I know it doesn’t make sense that you are punished for doing the right things, according to my friends and credit experts at Home Loan Assist (HLA), unfortunately that is the case when it comes to credit. My friends at HLA shared this with me today – A collection that is six years old and hasn’t […]Read More Does paying off collections hurt or help your credit scores?
On December 19, 2014, legislation was passed once again allowing for the tax deductibility of mortgage insurance (MI) premiums for qualified borrowers. The deductibility is effective for purchase and refinance transactions closed after December 31, 2013. MI premiums paid or accrued after December 31, 2013 and through December 31, 2014 may qualify for tax deductibility […]Read More Mortgage Insurance = Tax Deduction
In the first Mortgagee Letter of the year FHA makes a HUGE change by reducing its annual mortgage insurance by 50 basis points across the board. The new rate will be 85 basis points (for loans with less than 5% down payment). Example – $200,000 mortgage with 3.5% down payment Previous FHA monthly mortgage insurance […]Read More FHA Officially Reduces Annual Mortgage Insurance – Cutting Monthly Payments!
Great news friends – homebuyers in the DFW metro (and surrounding areas) will see increased purchasing power thanks to FHA’s decision to increase loan limits beginning January 2015. Currently the max loan amount for DFW area is $287,500 which means buyers may buy a $297,900 home by putting the very minimum down. However, as of […]Read More FHA Loan Limits Increased! And other FAQ’s
It’s suffice to say that my clients do NOT like lender required document ‘scavenger hunts’ – let’s be honest, who really does? In today’s world of tighter credit standards, loan ‘buy-backs’, uber compliance and 100% audits (vs the good ol days of 10% audits) it’s critical that lenders underwrite your loan to the inth degree, […]Read More I Have to Explain the $500 Deposit in MY Bank?? WHY??
I am often asked why there is so much paperwork involved in a mortgage loan application when buying a home today. It seems that the bank needs to know everything about you and requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and […]Read More Buying a Home: WHY So Much Paperwork!?
Has this ever happened to you? You’re surfing around on one of the many googolplexian (the biggest number in the world…with a name) of real estate websites wishing, dreaming of that new home but thinking the homes you’re looking at online are a little out of reach. Then you’re eyes are immediately fixated on that […]Read More Why is the Mortgage Payment Higher than the Online Payment Calculator?
HUD came out with three major changes this week for FHA loans when case numbers ordered April 1 2012 and afterward. This does not mean that the loan must be closed by April 1, 2012 but a contract must be executed and the FHA case number ordered through their system by that date. It is […]Read More IMPORTANT CHANGES THAT WILL AFFECT YOUR FHA CLIENTS
Effective April 18, 2011 FHA Monthly Mortgage Insurance Premium (MIP) Increased By 0.25 to 1.15 Point UFMIP Remained at 1.00 Point FHA Mortgagee Letter 11-10 Current Monthly Mortgage Insurance Premium (MIP) An annual premium, shown below, paid monthly, will charged based on the initial Loan to Value and length of the mortgage according to the […]Read More everything you need to know about FHA mortgage insurance – psst, there are TWO!
THINK TWICE BEFORE ASSUMING A PROGRAM GEARED SPECIFICALLY FOR A PARTICULAR CLIENT IS THE BEST PROGRAM AVAILABLE TO THEM. freddie mac has a loan product titled “home possible neighborhood solution” which is geared towards teachers, firefighters, law enforcement officers, health care workers, and military personnel. there have been several mortgage companies pushing this product, yet very […]Read More teachers, firefighters, police officers, health care workers loan – is it a good deal or not?