Here’s a USDA tip for you… First, you should know that USDA family income caps. …In other words if you make too much money you won’t qualify for a USDA loan. Here is the link to check the income for your area… http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do Important: USDA goes by total household income! In other words if you…
I wanted to make sure you were aware of this loan program. It’s Fannie Mae’s 3% down loan. …and, it competes very well with FHA. Here are some of the important features of this product… 1) Owner-occupied primary residence only. 2) Minimum 720 FICO score. 3) 3% down payment must come from the borrower’s own…
Before you go house hunting make sure you have enough money available to get your loan approved and your house closed. …I know it sounds simple, but many people don’t realize the amount of funds they will need to get into a house. Here is a simple breakdown of your out of the out of…
Good Morning! Don’t look now, but FHA could be increasing it’s mortgage insurance premiums again. The Federal Housing Administration Fiscal Solvency Act of 2012 has overwhelmingly passed the House and will make its way to the Senate. Among other powers, the bill grants the FHA authority to raises its mortgage insurance premiums to as high as…
Good Morning! I wanted to remind you that I’m one of the few lenders in the country that has a no score FHA Streamline loan. Most lenders will not do an FHA streamline loan for you if your credit score is below 640. …Not me. In fact, my only real requirement is that you have…
One of the reasons people use FHA to buy a home is that it has a small 3.5% down payment. Conventional has a small down payment program too, and in some ways it’s better than FHA… 1) 3% down (97% financing). 2) Max loan amount is $417,000 (much higher than FHA). 3) Debt to income…
Good Morning! If you have a 30 year fixed FHA loan I would recommend you consider refinancing into a 15 year FHA mortgage. There are two reason’s I’m recommending this… 1) You can get a 15 year FHA fixed rate as low as 2.75% (face rate). 2) The mortgage insurance rates are lower for 15…
Do you know the best way to get sellers to help pay your closing costs, prepaid taxes, insurance and reserves when you buy a home? …You ask them! You make it part of your offer to purchase. Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional (fannie/freddie), owner occupied……
Good Morning! Some news and little known facts on the USDA Home Loan program… The annual MI is going up on USDA loans. …On October 1, 2012 (the first day of Fiscal Year 2013) the annual fee for new loans, both purchase and refinance, will increase from .3% to .4%. Things you should know about…
Good Morning! Did you realize that if you are upside down in your house and your current mortgage is owned by Fannie Mae or Freddie Mac you may still be able to refinance? It’s true! As long as you would otherwise qualify for a mortgage I can refinance you up to 125% of the value…