Currently viewing the tag: "FHA"
Analyzing mortgage insurance is an important part of choosing your home mortgage. Your mortgage lender should adequately explain the difference between FHA and Conventional mortgages and whether or not you qualify for a Conventional loan vs. an FHA loan. You may find that mortgage insurance rates are significantly better for you using a Conventional mortgage over an FHA mortgage. However, if you aren’t eligible for a Conventional loan, FHA loans are a great option and mortgage insurance is simply a normal part of getting a loan today without 20% down payment.
At today’s record low mortgage rates, you can finance home improvements or home repairs with an FHA 203K right along with your home purchase price at the time of your initial loan closing and know that you’ve already got those items financed and under control.
Whether you’re in the middle of the mortgage pre-approval process or if you haven’t yet started the home buying process; understanding the FHA 203K program in today’s real estate market can come in handy. A large number of the properties on the market today are bank owned or short sale properties where the seller may not entertain doing any repairs on the property. Being armed with all of your options for mortgage financing upfront will help you to be best prepared.
If you’re in the home buying market today, it’s likely that you’ve seen some non-traditional seller owned homes (bank owned, foreclosed or short sale properties) that are in need of repair. We could be talking minor or major repair. No matter what the needs are; we have a mortgage loan program to help you make the necessary changes to your new home.
What I have found in my years of providing home loans to Veterans is that it appears there is a lack of education surrounding the benefits to VA Home Loans. VA Home Loans provide a number of benefits to the Veteran and Veteran’s spouses that you may not realize.
The largest benefit in today’s home loan market is that VA Home Loans still allow for zero down home loans.
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….
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.
With all the recent news about H.R. 5981, I thought I’d share that we now have through the entire month of September before the change will take place with FHA mortgage insurance premium fees. It will effect new case numbers on or after October 4, 2010.
FHA intends on lowering upfront mortgage insurance premiums, but raising the monthly mortgage insurance premium. This will make an impact for those who are looking to purchase a home but are down payment sensitive.
PENCIL PUSHING: Do the math for yourself: 6% is a pretty normal rate in a normal economy. Just how good are rates now? On a $200,000 loan, the difference in 4.25% and 6% is $213 per month! The 6% rate produces a payment of $1,193 vs. a $980 payment at 4.25%, a difference of 17.85%!
Watch this video for information on the upcoming First Time Home Buyer Class
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