*Attention Mat-Su Valley Builders* FHA Finance Changes

Annie Davenport with HomeState Mortgage shared with us the following FHA changes that will affect new homebuyers and builders

FHA will require a 10 year warranty for SPEC homes meeting the following criteria 

• for case #’s after 4/18/2011
• for properties outside the municipality of Anchorage or city of Palmer

Early start letters will still be issued for PRESOLDS & no warranty will be required.  (Remember: you must have a double signed contract to receive an early start letter.  At that time a case # is assigned and an appraisal can be ordered.)

More news regarding FHA loans

• there will be an increase in the annual mortgage insurance premium
• effective 4/18/2011 FHA Systems will require the mortgagees to certify at the time of requesting a case number that they have an active loan application for the subject borrower and property.

If you have any questions don’t hesitate to call Annie Davenport at Homestate Mortgage or your lender of choice