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mount vernon: USDA is adding Monthly MI - 09/01/11 04:48 PM
In a surprising announcement, the USDA Guaranteed Rural Development Home Loan Program announced starting October 1st, 2011, they will begin collecting (charging) monthly mortgage insurance of .3%, but their up front mortgage insurance will be reduced from 3.5% to 2%.
If you are unfamiliar with the no down payment 100% financing USDA Guaranteed home Loan, please give me a call. 
Why is the USDA now charging monthly mortgage insurance? Due to some upcoming nationwide changes to make mortgage lenders more accountable to the loans they approve, USDA implemented this in order to prevent the American tax payer from subsidizing the … (4 comments)

mount vernon: USDA is adding mortgage insurance - 06/02/11 06:51 PM
USDA Loans Will Have Monthly Mortgage Insurance as of October 1, 2011What Does This Mean To You?
USDA Rural Development and its loan program were designed to help improve the economy and quality of life throughout rural America. The program continues to remain a wonderful option for qualifying homebuyers, with zero down payment required.But a change is coming!Beginning October 1, for the first time in the history of USDA, the Single Housing Guaranteed Loan Program will have an annual fee. This fee will be calculated based on the guaranteed loan amount and based on the average annual scheduled unpaid principal … (0 comments)

mount vernon: Super Conforming loan limits to expire Sept 30. - 05/27/11 06:31 PM
Over the last few years, the government has funded mortgages as large as $729,750 in high-cost areas throughout the country. Those loan limits were temporarily increased because the economy was struggling and many lenders would have refused to make those loans without the government covering the risk of default. But now those loan limits are due to expire in just a few short months, on September 30, 2011. So, why is this a big deal? Mortgage rates are typically much lower when they are supplied through Fannie Mae and Freddie Mac. When these loans are no longer allowed under Fannie Mae … (0 comments)

mount vernon: HUD does it again - 02/16/11 03:22 PM
Can you believe it?  HUD announced today that starting April 18th the mortgage insurance on FHA loans will go from .9 to 1.15% for it's monthly mortgage insurance.  They recently bumped it up from .55 to .9 monthly and now they are raising it again.  This will make the monthly payments for this great first time homebuyer program go up and less will quallify.  This makes no sense at all!
If they want to do something that actually helps the market why not have a program that allows people who make their payments on time and have income to support those … (0 comments)

mount vernon: Making Homes Affordable......The Saga Continues - 06/14/10 12:03 PM
In an effort to fill in some of the gaps exposed in the initial Making Home Affordable (MHA) program, Washington has stepped up its efforts to assist more distressed homeowners. In a press release on April 28th, the U.S. Treasury announced an update to the program designed to assist nearly 50% of those homeowners seeking relief from the MHA program.
 With millions of lay-offs recently, optimism about the future is fleeting at best. As many as 6 million families are expected to face foreclosure in coming years. Combined with a loss of or reduction in income, many families also have a … (0 comments)

mount vernon: $8000 tax credit - 10/27/09 02:35 PM
Well the Senate has the bill now to vote to extend the tax credit.  Lets all hope they do.  If they fail to extend this I believe the housing market will come to a crawl.  This would be for two reasons.  First the consumer confidence would be shot.  Consumers would see the government bailing out all the big banks and pulling back from the consumers who need most of the help.  Secondly I think that the first time home buyers would stop buying anticipating a renewal of the bill early next year after the winter break.  The best that could happen … (1 comments)

mount vernon: Over regulating again - 08/03/09 02:11 PM
Now the government has implemented the Housing and Economic Recovery Act (HERA).  Basically if the APR changes for the better or worse by .125% then new disclosures would need to be signed by the borrowers and the loan could not close for up to 6 days after signing it.  I can see if the APR goes up then having them sign and wait the required days.  But if the rates go down and I get my clients a better interest rate?  The APR would go down and the borrowers would benefit from that. Why should the clients be punished and have to wait the additionals … (1 comments)

 
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Jerry Wright MLO 181458

Marysville, WA

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