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fha: Record month for FHA loans - 07/27/09 06:11 PM
More FHA loans were originated in June than ever before.
FHA guaranteed almost 186,000 mortgages in June, a monthly record for the agency in its 75-year history. The total number of FHA loans originated last month surpasses the previous record of 157,000 set last October. Having never crossed the $40 billion threshold in a month’s span, the mortgage association issued $43.5 billion in mortgage-backed securities in June.
Currently nearly 36% of all mortgage applications are FHA loans and are guaranteed by Ginnie Mae, a government backed agency.
With conventional loans becoming ever more difficult to obtain (They now require a 720 … (2 comments)

fha: FHA down payment's are changing!! - 12/18/08 04:11 PM
Earlier this year HUD changed its rules on the minimum amount a borrower needs to bring to closing. Previously there was a 3% contribution required & there was a loophole where the DP could be reduced to 2.25% for borrowers that were paying at least .75% of their closing costs (Thereby equaling at least 3% from the borrower).
With the new legislation a borrower is required to bring 3.5% specifically for the down payment, regardless of how much of the closing costs they are paying.
This is important: These changes take effect for all FHA case#'s pulled after Jan. 1. A … (1 comments)

fha: FHA Streamline Refinance - 12/15/08 10:28 AM
If you currently have an FHA mortgage with a rate higher than 6.5% now is a great time for a streamline refinance.
A streamline refinance is much different than a typical refinance. If you already have an FHA loan with a good payment history the lender assumes that you'll make the new mortgage payments on time as well, so they don't require near as much documentation as when you're purchasing a home, refinancing a traditional mortgage. Some of the benefits are as follows: 
No credit check No income or employment verification No appraisal needed Fast processs....a week or less! Very little paperwork … (0 comments)

 
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Dan Magstadt

Lake City, FL

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Main Street Financial

Address: 496 SW Ring Court, Lake City, FL, 32025

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Mortgage blog written by Dan Magstadt to help give some insight into the mortgage market as well as let everyone know what's going on at Meridian Financial & my personal life!
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