There is a possibility FHA’s up front mortgage insurance may be going down for first time home buyers. The current up front MI for FHA is 1.75% of the loan amount. Representative Karen Bass from California has introduced a bill (H.R. 5884). This bill is meant to help make FHA mortgages more affordable for first…
One of the most conservative areas of the mortgage market the last few years has been Mortgage Insurance on conventional loans. When I say conservative I mean the MI companies for a long time wouldn’t give Mortgage Insurance coverage to an borrower with higher than a 45% debt to income ratio. (…and many still don’t!)…
I hope you had a great new years! …and that 2013 is going to be a great year for you and your family! As you have probably heard congress has passed a bill to avoid the “fisical cliff”, and the president has said he will sign it. I would look for this to impact rates…
You may be gone next week next week visiting family and friends for the holidays. . …so, I wanted to catch you before you left and wish you a Merry Christmas and a Happy New Year! . Here is a gift before you go. . ..It’s a cool video called 10 Rules For Being Human.…
HUD has just come out with the new FHA county loan limits for 2013. Check your county below to see the max FHA loan for a single family home for your county… https://entp.hud.gov/idapp/html/hicost1.cfm County Name State One-Family ANDERSON TX $271,050 ANDREWS TX $271,050 ANGELINA TX $271,050 ARANSAS TX $271,050 ARCHER TX $271,050 ARMSTRONG TX…
I’ve written about this before, but I wanted to touch on it again…If you currently owe more on your house than it’s worth, and you want to refinance there are programs to allow for this.If you have a conventional loan right now then we would use the HARP 2 program. Here are the basic requirements…
When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house. How do you prove it? If it’s certified funds you need to keep a copy of the certified check. If…
Good Morning! Did you know that we do piggy back loans up to 97% loan to value ratio? We do! A piggy back loan is where we do two loans – one at 80%, and a second up to 17% simultaneously. You would put down 3% in this scenario, and we would finance 97%. The…
Good Morning! In a recent press release HUD is proposing two changes to the FHA mortgage program…1) They are proposing the monthly mortgage insurance on a 30 year FHA mortgage will last for the life of the loan. Right now if 5 years have passed and your LTV is 78% or lower you can eliminate…
It’s a good time of the year to refinance. The reason is your taxes get paid this time of year. When we refinance your home we have to prefund your new escrow account. Once the tax bill is paid (right about now), and up through January we are only collecting 3 months of taxes to put into…