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…
Good Morning! Don’t look now, but FHA mortgage insurance rates could be going up again soon. The house recently passed the Federal Housing Administration Fiscal Solvency Act of 2012. Now the bill makes it’s way to the Senate. The bill gives FHA the authority to raise it’s mortgage insurance premiums to as high as 2.05%…
You may have been told you need a 620 minimum credit score to get a VA loan. Not true! That’s a rule for that mortgage company – not the VA. I don’t have a minimum score to get a VA loan! Here are the keys to get a VA loan with less than a 620…