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 | Loan Programs
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 [...]
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 [...]
If your home loan is owned by Fannie Mae or Freddie Mac there are special refinances available. Commonly know as HARP, these loans can be 100% of what you owe and you can get a great rate with nomortgage insurance. Many people assme that since they get a bill from say Bank of America or [...]
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 [...]
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 [...]
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 [...]
