Rates Are Hot!
Rates have been on fire. Here’s a snapshot, based on today’s rates (5.18.10) after an afternoon price improvement: CONFORMING LOAN AMOUNT (up to $417k in loan amount): Assumes: Single Family Residence, Owner-Occupied home, 20% or more equity, 740+ FICO, no...Freddie Mac Loan + Condo + California = The Homeowners Association Better Have Earthquake Insurance
If you are buying or refinancing a condominium unit in California and your loan is being backed by Freddie Mac, the development must have earthquake insurance or else you will pay a premium. Apparently, this Freddie Mac rule has been around since 1996. I have been...Changes to Mortgage Insurance Rules: This Time, For the Better!
In March 2009, I blogged an update that Mortgage Insurance qualifying rules were tightening and that the maximum Debt-to-Income ratio (DTI) was decreasing from 55% to 41%. Then in June 2009, the minimum credit score requirement changed from 700 to 720. The credit...Are You Aware of the First Time Homebuyer Tax Credits?
There is a small window of opportunity for first time homebuyers to get a combination federal and state tax credits of up to $18,000 (state tax credit is for California). Please make sure those in your life know about this! Federal Tax Credit Rules: (up to $8000 tax...Loan Calculator
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