It’s not unusual at all for an underwriter to request that disputes be removed from a disputed account. In the past we have used a simple letter from the consumer to have these disputes removed. I wanted to let you know that as of January 19th, 2015 Experian will now require a letter from the…
I’ve written about this before, but I think it’s a good idea to touch on it again… If you need financing to purchase a home in the country I would use either USDA, FHA, or VA. The reason I didn’t mention conventional is that a conventional loan generally will have more restrictions on the comparable…
I wanted to follow up on the FHA news about lowering their monthly mortgage insurance… The recent history of FHA MI rates on 30 yr mortgages are as follows… In April of 2011 FHA’s MI rate went from .55% to 1.15%. In April of 2012 the MI rate went from 1.15% to 1.25%. In April…
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…