Real Estate News 05/12/08
REAL ESTATE ECONOMY
The nation’s foreclosure hemorrhage slowed a bit last month, according to Foreclosures.com, down 5 percent from March. "The sky isn’t falling, and the bottom of the housing market is in sight," says Alexis McGee, company president.
FEDERAL HOUSING ADMINISTRATION
The FHA will implement a flexible premium pricing structure for loans beginning July 14, 2008. Currently, FHA is "one size fits all" that charges borrowers 1.50 percent of the loan balance upfront and .50 percent annually regardless of their credit standing. Under the new rule, it will range from 1.25 percent to 2.25 percent.
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Conventional loans have had risk based pricing for borrowers for years. Personally I think that FHA going to this type policy is a good thing especially now that FHA has raised the loan limits.