us know!
 
 

Kings Mortgage Services Inc.

Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act - NMLS 264441

Thank you for your interest in our company. Please select from any of the following ways to contact us.

 

HANFORD
1507 N. 11th Ave.
Hanford, CA 93230
Phone: 559-585-7400
Fax: 559-585-7404
VISALIA
3700 W Mineral King
Visalia CA 93291
Phone: 559-713-1064
Fax: 559-713-1065
SELMA
2020 High St., Suite A
Selma, CA, 93662
Phone: 559-318-9931
Fax: 559-318-9934
FRESNO
685 W. Alluvial #105 Fresno, CA 93711
Phone: 559-432-5100
Fax: 559-432-2796
ARROYO GRANDE
136 W. Branch St.
Arroyo Grande, CA 93420
Phone: 805-904-6991
Fax: 805-904-6999
CORPORATE OFFICE
4244 W. Mineral King Avenue
Visalia, California 93291
Phone: 559-713-1200
Fax: 559-713-1275