Currently viewing the category:
"Mortgage News"
FHA Commissioner David H Stevens announced yesterday a few upcoming changes for FHA. For any loans that are assigned case numbers on or after April 18, 2011. The difference in the mortgage insurance premiums (MIP) is equivalent to 25 basis points. This means that instead of paying the current rate of .9% of the loan amount….
Greg Nelson, CPA with Olsen Thielen, CPAs offered our readers the following Top 10 Tax Thoughts for Homeowners and Landlords.
The newly passed 2010 Tax Relief Act signed into law on December 17 includes several provisions (besides others) that will affect taxpayers filing their taxes for 2010 and going forward. Below are the top ten tax thoughts not listed in any particular order.
The Small Business Commerce Association (SBCA) is pleased to announce that Cornerstone Mortgage Company has been selected for the 2010 Best of Business Award in the Mortgage bankers and loan correspondents category.
We are very happy to introduce you to Tim Swierczek! Tim is new to Cornerstone Mortgage, but certainly not new to the mortgage industry! Tim and his team will be in our newest Cornerstone Mortgage Company office, in Maplewood, Minnesota.
Current interest rate: 4.125%
Program Eligibility
• Must be first time homeowners OR has not owned a primary residence in the last three years.
• Existing single family homes, townhomes, condominiums or duplexes in Dakota County are eligible.
• New construction is eligible in Apple Valley, Burnsville, Eagan, Empire Township, Farmington, Hastings, Inver Grove Heights, Lakeville, Mendota Heights, Rosemount, South St. Paul, Sunfish Lake and West St. Paul.
• Homebuyers must occupy the home as their primary residence after purchase to be eligible.
• 620 minimum credit score.
There is a perfect storm that has transpired with foreclosure proceedings with a number of the monster banks in the country. We found this video from TBWSDaily.com below. It gives the basic principals behind the foreclosure moratoriam.
70% of Americans believe its a good time to buy a home. This is even after they have been hearing all the issues about the housing industry. When Fannie Mae conducted same survey in January or 2010, 64% of Americans believed it was a good time to buy a home.
Here is a brief overview of the program:
100% financing with competitive rates available to qualified borrowers
NO MORTGAGE INSURANCE REQUIRED!! (Yes, I am shouting this! This can make a HUGE difference in your monthly payments!!!)
Up to 3% of the purchase price allowed in seller-paid closing costs for the buyer.
Minnesota Housing lowered all first-time home buyer program interest rates, with the lowest at 3.75% for MMP loans
The message below about refinancing homes that are “upside down” or “underwater” and a new program that MAY end up helping a few of the responsible homeowners who have been limited in their ability to refinance due to declining market value of their homes.
Watch this video for information on the upcoming First Time Home Buyer Class
Subscribe Via Email
View Posts By Category
- Chela's Story (5)
- Conversations With Carrie (127)
- First-Time Home Buyers (79)
- Home Buyer Class Information (16)
- Home Loan Process (46)
- Local Information (34)
- Market Updates (27)
- Mortgage News (44)
- Mortgage Terminology (20)
- Trusted Resources (8)
- Tuesday Tidbits (3)
- Uncategorized (15)
- Upcoming Events (26)
