You Have Options in Mortgage Insurance

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...

Advantages and Disadvantages to Interest-Only Loans

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...

Jumbo Loan Programs: A 10/1 Adjustable Rate Mortgage (ARM) versus a 30 Year Fixed

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...

Purchase Loan Program Available for our Community Heroes: Police, Firefighters, Teachers & EMTs

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...

Homepath 3.5% Closing Cost Assistance Expiring Soon

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...

Fannie Mae Offers 3.5% Closing Cost Assistance

by Irene Moustakas | Apr 12, 2011 | 1st Time Homebuyers, Featured, Loan Programs and Products

This 3.5% assistance applies to Homepath properties, but it is available only during a small window of time.  Homepath is an excellent financing program available for Fannie Mae-owned homes.  Check out the features of Homepath in my previous blog, but as a quick...