Special Loan Program for Fannie Mae owned homes - 08/18/10 08:20 AM
The Fannie Mae Homepath is a program used to help borrowers purchase homes that are currently owned by Fannie Mae as a result of foreclosure or other similar actions.
 Highlights:
•·         Property must be owned by Fannie Mae
•·         Purchase only
•·         95% max ltv
•·         660 minimum credit score
•·         No appraisal required(the sales price will be used as the properties value)
•·         No mortgage insurance required
•·         Available on primary, second homes and investment properties(with LTV restrictions)
•·         Available as a 30yr fixed, 15yr fixed, 5/1 and 7/1 libor arm.
•·         Must be underwritten through DU
These adjustments are … (2 comments)

FHA POSTPONES IMPLEMENTATION OF CHANGES - 08/11/10 01:42 AM
ONE MONTH REPRIEVE FOR NEW FHA MORTGAGE INSURANCE PREMIUM STRUCTURE
We were advised today that the new date for implentation of the mortgage insurance changes will not take effect until October 4, 2010 in order to have additional time to prepare all documentation and systems in working order to accept the changes. 
This change will give buyers additional time to make purchases prior to the changeover.  They won't have to close by this date but they will be required to have a ratified contract and an FHA Case number must be pulled and obtained prior to the October 4, 2010 … (2 comments)

FHA GOOD NEWS! - 08/07/10 01:33 AM
I wanted to clarify before I made this posting and am glad to report some good news for a change!  Even though we anticipate FHA lowering the seller contribution from 6% to 3% from the "warnings" we've received, BUYERS CAN STILL REQUEST 6% SELLER CONTRIBUTION TOWARDS CLOSING COSTS!!!
We're expecting this quality feature of FHA to change in the Fall but no news is good news, right? RIGHT!!!
If you have any buyers that are "waiting to see" use this as incentive to light the fire under them!  This could change sooner, we just don't know.
That's all for now! Have … (3 comments)

MORE FHA CHANGES Effective September 7, 2010 - 08/06/10 03:14 AM
Here we go again folks!  FHA is making more changes with regards to the up front mortgage insurance premium and the rate charged on the monthly mortgage insurance.  You can read all about it in summary and in full using this link, http://www.govtrack.us/congress/bill.xpd?bill=h111-5981
In a nutshell, the current UFMIP is 2.25% of the loan amount and it will be reduced to 1% which sounds like a great thing doesn't it?  The monthly mortgage insurance will be increased from .55% to .85% or .90% depending on the loan to value. Hmmm.... not so great.  Even though the up front amount is reduced, … (9 comments)

 
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Lora Coscia

Essex, MD

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1st Preference Mortgage

Address: 9423 Belair Road, Baltimore, MD, 21236

Office Phone: (410) 529-7300

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