pmi: FHA Mortgage Insurance Reduced January 27 - 01/09/17 11:01 AM
FHA Mortgage Insurance Reduced January 27
 
     HUD has announced that as of January 27, 2017, all FHA loans will be subject to a reduced PMI rate, saving home buyers and home owners potentially thousands of dollars over current rates.
 
     For those with FHA loans set to close prior to 1/27, it would be wise to hold off if possible to take advantage of the reduced rates, as the changes will be effective for all loans closed with funds disbursed on or after January 27, but loans closed in the interim are subject to current rates.  
 
     Why they … (34 comments)

pmi: FAQ - How to Cancel Mortgage Insurance - 09/28/16 11:55 AM
How to Cancel Mortgage Insurance 
 
     If you've ever wondered how to cancel PMI, there are a few ways to go about it.  Nearly every option comes down to equity, timely payments, and the amount of time that's passed since a mortgage was originated.

 
     For certain loans (such as FHA), the only way to cancel PMI is to refinance.  While this option can sometimes offer a benefit - especially if in addition to getting rid of or reducing the price of PMI a borrower is also reducing their interest rate or loan term - it can also be an expensive … (11 comments)

pmi: Surprise! Congress doesn't get it - 02/11/15 04:27 AM
Surprise!  Congress Doesn't Get It!
 
 
     About 5 months ago I wrote a blog about why FHA loans should become more affordable.  It had nothing to do with my personal loan volume, my income, or enticing more borrowers in the market for mortgage products.  I made the argument that since HUD has a statutory requirement of carrying 2% in capital reserves, lowering the costs of FHA loans would help them reach that goal sooner than later.  I also made the argument that the fees associated with FHA loans in 2014 were in themselves predatory.
 
 
     The numbers … (16 comments)

pmi: The Latest on FHA PMI - 01/09/15 05:16 AM
The Latest on FHA PMI
 
     A couple of days ago news leaked that PMI would be reduced on FHA transactions going forward, which was truly welcome news after a long period of FHA transactions slumping due to exhorbitant costs.  The day the news was revealed by President Obama not too many details came forward, but with much anticipation, HUD finally released the details of changes to PMI.  Here's what you need to know.
 
FHA PMI changes
 
     Up front PMI (the PMI that's usually financed into an FHA loan) will remain the same on all loans going … (15 comments)

pmi: HR 5771 - Good News for Home Owners - 12/18/14 02:51 AM
HR 5771 - Good News for Home Owners
 
 
     HR 5771 just passed through the Senate and was already approved by the House.  With a penstroke by the President it will be official.  At this point that's a formality.  While there are quite a few things included in HR 5771, there are 2 areas of interest for home owners - the extension of debt forgiveness through 2014, and the PMI tax deduction.
 
 
Debt Forgiveness
 
     HR 5771 gives many home owners who had to go through a short sale or foreclosure on their primary residence in … (77 comments)

pmi: Is your credit good or just good enough? - 03/19/13 09:28 AM
Is your credit good or just good enough?  Do you know the difference and how much of an effect it can have on your finances?

 
Most of us know that having terrible credit can exclude you from getting a loan.  Many of us also know that having lower credit scores results in higher interest payments and fees for things like credit cards, auto loans, and mortgages.  Is your credit good enough to get a loan?  If so, is your credit GOOD, or just GOOD ENOUGH?  Does it matter?  Let's take a look...

 
Have a 660 FICO score?  Not bad!  … (2 comments)

pmi: Little difference in Credit, Big difference in payment - 01/30/13 07:35 AM
     Calculating PMI (Private Mortgage Insurance) on a home loan can be a sticky area for some Realtors and even some inexperienced loan officers.  There's no easier way to lose the trust of a client than to under-estimate costs of a transaction, and PMI is one area where it's really easy to do so.  While many agents do a great job of estimating costs on their own, it leaves the door open to errors and the possibility for less than happy home buyers - it's a much better option to include a loan officer in that conversation.
     Everyone has caught … (2 comments)

 
John Meussner, #MortgageMadeEasy Costa Mesa, CA 484-680-4852 (Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,) Ambassador large

John Meussner

#MortgageMadeEasy Costa Mesa, CA 484-680-4852

Costa Mesa, CA

More about me…

Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,

Address: 23441 S Pointe Dr, Ste 110, Laguna Hills, CA, 92653

Office: (949) 247-7530

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