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 Resources
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 [...]
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 looking to purchase a home you will at some point fall in love with a shortsale. Shortsales are a bit like a “bad boy/girl.” You know you should not be with them but sometimes you just can’t resist. Generally priced below the market they can be extremely tantalizing. If you do find [...]
Shortsale Definition: A sale of a property for less than the current amount owed on it. Nuts and Bolts: A home buyer cannot make their payment and owes more than the house is worth. They list the house with a Realtor for sale. A buyer makes an offer and the seller accepts. The Realtor now [...]
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 [...]
