FHA NEWS As of April 18th, 2011 FHA will once again be INCREASING their monthly mortgage insurance premiums. What this will look like in $ Example: $400,000 loan, less than 5% down, 30 year loan Current monthly Mortgage Insurance: $300 New April 18th monthly Mortgage Insurance : $366.67 That is over a 20% increase! That [...]
Category | FHA loans
Why certain properties require a 2nd approval by the sellers preferred lender: 1) If it is a bank foreclosure asking you to qualify through their bank, They are requiring this because: A) They want one of their people to check you out to make sure you are really qualified. Sadly, a large percentage of pre qualification [...]
The last few years have been a roller coaster for everyone in the real estate market. Expect: 1) An emotional yet controlled recovery: The emotional aspect: If you read the business section you can see the view on the recovery swing rapidly from day to day. On Monday we are recovering and on Tuesday the market [...]
How to take advantage of Toady’s great rates when you have less than 20% equity in your home without paying mortgage insurance. Part One Many people feel that if they have less then 20% equity in their home they cannot refinance without paying mortgage insurance thus defeating any savings from refinancing. They are often told [...]
.5% down on FHA loan. Yes, that is right only .5% down We have a new loan we are very excited about. Everything great except you are a little short on the downpayment or closing costs? Check this out This is a great program for borrowers who need help with the down payment or closing [...]
In the past few weeks we have seen one bank after another raise their minimum credit score on FHA to 640. Two weeks ago we had 7 main lenders that would allow 620 credit scores. Today = zero Why are lenders tighten up while the economy is recovering (as per some media reports)? Welcome to [...]
As we open in September it is looking to be a great month for extremely low rates. We have hit a new low. Yes rates have been low but now they are even lower. We are quoting in the LOW 4′s for 30 year fixed loans and the high 3′s for 15 year fixed loans. [...]
FHA is the single hottest loan in Northern California. With a limited amount required down (3.5%) and more relaxed income and asset requirements FHA is the way most new Homebuyers are going. As of October 4th the cost of having an FHA loan will INCREASE MONTHLY for the first 5 years. Let’s look at [...]
If you are purchasing or refinancing a home with a loan (not FHA) DO NOT BUY ANYTHING WITH YOUR CREDIT CARDS. As of June 1st Fannie Mae is requiring lenders to check the borrowers credit right before funding. If anything changes on your credit your loan that you already have signed loan documents on could [...]
