The
Federal Housing Administration(FHA) will start charging
upfront mortgage
insurance premiums based on the borrower's credit score and down
payment starting July 14, according to the Department of Housing and
Urban Development. Upfront premiums paid at closing will range from
1.25% to 2.25% under the new pricing schedule that will apply to all
FHA loans. Currently all FHA borrowers pay a 1.5% upfront premium
regardless of risk. By charging slightly higher premiums based on
credit risk, HUD expects to create a more financially sound FHA program
and reach more borrowers struggling to keep up with their payments on
high-cost subprime mortgages. Risk-based pricing will also be used for
refinancing delinquent borrowers under the FHA Secure program starting
in July. HUD is expanding the FHA Secure program so that borrowers who
have missed two or three payments in the previous 12 months can be
refinanced into FHA-insured mortgages. The risk-based pricing notice
and a mortgagee letter with the underwriting standards for the expanded
FHA Secure program are posted on the FHA website, which can be found at
http://www.fha.gov.
The
City of St. Petersburg says the A+ Teacher Housing Loan was, "founded
on the premise that a great city requires great schools and great
schools require great teachers." If you ask me, I believe it's a great
way to pay back the under appreciated, wonderful people that help mold
the minds of the future in this wonderful city of St. Petersburg. The
A+ Teacher Housing Loan
was also designed to attract and retain educational professionals who
are
committed to teach in our community’s schools and live in our
community’s neighborhoods.
ed
instructional personnel in a public elementary, middle or high school
within the
municipal boundaries of St. Petersburg.
The funds given by the city may
be used for a down payment and/or closing costs for the purchase of a
new
or existing home with a sales price that does not exceed $215,500.| Household Size | Maximum Income |
| 1 | $45,720 |
| 2 | $52,200 |
| 3 | $58.800 |
| 4 | $65,280 |
| 5 | $70,560 |
| 6 | $75,720 |
| 7 | $81,000 |
| 8 | $86,160 |
 |
|
|
Joshua Lerette, The Tampa Bay Mortgage Pro, is a Mortgage Specialist working out of St. Petersburg, Florida offering FHA/VA/Conventional financing solutions for Florida homebuyers and homeowners.
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