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pmi: FHA MIP vs Conventional PMI - 04/30/11 01:22 PM
FHA recently raised the monthly MIP (mortgage insurance premium) on 30 year loans to 1.15% if you put less than 5% down and 1.1% if you more than 5% down. This is quite a dramatic change, as it was only a few years ago that it was .5%. With the cost of mortgage insurance increasing, it might now be time to look at a conventional loan and the advantages of putting a little more down payment so that you can benefit from a lower private monthly mortgage insurance. The private MI companies have come up with a comparison example. Take a look:
http://www.homesminneapolis.net/insured-conventional-loan-vs-fha-which-is-better/
… (0 comments)
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pmi: Will Minnesota Mortgages Become Easier To Obtain-Fannie & Freddie Lower Reserve Requirements - 03/19/08 07:27 PM
Edina, MN Venture Development-Minnesota mortgage broker contemplates whether or not the recent change in reserve requirements will do what it is intended to do. Our opinion is that it will not-unless there is a corresponding loosening in underwriting. In theory, by loosening the underwriting requirements, the GSE's(government sponsored entities) will have more capital to invest in the mortgage market.
The problem though lies in the the underwriting. The people with good credit aren't the ones experiencing the majority of the credit crisis. The borrowers with lesser credit are generally the ones defaulting on their loans. You may remember from a previous … (0 comments)
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pmi: Minnesota Mortgages & The Economic Stimulus Package-MN Mortgage broker - 03/10/08 08:46 PM
You have been reading about all of the economic stimulus package benefits but probably don't know how it affects you if you live in Minnesota. A common question I receive is:
What impact does the stimulus package have on borrowers?
Let's start by looking at the magnitude of the plan. The new Economic Stimulus Act of 2008 is a $168 billion plan intended to jumpstart the sliding U.S. economy. The new bill is designed to help certain ‘high-cost regions' of the struggling housing market by:
1) Temporarily increasing the ‘conforming loan limit' from $417,000 to as high as $729,750 in specified areas;
AND
2) Temporarily … (0 comments)
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pmi: Cash Out Refinance Still Available To 95% LTV-NO MI-Available From Minnesota Mortgage Lender - 03/03/08 01:28 PM
Edina, MN Venture Development-Minnesota Mortgage Broker-funding loans throughout Minnesota
Quick Follow Up to a recent post. Yes, it is still possible to refinance a home-one day off of the MLS-and get up to 95% loan to value in one loan or a combination. We have ONE lender who is still in the marketplace doing these loans. These loans are full documentation and the borrow needs excellent credit and the property value needs to be well established. If this is YOU-give us a call at 952-285-4319. While we have been encouraging you to act sooner rather than later when LTV's were 100%, we'd … (0 comments)
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pmi: Freddie Mac Is Making Some Changes-MN Mortgage Lender Says "Buy Now" - 02/23/08 12:29 PM
I've said it before, but it really does bear repeating once again "BUY NOW." The GSE-Government Sponsored Entities of Fannie Mae and Freddie Mac are the primary purchasers of the mortgages originated today. Some of the high loan to value loans go by the names of "My Community", "Home Possible" and the "Flex 100". There are more programs, but these are the primary one loan products. The primary two loan product is an 80/20 loans where you get an 80% first and a simulataneous 20% second for a combined total of 100%. Slight Variations include the 80/10/10, 75/25, and even 75/20/5.
Recently I've posted about the … (0 comments)
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pmi: PMI Company's ARE Imploding-IF You Need 100% Financing-DO IT NOW-RULES HAVE CHANGED - 02/13/08 05:48 PM
Minneapolis Area Mortgage Broker-Venture Development-Edina Minnesota
Unless you are in the mortgage industry, you probably haven't heard about the Mortgage Insurance Industry is experiencing HUGE losses. Public company MGIC Investment Corp-symbol MTG just announced today that they lost 1.5 BILLION DOLLARS LAST QUARTER ALONE. PMI Group-symbol PMI and Radian Group Inc-RDN might be next. They haven't announced their earnings yet. Since they are all in the same business it might be a logical inference to assume they will be announcing less than positive news.
What PMI did do this week is send out a letter to mortgage broker clients like myself with a guideline change effective … (0 comments)
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Patti Mazzara NMLS #333279
Edina,
MN
More about me…
Venture Development Inc NMLS #373115
Address: 7300 France Ave S #410, Edina, MN, 55435
Office Phone: (952) 285-4319
Cell Phone: (612) 237-6277
Email Me
Learn about the Twin Cities real estate, minnesota real estate, minnesota home financing, minnesota mortgages, FHA, VA, Reverse Mortgages, Debt Consolidation, refinancing, first time buyer programs, interest only loans, Edina, Minneapolis and St Paul. Visit our mortgage site at http://www.ventureloanapp.com or http://www.edinamortgage.com
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