Most important mortgage news this year
If you are purchasing or refinancing a home with a loan (not FHA) DO NOT BUY ANYTHING WITH YOUR CREDIT CARDS. As of June 1st Fannie Mae is requiring lenders to check the borrowers credit right before...
View ArticleMortgage Rates have hit a new low
As we open in September it is looking to be a great month for extremely low rates. We have hit a new low. Yes rates have been low but now they are even lower. We are quoting in the LOW 4′s for 30...
View ArticleFHA VS Homepath
FHA (with new rules) VS Homepath In a prior blog I discussed how FHA was changing October 4th and how this would affect monthly payments. For reference check out FHA Oct4th. These changes will...
View ArticleFHA loan update; Need 640 credit score for most lenders
In the past few weeks we have seen one bank after another raise their minimum credit score on FHA to 640. Two weeks ago we had 7 main lenders that would allow 620 credit scores. Today = zero Why are...
View Article3 Reasons this is the ultimate buyers market
1) Rates are at historic lows. Borrowers with as little as 3.5% down are getting rates in the very low 4′s on 30 year fixed loans! 2) Foreclosure land. For those of us who already own homes the heap...
View ArticleHow to take advantage of Todays great rates when you have less than 20%...
How to take advantage of Toady’s great rates when you have less than 20% equity in your home without paying mortgage insurance. Part One Many people feel that if they have less then 20% equity in...
View ArticlePART TWO: How to take advantage of Todays great rates when you have less than...
If your home loan is owned by Fannie Mae or Freddie Mac there are special refinances available. Commonly know as HARP, these loans can be 100% of what you owe and you can get a great rate with...
View ArticleA Home should not be a burden; The “Conservative” view
It was recently brought to my attention that I was “conservative.” I have been conservative for the better part of my life. I am proud to be conservative. I am intrigued by those who are free...
View ArticleThe deal with 2nd approvals
Why certain properties require a 2nd approval by the sellers preferred lender: 1) If it is a bank foreclosure asking you to qualify through their bank, They are requiring this because: A) They want one...
View ArticleFHA News: Mortgage Insurance to increase
FHA NEWS As of April 18th, 2011 FHA will once again be INCREASING their monthly mortgage insurance premiums. What this will look like in $ Example: $400,000 loan, less than 5% down, 30 year loan...
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