New FHA Down payment, MIP Requirements for Spring 2013


Going forward, the FHA will disallow the removal of MIP throughout the life of a loan, if the loan’s starting loan balance is higher than 90% of its appraised value. This is true for purchases and refinances.

For loans in which the loan-to-value begins at 90 percent or less, mortgage insurance premiums must be paid for 11 years. This change goes into effect June 3, 2013.

Furthermore, the Federal Housing Administration will announce higher down payment requirements for jumbo FHA loans, increasing the minimum from 3.5 percent to 5 percent or more.

Article The Mortgage Reports By Dan Green

HUD came out with three major changes for FHA this week March 2012

This change will make a difference of $11.49 per month on an $100,000 sales price with 3.5% down, 30 year note.  

So call your current clients that are going FHA and get those contracts executed on or before March 30. 

Change #2-  Disputed Accounts Must be Paid if over Cumulative $1000- Major Change

If the borrower has individual or multiple disputed credit accounts or collections with singular or cumulative balances equal to or greater than $1,000, the accounts must be resolved (e.g. payment arrangements with a minimum three months of verified payments made as agreed) or paid in full, prior to, or at the time of closing.  The lender must obtain documentation supporting the payment arrangements or that the debt has been paid off.  The payments arranged for the accounts must be included in the calculation of the borrower

Sente Mortgage

Find A Lender

Here are a few lenders that I recommend.  I have worked with all of them in the past and they are all really good.

1)  Carson Vaughn/ Stephen Babcock is his assistant
“The Vaughn Team”
Advantage Mortgage Network (AMNET)
Production Associate to Carson Vaughn
512-497-3742 (C)
512-794-6786 (O)
512-366-7253 (F)
4425 MoPac S. Bldg. 3 # 504
Austin, TX 78735

2)  Cody R. Daniel
Sr. Mortgage Lender
The Daniel Mortgage Group
Capstar Lending  6836 Austin Center Blvd #110
Austin, TX 78731
ph. (512) 750-2999  fax (512) 233-2248

3) Jessica Wurzel Blair | Mortgage Loan Officer

University Federal Credit Union

Mortgage Services, Lakeway

(512) 997-4629 | f (512) 977-7735 | c (409) 200-4030

NMLS ID# 1065748

Austin Business Journal’s 4th Largest Mortgage Volume Lender

Apply at my website


4) Josh Brown

Mortgage Banker

NMLS # 216153

Josh Brown Team


5) Sente Mortgage 901 S Mopac Bldg 4 Ste 125 | Austin, TX  78746 | main 512.637.9900

mobile/text 512.669.1141 | direct 512.637.9122|  fax 512.637.9901 |


This site is intended for clients that are not currently registered with a Broker. If you have a current Buyers Representation Agreement signed with another Texas real estate Broker, please contact your Agent or Broker. Texas Real Estate Commission Consumer Protection Notice