Minimum Down Payment Requirement on Conventional Loans Reduced
Lending guidelines are loosening up, and one of the recent places is in minimum down payment requirements. Fannie Mae now allows as little as 3% down payment for first time homebuyers. Here are the general requirements and guidelines: Conforming loan amounts only (up...FHA’s Mortgage Insurance Premiums to Reduce by .5%
FHA’s Mortgage Insurance premiums are set to reduce by .5% on January 26, 2015. The current insurance premium rate is 1.35%, so it will reduce to .85%. On a $500,000 loan amount (typical for the Bay Area), this translates to a savings of $208.33/month. Wow! Prior to...Home Emergency Bag Checklist
Do you ever feel like you cross one thing off your “to-do” list and three new things takes its place? I think everyone can relate to this. One thing that has been on my list for quite some time is to create a Home Emergency Bag. I created one a while ago, but it has...Occupancy Fraud: Don’t Do It
Occupancy fraud has become one of the mortgage industry’s biggest issues, especially now that income fraud is nearly impossible to commit. Occupancy fraud is the misrepresentation of how you intend to use the property you are purchasing or refinancing. This is...Family Opportunity Mortgage: Helping Your Elderly Parents or Disabled Adult Child Purchase a Home
Please check out my more recent blog on updated rules and requirements for the Family Opportunity Mortgage here. Not many people know about this Fannie Mae mortgage program, so please keep it in mind as an opportunity. Fannie Mae’s Family Opportunity Mortgage helps...Loan Calculator
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