Good Morning! If you are in the market for a house right now we are in a bit of an unusual time in the Mortgage world. Traditionally, FHA loans beat all other loans on pricing (particularly for low down loan options). However, this isn’t the case right now. Government insured loans are still priced high.…
Good Morning! Here’s an easy way to put down only 3%, pay no up front Mortgage Insurance, and get a very competitive rate… …It’s Fannie Mae’s 97% purchase product! Here are some of the important features of this product… 1) Owner-occupied primary residence only, for first time home buyers. 2) Minimum 620 FICO score. 3)…
Good Morning! Just a “heads up” – The Fed is meeting today at 2:30 easter time. They are expected to solidify their emergency bond buying plans, by essentially making it official policy for now. It’s hard to say exactly how the market will react to this, but it would be friendly to bonds, so I…
If you have recently been out of work, and now you are working again – here’s what you need to know to buy a house… I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation. There are just…
Good Morning! There are many people that just don’t know the USDA loan program exists. …and, next to VA it’s probably the best loan available. So, every now and then I like to restate the great aspects of this loan… If you are looking for a home in the outter suburbs or in a rural…
Good Morning! When congress passed the Covid-19 help plan one of the things they did was that they eliminated the burden to prove a hardship in order to file a Forbearance on your Mortgage. Some people that filed for Forbearance were truly in a hardship and needed it. Others weren’t in a hardship, and just…
Good Morning! When congress enacted the help for Covid-19 aide, one of the things they did was to waive the “proof of hardship” to apply for forbearance on a mortgage. This was a giant mistake. While many have real hardships others don’t, and still apply for the forbearance. Case in point this survey result from…
Good Morning! I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy… FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances. VA: 2 years from completion date. USDA: 3 years from discharge date. Fannie Mae: 4 years from discharge date, or dismissal date. Freddie Mac:…
Good Morning! Purchase applications are down 19% from last year at this time. Of course, this is due to the Covid-19 outbreak. However, the good news is purchase applications have increased for the third week in a row. I think this will continue to improve as people get back to work. We are coming into…
Good Morning! I touch on this every now and then, because I want you to know it’s possible to purchase a home with a Reverse Mortgage, and how it works. I’ll give you an example. Let’s say you are 65 years old. You want to buy a $200,000 house. You have $110,000 to put down…