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...FHA’s Upfront Insurance Premium Increasing on Monday, 4/5/10
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...5% Down Payment, Conventional Loan is BACK (temporarily)!
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...Claiming Your First Time Homebuyer Tax Credit on Your Tax Returns
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...Loan Calculator
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