HUD-FHA Career Opportunities: Promising and Plentiful

Career opportunities within HUD-FHA certainly provide promising opportunities to qualified and interested individuals. Recently posted positions include Director in the Lender Approval & Recertification Division, Director in the Quality Assurance Division, Chief in the Field Operations Branch, and many others, including a need for specialists in family housing programs. Positions are available in various locations nationwide, and the available positions are subject to frequent change. Interested parties will want to view vacancy announcements regularly at www.usajobs.gov.

For an application form, please visit http://www.usajobs.opm.gov/forms.asp.

FHA Mortgage Limits to Increase in CO Metro Area

According to HUD, mortgage limits are set to increase on February 7, 2008 in the Colorado county of Montrose. The following increases will take effect according to the number of units:

#Units: Current - Pending
1 Unit: $200,160 - $205,200
2 Unit: $256,248 - $256,248
3 Unit: $309,744 - $309,744
4 Unit: $384,936 - $384,936

In order to submit a request to HUD for mortgage limit increases in a specific area, please visit http://www.hud.gov/offices/hsg/sfh/lender/sfhmolin.cfm. All requests must be supplemented with housing sales price data in order to justify the need for increase.
To view all new limits, please visit https://entp.hud.gov/idapp/html/hicostlook.cfm

Private PMIs Trend toward Limiting Max LTVs

Effective March 21, 2008, private PMI companies will limit rate and term loans to a maximum loan-to-value ratio (LTV) of 95%. Allowances will be made for streamlined refinances with a maximum LTV/CLTV of 100% when: RMIC is the insurer of the existing mortgage, the property is a single unit primary residence, there is no increase in the LTV category, the P&I payment on the new loan is equal or less to that of the existing loan, and disbursement of cash to the borrower or other payees does not exceed $2,000 or 2% of the loan amount. As FHA rates remain at the more promising 97.75%, mortgage professionals will find it in their interest to stay well versed in FHA guidelines and eligibility requirements that will become of use when offering the best rates to buyers.
To view the additional changes in eligibility in detail, please visit www.rmic.com