Category Archive: FHA Loans

Feb 01

BREAKING NEWS: FHA Announces New Mortgage Insurance Schedule To “Build Reserves”

FHA update

Tweet The Federal Housing Administration (FHA) just announced that they are raising mortgage insurance premiums again! This is the 7th time they’ve done so in the last 5 years! Starting on April 1, 2013, some FHA borrowers will pay up to 1.55% for FHA up front mortgage insurance premiums (UFMIP), as well as monthly FHA …

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Jan 02

FISCAL CLIFF 2013 CLOSED: Short Sales, Mortgage Insurance Tax Deductions Survive…

2013

Tweet …At Least for 2013, if you are selling your home short of what you owe (Short Sale) or having a portion of your loan forgiven through reduction in interest rate or principle reduction (Loan Modification) – it won’t be taxed as income (which would have been the case for any transactions closed after 12/31/2012). …

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Aug 22

More Than One Way To Skin A Cat?

Tweet I get this question all the time: “I’ve already tried to get preapproved, but other loan officers aren’t calling me back. I’d like to know either way whether I qualify to buy (or refinance) or not. My realtor (or friend, family member) says I should talk to you. Will you help me?” My response …

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May 11

The Big 3 Govie Loans: Comparing VA to FHA and USDA

Tweet This post is in response to a lot of recent questions I have had from my Active Duty U.S. Military and Veteran clients. It might be a little dry for some, except for you to whom it applies (I hope), as well as to all my Realtor friends who subscribe to my blog. I …

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Mar 09

Significant FHA Mortgage Insurance Changes!

Tweet HUD/FHA Announcements have been all over the place this week… DECREASE TO ANNUAL MORTGAGE INSURANCE PREMIUMS ON CERTAIN STREAMLINE REFINANCE LOANS: For all FHA Streamline refinances on owner occupied home loans endorsed by FHA on or before May 31, 2009, the annual MIP (mortgage insurance premium) will be reduced from 1% to .55%, regardless of the base amount. This change is …

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Jan 13

Why are rates going up next month, and why should you care?

Tweet DISCLAIMER – Boring “mortgagese” below. I’ll cut to the chase and tell you first why you might care about what I am about to share with you: If you or someone you care about is contemplating a new mortgage in the coming days, and are waiting for a reduction in rates – keep in …

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Sep 08

Renters & Thinkers…

Was it worth Waiting?

Tweet Don’t think too long…it’s still not too late to get in while the buying is still great. Take a look at these figures below that were just posted by the National Association of Realtors (NAR) – then contact me if you would like to discuss pre-approval, budgeting, and whether buying a home makes sense …

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Sep 02

Bank of America Trying to Sell What?

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Tweet It appears that Bank of America’s announcement regarding their intentions to sell the giant bank’s Correspondent Mortgage Lending division is not going to hurt any of my clients. Bank of America has been pricing themselves out of the market over the past few weeks anyway – and we have many other investors who are …

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Jul 08

Not Saving Fast Enough For Your Down Payment?

Cash

Tweet I’ve been hearing this question from a lot of my buyers lately; so I thought I would take a moment to clarify. Just how much is enough money to put down on a home purchase in today’s world? This question can be spun in many different directions depending on your specific situation; so here are the …

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Jul 07

Are Rates Really Increasing?

Mortgage Rate History

Tweet   There’s some news floating around that mortgage rates are increasing; and that applications are down…We’re still in the mid-4’s on most 30 year fixed loans – so contact me if you want to know what’s available for your situation while they’re still this low!

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