I mentioned this might happen earlier, and now it’s going to happen on the 26th of January 2015. FHA is reducing their monthly mortgage insurance premium on a 30 year mortgage from 1.35bps to .85bps. The result of this is that it puts it back squarely in competition with Conventional Mortgages. …and, ultimately there will…
There is a push in congress to lower FHA MI rates. A group of 18 U.S. Senators and the Mortgage Bankers Association both sent letters to the U.S. Department of Housing and Urban Development, stating that the time has come for the Federal Housing Administration to lower its mortgage insurance premiums. In two separate letters…
I hope you had a safe New Years! I think we’ll all have a great year this year. Mortgage News… One of the programs we were looking forward to this year was FHA’s HAWK program. Now it looks like HAWK isn’t going to happen – at least for another year. This is due to congressional…
I can’t believe 2014 is over! Have a safe New Years Eve. …and, I hope you have a happy and prosperous 2015! Top Tip for 2015: Remember, highly effective people think on paper. Write down everything… Your goals. …Your dreams. …How to solve problems. Before you tackle any project write down the steps it will…
I hope you had a great Christmas! Update on Short Sales: On December 16, the Senate passed an extension of the Mortgage Debt Forgiveness Act by a vote of 76-16. The extension applies to any short sale conducted in 2014. If Congress had failed to act on the renewal of the tax breaks, any forgiveness…
One quick note on FHA gifting, and a short video on Giving that you have to watch… Acceptable gift donors for FHA loans… 1) Borrower’s relative. 2) Borrower’s employer or labor union. 3) A close friend with a clearly defined and documented interest in the borrower. 4) A charitable organization. 5) A governmental agency or…
If you have a W-2 job, and you are considering getting a mortgage here’s something to keep in mind as tax season approaches… The deductions you take on Schedule A for “unreimbursed job expenses” will come out of your adjusted gross income as a direct deduction off your income. This deduction would be things like…
Fannie Mae used to have a 97% loan product. Then they got rid of it. Now they have brought it back. Effective December 13, 2014 Fannie Mae re-introduced the 97% loan product. This is a lown down payment alternative to FHA. Just wanted ya to know… That’s it for today! Have a good day today!…
I’ve touched on this before, but I think it’s worth repeating… Before you go out house hunting make sure you have enough money available to get your house closed. …I know it sounds simple, but many people don’t realize the amount of funds they will need available to get into a house. Here is a…
As mortgage rates have been dropping, home values have been climbing. Many homeowners now find themselves with a little bit of equity. This creates an opportunity to refinance out of low down FHA loans. By refinancing out of an FHA loan you can many times either eliminate the FHA MI, or at least lower it…