First Time Homebuyer Tax Credit up to $8000

by Irene Moustakas | Jun 1, 2009 | 1st Time Homebuyers, Industry News, Tips

I have to first preface this post by stating that I am not a tax advisor and cannot guarantee any of the following information. But I can let you know some of the requirements and stipulations for qualifying for the First Time Homebuyer tax credit. First time...

Big Changes to Mortgage Insurance Rules!

by Irene Moustakas | Mar 26, 2009 | 1st Time Homebuyers, Industry News, Loan Programs and Products

Mortgage Insurance is required when you have less than 20% down. It serves to protect the lender in case you default on your mortgage (because by putting less than 20% down, you are deemed a more risky borrower). If you’re in this down payment bracket of less...

Your Payment Responsibilities as a Homeowner

by Irene Moustakas | Feb 26, 2009 | 1st Time Homebuyers

Part of Homebuying 101 is what your payment responsibilities are as a homeowner. There are either 3 or 4 items, depending on how much you have to put down. Your Mortgage Payment Mortgage Insurance (not necessary when you have 20% or more as a down payment) Homeowners...

How Changing Your Exemptions Can Help You Make Your Mortgage Payment

by Irene Moustakas | Feb 11, 2009 | 1st Time Homebuyers, Tips

Many home buyers take a look at their proposed total homeowner payment responsibilities (mortgage, property taxes, insurance and Mortgage Insurance, if applicable), and think, “There’s no way I can make that payment; I barely have enough take-home pay from...

New Page Added: Mortgage Terms

by Irene Moustakas | Feb 6, 2009 | 1st Time Homebuyers, Miscellaneous

I’ve added a new page!  “Mortgage Terminology” can be found in the sidebar underneath “About / References.”  I’ll add terms periodically and as they come up.  If there’s anything missing that you’d like me to define,...

Minimum Down Payment Requirements

by Irene Moustakas | Feb 4, 2009 | 1st Time Homebuyers, Industry News, Loan Programs and Products, Tips

I received a lot of additional questions to my January 26th post regarding the 5% down payment option, so I would like to go over down payment requirements for other property types and loan amounts. The following is limited to conventional loans. Down payment...