More Big Changes to FHA Loan Premiums
It was only a few months ago that HUD increased FHA’s Upfront Mortgage Insurance Premium (UFMIP) from 1.75% to 2.25%. HUD will now decrease the UFMIP down to 1.0%, but will increase the monthly mortgage insurance amount from .55% to .90%. Let’s see how this truly pans...Excellent Financing Program for Fannie-Mae Owned Homes
For those of you in the market to purchase a home, you should definitely check out www.homepath.com This program is for the purchase of Fannie Mae-owned homes. Some of the program’s main highlights are: Low down payment (as little as 5% down on conforming loans or...Making Extra Payments on Your Mortgage
Most people do not comment on the reality of a 30 Year Fixed mortgage. But every once in a while, someone will really think about it, or their eyes may widen when they see on their Promissory Note, “Last payment due August 1, 2040.” And think about it: where you will...New “Loan Quality Initiative” Guidelines Are Being Implemented by FannieMae
I just heard about these coming into play on all loans, and have already seen them implemented on some. FannieMae’s ultimate goal is to do whatever it can to reduce or eliminate mortgage fraud. Two things that are now expected on every loan are: 1. Confirm...Loan Calculator
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