Big Savings Coming Up on FHA Streamline Refinance Program, effective 6/11/12
In the midst of rising costs for FHA and Conventional loans, we are finally seeing some relief with the FHA Streamline Refinance program. This does not go in effect until June 11, 2012, but that’s right around the corner! To qualify for the savings: You must be...FHA Mortgage Insurance Increasing on April 9, 2012
(Blog post has been updated to reflect the new change date of 4/9/12, per FHA Mortgage Letter 12-4) It’s happening again… FHA Upfront Mortgage Insurance Premiums, as well as the monthly Mortgage Insurance charges, are set to increase on April 9, 2012. If you need an...Choices: When the Appraised Value Comes in Lower than Your Purchase Price
If you are purchasing a home and the appraised value comes in lower than the sales price, this can be a deal-killer for many buyers. Lenders calculate the loan amount based on the lesser of the purchase price or the appraised value. If you’re at the Loan-to-Value...A Reason to Lock Your Rate NOW Instead of Waiting
A new law has passed that will directly affect every person seeking a mortgage securitized by Fannie Mae or Freddie Mac, or insured by FHA, effective tomorrow, 1/11/12. Nearly every loan right now is held by one of these Government-Sponsored Entities (GSEs), so this...A Mortgage Broker versus a Loan Officer at a Retail Bank
I am a member of the National Association of Mortgage Professionals, and received this email in my inbox this morning. The NAMB President wrote a letter to President Obama regarding Obama’s use of singling out mortgage brokers when discussing financial reform...Purchase Loan Program Available for our Community Heroes: Police, Firefighters, Teachers & EMTs
There is a special program currently available to police, firefighters, teachers and emergency medical technicians. The program, called Good Neighbor Next Door (GNND), offers a 50% discount on the list price of a home for HUD-owned properties. In return, the...Expanded Program to Help Homeowners Whom are Underwater: HARP 2.0
Some good news that may open up refinancing opportunities for homeowners with little equity or whom are underwater: the Federal Housing Finance Agency, Fannie Mae and Freddie Mac are enhancing the Home Affordable Refinance Program (HARP). We’re calling it HARP 2.0....“Senate Adopts Measure to Increase Fannie, Freddie Loan Limits”
Bloomberg Businessweek issued an article stating that the Senate has approved a measure to increase our high balance loan limits. The measure now has to be passed by the House to become law. My fingers are crossed! Since reverting back to the “permanent”...Reminder (and Warning) Regarding the 1st Installment of Property Taxes
As many of your homeowners know, the 1st installment of property taxes is due to the county on November 1st; considered late after December 10th. You should all have your property tax bills by now. I will send out another reminder via my blog when they are due, and...Loan Calculator
Try for free!
Free eBook
