by Irene Moustakas | Feb 23, 2014 | Featured, Industry News, Loan Programs and Products
Back in the day, we only had a conforming loan limit (currently $417k), and any loan amount above that was considered Jumbo. Now we have three levels of loan limits and down payment requirements for Conventional loans. (FHA will allow 3.5% down payment up to a...
by Irene Moustakas | Feb 12, 2014 | Featured, Loan Programs and Products
Mortgage Insurance is one of those necessary evils in purchasing a home with less than 20% down payment. The purpose of Mortgage Insurance is to protect the lender against the possibility of default. Yes, this is something you pay but does not have any real benefit to...
by Irene Moustakas | Nov 21, 2013 | Featured, Loan Programs and Products
The new “Qualified Mortgage” Rule will be taking place in January 2014, which will result in the discontinuation of Interest-Only loans. There may be a small handful of portfolio lenders that will continue to offer interest-only loans, but for the most part, they...
by Irene Moustakas | Oct 17, 2013 | Featured, Loan Programs and Products
A Jumbo loan (any loan amount exceeding $625,500) is common in our high-cost area. Jumbo loans are considered more risky to lenders, so their interest rates are higher and guideline requirements stricter. You have choices in Jumbo loan programs – your decision can...
by Irene Moustakas | Dec 5, 2011 | Featured, Industry News, Loan Programs and Products
There is a special program currently available to police, firefighters, teachers and emergency medical technicians. The program, called Good Neighbor Next Door (GNND), offers a 50% discount on the list price of a home for HUD-owned properties. In return, the...
by Irene Moustakas | Oct 3, 2011 | 1st Time Homebuyers, Featured, Loan Programs and Products
The 3.5% credit towards closing costs (and buying down an interest rate, if applicable) is expiring soon! For any Homepath real estate purchase, you can still qualify for the 3.5% credit. So if your purchase price is $400,000, you will receive a credit from Fannie...