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...

Interest Rate Update: the 5/1 LIBOR ARM

by Irene Moustakas | Mar 10, 2009 | Loan Programs and Products, Rates

I’ve mentioned in previous posts that interest rates on 30 Year Fixed mortgages have been better and more competitive than any other loan products, namely Adjustable Rate Mortgages (ARMs). This has been the trend for the past 6 months or so. It is...

Obama’s Making Home Affordable Plan: The Most Recent Details

by Irene Moustakas | Mar 5, 2009 | General Market News, Industry News, Loan Programs and Products

There are two sub-plans to The Homeowner Affordability and Stability Plan. The first provides homeowners who lack sufficient equity the ability to refinance their loans. The second helps homeowners who have fallen behind on their mortgage payments the ability to...

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...

ARMs: What Happens When They Enter Adjustment

by Irene Moustakas | Jan 30, 2009 | Loan Programs and Products, Tips

I’ve received many calls recently from referrals and new clients asking about refinancing out of their ARM and into a Fixed Rate Mortgage. Depending on the value of their house, their credit score and qualifying, sometimes I can help them, sometimes I can’t. But...

5% Down Payment, Conventional Loan Available

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

UPDATED JANUARY 13, 2010: Please refer to my most recent post regarding minimum down payment requirements. They are based on loan amount range as well as property type....