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 | Mortgage Programs
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 [...]
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 [...]
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 [...]
In this market it is key to work with a lender that is well informed and has your best interest at heart. Unfortunately, not every buyer is so fortunate. Today I was surprised when a person I was pre qualifying told me they were leaving their job in 3 weeks and they had no other employment [...]
