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mortgage insurance: Great News about Mortgage Insurance - 02/13/12 08:31 PM
Want some great news regarding mortgage insurance for conventional loans? How about this?• The maximum allowable debt-to-income ratio (DTI) for mortgage insurance is being increased from 41% to 45%, regardless of the borrower's credit scores.• Mortgage insurance monthly premiums are going down by a little more than 10% for borrowers with credit scores above 760. These changes are for conventional (non-government) loans only. The mortgage insurance guidelines for FHA loans remain the same, meaning anyone who qualifies for an FHA loan automatically qualifies for FHA mortgage insurance. No additional underwriting is required.Getting a loan approved is easy - if you know … (1 comments)
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mortgage insurance: Mortgage Insurance - What You Need to Know! - 02/15/11 09:02 AM
What is Mortgage Insurance (MI)?
· Mortgage insurance is an insurance policy that is required on loans that are for amounts greater than 80% of the value of the property (or the sales price, whichever is lower)
· The borrower pays for the insurance policy
· The lender is the beneficiary of the policy if the borrower goes into foreclosure
How are MI Rates Determined?Conventional loans - MI rates depend on a number of things-Size of the loan-Borrower's credit score-Down payment amount-Property location-Terms of the loan (30 years, 15 years, etc.)FHA loans - MI rates only depend on the down payment … (0 comments)
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mortgage insurance: Mortgage Insurance Now Available with Just 3% Down! - 10/28/10 03:08 PM
Last month, Fannie Mae announced that they were lowering their down payment requirement to 3% for one-unit primary residence purchase transactions. However, at the time of the Fannie Mae announcement, the mortgage insurance companies required 5% down, so the Fannie Mae announcement did not really change things.
But here's some GREAT NEWS! The mortgage insurance companies have just announced that they will now insure loans with 3% down. Here are some details:
The minimum down payment is only 3%. The minimum credit score at the moment is 700. These are not restricted to first-time home buyers. If you have owned … (0 comments)
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mortgage insurance: Mortgage Insurance Rates Went Up and Down - 09/12/10 05:45 PM
Now that FHA mortgage insurance is going up from .55% a year to .90% a year, conventional loans will become more attractive to many borrowers. If a borrower has good credit, their monthly mortgage payment might be cheaper with a conventional loan than it would be with an FHA loan.
However, it is important to know that not all private mortgage insurance companies have the same rates. On a loan that we originated recently, the lender told us the mortgage insurance (MI) payment was going to be $195 a month for a $250,000 loan. We told the lender that we wanted to … (4 comments)
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mortgage insurance: Mortgage Insurance Just Got Cheaper - 05/02/10 05:39 PM
Mortgage insurance rates for conventional (non-government) loans just got cheaper. Effective May 1, 2010, private mortgage insurance companies are basing the rates for the insurance on credit scores, in addition to the size of the down payment. This is good news for borrowers.Here's how the new rates break down:
If your score is 720 or above, you get the cheapest rates If your score is between 680 and 719, your pay more than someone with better credit If your score is below 680, you pay a lot more than someone with better credit FHA mortgage insurance rates have not changed, and … (0 comments)
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mortgage insurance: Guidelines Are More Relaxed for Mortgage Insurance! - 03/15/10 07:38 PM
Here's something we haven't seen in a long time - more relaxed underwriting guidelines! Some of the private mortgage insurance companies recently raised the debt-to-income ratio (DTI) from 41% to 45%. You still need to have a good credit score (700) to take advantage of the higher ratio, but it's the first thing we've seen in more than two years that signals the tightening of the guidelines may be nearing an end.Just don't confuse this with a return to sub-prime loans. The mortgage insurance (MI) guidelines used to be routinely ignored by everyone, including the MI companies. MI underwriting was a … (1 comments)
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Chris Thomas
Denver,
CO
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The Mortgage Experts at America's Mortgage
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