by Irene Moustakas | May 13, 2010 | 1st Time Homebuyers, Industry News, Tips
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...
by Irene Moustakas | Apr 28, 2010 | 1st Time Homebuyers, Industry News
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...
by Irene Moustakas | Apr 14, 2010 | 1st Time Homebuyers, General Market News
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...
by Irene Moustakas | Mar 30, 2010 | 1st Time Homebuyers, Industry News
For FHA loans assigned on or after April 5, 2010, the upfront mortgage insurance premium (UFMIP) is increasing from 1.75% to 2.25%. If you’re on the fence about refinancing into an FHA loan, or are currently still working on negotiations for a purchase, there...
by Irene Moustakas | Feb 16, 2010 | 1st Time Homebuyers, Industry News
A 5% down payment conventional loan is available again! There are some heavy restrictions, so please read the following stipulations: Conforming loan ONLY (Maximum loan amount: $417,000) Purchase only (no refinances) Single-family home or detached PUDs only (no...
by Irene Moustakas | Feb 10, 2010 | 1st Time Homebuyers, Tips
If you were a first time homebuyer in 2009 and you fell within the IRS tax credit rules, you can claim that $8000 tax credit on your ‘09 returns. The IRS has very specific rules on how to claim the credit though, and you will want to make sure you do it right. Your...