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mortgage insurance: FHA Loans are Changing Soon, April 1st and April 9th - 03/17/12 04:48 PM
There are 3 major changes that are going to be going go into effect very soon for FHA loans. FHA loans are known for being very helpful for homebuyers. They offer lower than market rates, low down payment of 3.5% and allow the seller to pay more of the buyers closing costs than conventional loans. Here are the 3 Major changes you need to know:
1. Monthly Mortgage Insurance is increasing. For all FHA loans on and after April 9th. The mortgage insurance is increasing by .10 and here is a quick explanation of the change:
30yr Mortgage(20 yr, … (3 comments)
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mortgage insurance: FHA Mortgage Insurance is Increasing on April 9th. - 03/11/12 01:36 PM
HUD(FHA) just announced that the monthly mortgage insurance is increasing on all case numbers ordered on and after April 9th. This increase will be .10 on all FHA mortgages that have monthly mortgage insurance. A FHA case number is ordered when you start a new FHA loan. This change is for purchase loans and regular refinances(not streamlines). HUD is also increasing the upfront mortgage insurance amount from 1% to 1.75%. To give this change some perspective, the increase in up front mortgage Insurance will increase the payment on a $200k loan by $5 a month.
Here are the exact changes to … (0 comments)
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mortgage insurance: 9 Benefits of the VA Mortgage - 01/17/12 04:11 PM
One of the greatest benefits to being a Veteran is the VA Mortgage. Whether you are buying a home or refinancing that home, you can not beat a VA Loan. Here are 9 benefits to them:
1. 0% Down Payment- When you purchase a home with your VA loan benefits you can purchase it with No Down Payment. Unlike a FHA loan or Conventional, that do require a down payment of at least 3.5% or more
2. No Monthly Mortgage Insurance- VA Loans do not require monthly mortgage insurance. Giving you a great low payment.
3. Fess the Seller … (2 comments)
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mortgage insurance: VA Funding Fee is Lowering 10/1/11. Great News for VA Buyers!! - 09/02/11 02:11 PM
Effective with loans closed on and after October 1, 2011, the following VA Funding Fee will be lowered. For those with 0% down payment(and 1st VA loan) the VA Funding fee will go from 2.15% to 1.4%. On a $150,000 loan that will save you about $6 a month. Not huge savings, but every dollar counts in today’s market!. Here are the Changes :
Down Payment: 0 – 4.99%
There is no change in the funding fee amounts for Interest Rate Reduction Refinance loans, Native American Direct loans, or Loan assumptions.
VA Loans are unique Compared to most loans, … (4 comments)
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mortgage insurance: 3% Down Payment for Conventional Loans in Fort Bend, Harris, Brazoria, Montgomery County or any where in Texas. - 06/06/11 02:36 PM
You can now get a conventional loan with a minimum down payment of 3%. This program is called FLEX 97%. This is a great program for a couple reasons:
You only need a down payment of 3% vs 3.5% required by a FHA loan The max loan is $417k vs a max loan amount of $271k with a FHA loan This does not pulling the spouse's credit report. Unlike a FHA loan that requires the spouse's debts be included in the total debts for calculating purposes. If you currently have a FHA mortgage you can qualify for this loan. While you … (0 comments)
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mortgage insurance: Which Mortgage is Best for Me? FHA, VA, Conventional - 04/30/11 10:52 AM
When getting a mortgage it is important to know all your options. And then decide which mortgage is best for you. I can help you with this decision, but I also want to give you a short explanation of each of the major 3 mortgage programs: FHA, VA and Conventional. Here they are:
FHA LOANS
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on … (3 comments)
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mortgage insurance: USDA Financing available for homes in the Tara Sub-division of Richmond, Texas - 04/20/11 08:28 PM
Once Again Patrick Lim has provided great info. USDA loans are an awesome mortgage program. 0% Down Payment and NO Monthly Mortgage Insurance!! Call me today for more info on USDA loans.
www.DaveYourMortgageGuy.com
Via Patrick Lim (Coldwell Banker United Realtors):
If you are looking to buy a home in the Tara sub-division of Richmond Texas, you want to know that homes in that area are eligible for USDA loan financing of up to 103.5%. This means that NO DOWN PAYMENT is needed and the upfront funding fees of 3.5% of the sales amount could also be rolled into the loan.
Let … (1 comments)
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mortgage insurance: 0% Down Payment for Tara Sub-division of Richmond, Texas 77469, USDA Loans - 04/20/11 08:14 PM
USDA Loans are mortgages for Homes that are found in Rural areas. Oddly enough, some homes in Richmond are considered Rural. The Tara Sub Division is one of these areas. Here are the highlights of a USDA loanfor:
You will not need a down payment. That's right 0%!!! FHA loans require a down payment of 3.5% and a conventional can require 5% or more. And the seller can pay all or some of your closing costs. This would allow you to get in the home with the least amount of money possible. You will NOT have any monthly mortgage insurance. This … (1 comments)
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mortgage insurance: USDA Loans. 0% Down Payment!!!!!! - 03/24/11 02:02 PM
USDA Loans are mortgages for Homes that are found in Rural areas. If you are thinking of buying a home in a rural area you can not beat this loan option. Here are the highlights for:
You will not need a down payment. That's right 0%!!! FHA loans require a down payment of 3.5% and a conventional can require 5% or more. And the seller can pay all or some of your closing costs. This would allow you to get in the home with the least amount of money possible. You will not have any monthly mortgage insurance. This will give … (2 comments)
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mortgage insurance: Mortgage Insurance is Tax Deductible thru 2011 - 12/28/10 06:23 PM
President Obama has signed a bill that has extended the tax deduction of Mortgage Insurance thru 2011. Here are the rules to remember in regards to this tax deduction:
your purchase or refinance loan must close before Dec 31st, 2011 household income must be $100,000 or less to get the full write off of the insurance premium. the amount of the write off is reduced by 10% for every $1000 over $100k. With it phasing out at $109,000. meaning if you make over $109k as a household you can not write off mortgage insurance it applies to your primary home and … (1 comments)
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mortgage insurance: FHA Mortgage Insurance is Changing. A MUST READ - 08/07/10 11:32 AM
As of August 5, 2010 Congress passed bill H.R. 5981, this bill effectively changes the upfront mortgage insurance premium (MIP) and monthly mortgage insurance for FHA loans. The good news is the upfront mortgage Insurance is being reduced to 1.00%. This is down from a high of 2.25%. This mortgage insurance was usually rolled into the mortgage, not affecting the clients all that much. This is good news, thou.
Now the bad news. The monthly mortgage insurance is going from .55% to .85%-.90%. This change is for 30year mortgages only. If the loan to value(LTV) is over 95%(max 96.5%) the … (0 comments)
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mortgage insurance: FHA’s Monthly Mortgage Insurance looking to Increase! - 06/14/10 03:19 PM
Recently the House of Representatives gave HUD(FHA) the ability to raise their monthly mortgage insurance premium. They have given power to raise it up to 1.55% monthly. Currently FHA's mortgage insurance is .55% a month. Fha has not decided what to raise the monthly MI to at this time, but has mentioned that .90% should be sufficient. FHA is waiting for the Senate to pass this bill. If the Senate does pass this bill, look for the mortgage insurance to increase later in the year. I will keep you updated as the Senate votes on this. Please keep in mind that … (0 comments)
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mortgage insurance: 2nd mortgages do exist. I promise!! - 03/08/10 01:41 PM
Quite often I hear from clients that another mortgage company or bank tells them that 2nd mortgages do not exist. This is usually because that company is not approved to do them or chooses to not do them. But I promise they do exist. Why would a buyer choose to do a 2nd mtg:
Avoid mortgage insurance. Many times avoiding mortgage insurance is beneficial for a couple reasons: a lower payment and the interest is tax deductible. Over the long term mortgage insurance is not tax deductible. They have a home to sell and do not have the 20% down … (6 comments)
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David Krichmar- DaveYourMortgageguy.com
Sugar Land,
TX
More about me…
www.DaveYourMortgageGuy.com, FHA, VA, USDA, HomePath, Jumbo
Address: Serving Harris, Fort Bend, Montgomery, Brazoria County, Houston, Katy, Sugar Land, Pearland, The Woodlands or anywhere in Texas!
Office Phone: (832) 689-6012
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