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...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...Interest-Only Loans
Surprisingly, Interest-Only (I/O) loans are back. They carry higher interest rates than fully-amortized (principle & interest) loans, but recently, they have become quite competitive. I’m surprised that they’re available because these loans are a big reason why...Time Period Required Before Buying Again When You have Short-Selled or Foreclosed
If you have decided to short sell your home or have gone through foreclosure, your credit score is not the only thing that gets affected. You will also not be able to get a loan for a certain time period. Keep in mind that these are current rules and can change at...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...Loan Calculator
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