The Federal Housing Administration (FHA) has lowered its owner-occupancy requirement for condominiums. Financial documents must provide for funding of replacement reserves for capital expenditures.
Lenders instead will assume all liability for loans they originate. The FHA is required by Congress to maintain a loan reserve ratio of at least 2 percent. The agency’s net capital ratio, or reserves.
THE LOAN IS NOT ELIGIBLE FOR ORIGINATION UNDER THE FHA JUMBO LOAN PROGRAM. True.. The minimum cash reserve requirement has been met .
MIP (Mortgage Insurance Premium) FHA insured loans require mortgage insurance to protect lenders against losses that result from defaults on home mortgages. Depending on the terms and conditions of your home loan, most fha loans today will require MIP for.