Sorry to be a little late with this update, but I’ve been trying for several days to figure out the real scoop on exactly what happened. For the first time that I can ever remember, FHA actually published a mortgagee letter on their website and then just removed it.
Usually the process of revoking a Mortgagee Letter would involve issuing another Mortgagee Letter with updated rules. Looks like someone at HUD may have gotten ahead of themselves!
Sorry for the unnecessary excitement.
Rates as of today were:
30 Yr Fixed – 5% (0 points)/ 4.75% (1 point)
15 Yr Fixed – 4.625% (0 points)/ 4.25% (1 point)
FHA – 4.875% (0 points)
Investment – 5.75% ( 0 points)/ 5.25% (1 point)- 25% down payment required)
*35 day lock Rates are based on 80% loan to value unless noted and 720+ credit score (with the exception of FHA)
*Income and Asset verification required and must meet DTI guidelines *This is not a commitment to lend and other conditions may apply