October 3rd, 2013 12:10 PM by Juan Luis Rodriguez-Kohly
Effective Sept 27th, 2013 many changes to the Program happened.
These changes affect only those applicants that obtain the FHA Case Number after Sept 27th, 2013.
To repeat my previous post, here is a summary:
1) Proceeds that you can receive has been decreased by approximately 15%2) During the initial 12 months, the Borrower may not draw more than 60% total of the funds. If there are obligations (closing costs, mortgages, liens, etc...) to be paid off, and there are funds left, the Draw can not be more than the total of the obligations plus 10%.3) The Initial "Mortgage Insurance Premium" (IMIP), will increase considerably when the disbursements for obligations exceed 60% of the Initial Principal Limit.4) A "Property Taxes and Insurance Set Aside" reserve may be required in order to have sufficient funds to pay future premiums and taxes.
Don't hold your breath waiting for the changes to disappear. They are here to stay
New changes are coming effective January 14th, 2014. I will cover them in another Post. What does this mean? If you are interested in doing a Reverse Mortgage on your home, DO NOT WAIT ANY LONGER.
Call me at 786-345-0783 or 786-345-0783 or email me at RodKohly@gmail.com even if you already applied with another lender in Florida.
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