loans: VA Funding Fee update October 6, 2011
- 10/12/11 09:30 PM
In many areas of life today, the only constant is change. This is especially true in the mortgage industry. Nothing like moving the goal posts during a game to keep make things exciting. Here is the latest update on VA Funding fees. The White House announced yesterday that the President signed H.R. 2646: Veterans Health Care Facilities Capital Improvement Act of 2011, which reverts the Veterans Affairs Funding Fees back to the higher pre-October 1st percentages. The reduced VA Funding Fee schedule, in Circular 26-11-12, would apply for a very short period of time, theoretically for loans that closed during October 1 through October 4. VA is … (1 comments)
loans: Portfolio and Private Money Mortgages
- 08/10/11 11:42 PM
Nature abhors a vacuum. With the tightening in the mortgage market we have seen an increase in portfolio and private, also known as hard money, loans to fill the void created since subprime mortgage products have become extinct. The good news is that borrowers who do not fit in the box for a standard FHA, VA, or conventional mortgage now have options. The bad news is that rates, liquid assets after the closing for reserve requirements, "skin in the game", etc., will probably be higher. Skin in the game is defined as the amount of equity or down payment one has. Once in a great there is still some common sense in the … (1 comments)
loans: Why “Less Is More”………..
- 02/25/10 07:40 PM
I must admit, for far too many years I originated loans and guided my clients by the philosophy to “buy as much home as you possibly can afford” believing that most people ended up “growing into their mortgage payment” as they continue to improve their employment skills and subsequently their income levels. While this might be true for some younger buyers, often that this is not the case. In addition, when you buy “maximum” house with your money you also get “maximum” utility bills, insurance, and property taxes that go along with that maximum mortgage payment. The meaning of “Less is … (1 comments)
In many areas of life today, the only constant is change. This is especially true in the mortgage industry. Nothing like moving the goal posts during a game to keep make things exciting. Here is the latest update on VA Funding fees.
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