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fha: VA Loans: Pros & Cons - 10/26/11 03:55 AM
If you’re a qualifying veteran or service member, a VA mortgage can be a great deal. VA mortgages offer a lot of benefits, including being one of the few 100% financing options available. There are however, certain situations where you may be better off going with a FHA mortgage or a conventional loan backed by Fannie Mae or Freddie Mac.
Pros of a VA home loan
The government guarantees at least one-quarter of the loan amount on a VA mortgage, which is why you don’t need to put up a down payment. It’s also why you don’t have to buy mortgage insurance, which is … (0 comments)
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fha: Dysfunctional Congress leads to even Lower Interest Rates - 08/03/11 10:02 PM
Current low mortgage rates have fallen again as the U.S. continues to shows signs of a sluggish economy with a drop in consumer spending.
Dropping by .125%, today’s 30 year fixed mortgage interest rates are at 4.125%. 15 year fixed mortgage interest rates are at 3.500% and 5/1 ARM loan rates are at 2.750%, both remaining the same. Conforming 30 year fixed mortgage loans are the most desired long term mortgage product amongst borrowers because they offer the security of a monthly mortgage payment that remains the same for the entire length of the loan. With 0.7 to 1% origination fee, these … (2 comments)
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fha: FHA may be Your Best Choice - 07/04/11 11:10 PM
The demise of subprime, no-documentation and no-down-payment loans is more than three years in our rear view windows. Many folks with credit challenges and little cash have turned to Federal Housing Administration (FHA) and Veterans Affairs (VA) loans for their home financing needs.\
While the FHA has recently tightened itsstandards, it’s one of the only options for a low down payment. Consider the following:
FHA loans require just a 3.50 percent down payment in most areas. Maximum allowable loan amounts vary from $271,050 to $793,750, depending upon the area. Interest rates are competitive. Today’s 30-year fixed rates are as low as … (3 comments)
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fha: The New Breed - How to sell to the New , Younger , Homebuyers - 11/15/10 02:27 AM
If you have been noticing the real estate blogs and other websites regarding real estate, you might have noticed the influx of young people wanting to buy their own homes and be independent from renting and more embarrasingly, living with their parents. Now you might think this is a good sign that the market is finding a new demographic of customers, however, this age group is not without its challenges.
When I meant that these customers are young, I do mean young, as in 21 years old and up. When we look back at our 21st year, we can still oftentimes … (0 comments)
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fha: FHA Loans: It Is Not Necessarily for Everybody - 05/31/10 06:59 AM
For the past 80 years, the Federal Housing Administration(FHA) loans has been the prime choice of lower and middle-income families to help them get mortgages for their homes. This government sponsored mortgage scheme has insured more than 33 million homes across the United States since 1934 and after the real estate bust of 2007, has found a new popularity among people who want to get houses but do not want to go through the crush of the traditional lending institutions.
But before you can say GOD-SEND, the FHA does have rules that may not be for everyone. Here are things you … (3 comments)
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fha: Now Available: FHA Streamline 203K Rehab Loan - 11/27/08 02:18 PM
Now Available: FHA Streamline 203K Rehab Loan
FOR IMMEDIATE RELEASE:ATLANTA, GA (PRWEB) November 20, 2008 - Katz Mortgage Team, www.KatzMortgageTeam.com, backed by Fairway Independent Mortgage Corporation, has announced they are now offering a new FHA-insured mortgage program developed by HUD, called the "Streamline (k)" Limited Repair Program that permits homebuyers to finance up to an additional $35,000 into their mortgage to rehab or improve their home.
With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. All standard FHA underwriting guides … (0 comments)
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fha: Changes to FHA - 05/29/08 01:30 PM
Big changes at are coming...
Currently, the FHA has a 'one size fits all' premium structure that charges borrowers 1.50 percent of the loan balance upfront and .50 percent annually regardless of their credit standing.
But the FHA felt this approach did not treat borrowers equitably and could put their insurance fund at risk.
That's why under their new guidelines scheduled to begin July 14, 2008, the FHA's upfront mortgage insurance premium will range from 1.25 percent to 2.25 percent with borrowers still needing to adhere to the FHA's strict underwriting criteria.
By charging different premiums, the FHA will be able … (0 comments)
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fha: FHA Streamine Refi's are back!! - 12/11/07 10:40 AM
With this recent drop in rates. FHA customers can get a no-cost, non-qualifying, FHA refinance at approx 6.500%.
These have really started to flood in, please remind your FHA customers that FHA Streamline Refi:
* Are no cost, and no closing costs added to loan.
* Do not require an appraisal, no worry if the market has come down a bit.
* Non-qualifying, as long as the house payments are on time, they're financial situation, or credit score is not considered.
* Fast close, usually within a couple weeks.
Stephen Katz
Katz Mortgage Team
866-742-8400
… (1 comments)
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fha: 95% FHA Cash-out Loans for Borrowers with Less Than Perfect Credit - 07/07/07 01:00 PM
We are now offering 95% FHA Cash-out loans for borrowers with less than perfect credit. These loans have been updated with new higher loan limits up to $544,000 depending on the county; however, most metropolitan counties have a limit between $200,000 and $300,000.
It is no secret that over the last 4 months there has been a real credit crunch in the weaker credit markets. Many of our clients who have credit issues in the past are now turning to FHA loans for home financing. FHA is a great alternative to sub-prime, since instead of using credit scores, there is an actual examination … (2 comments)
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fha: Loan Q & A: My son just graduated from UGA and wants to buy his first house, but his credit is less than perfect. - 06/25/07 11:10 PM
Stephen, My son just graduated from UGA and wants to buy his first house. The problem is that I just became aware he has credit cards in his name and, until recently, has not been paying his bills on time. Since I've heard on the news about all the high-risk mortgage lenders going out of business, can you make any suggestions about his options, given his now less-than-perfect credit?Chuck, you are correct that in the last few months our industry has seen a bit of a credit crunch, resulting in credit restrictions becoming tighter. The best program for your son may … (2 comments)
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Stephen Katz
Atlanta,
GA
More about me…
Katz Mortgage Team, a branch of VanDyk Mortgage Corporation
Address: 800 Johnson Ferry Road, Atlanta, GA, 30342
Office Phone: (866) 742-8400
Cell Phone: (770) 552-1000
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