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 | Foreclosure
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 [...]
Remember those interactive stories where your answers alter the story and affect the ending? Well, apparently marketing at Fannie Mae is really into them. Fannie Mae has created a new interactive video where you control the outcome of the story based on your answers. It basically lets you role play through your financial situation. I played [...]
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 [...]
It was recently brought to my attention that I was “conservative.” I have been conservative for the better part of my life. I am proud to be conservative. I am intrigued by those who are free spirited and do not worry about the future but I have always been a gal with a plan. I know [...]
1) Rates are at historic lows. Borrowers with as little as 3.5% down are getting rates in the very low 4′s on 30 year fixed loans! 2) Foreclosure land. For those of us who already own homes the heap of foreclosures is a real drag but for buyers this is the ultimate market. Prices are [...]
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 [...]
