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loan: FHA upfront and annual mortgage insurance increasing again for home loans! - 03/16/12 10:23 AM
FHA has increased their upfront and annual mortgage insurance premiums again. It is getting very expensive for an FHA loan. If you can qualify for a conventional loan, the costs are much better. There is no upfront MI and much lower annual (paid monthly in mortgage payment) MI.
Changes will be effective on April 9, 2012.
The charts below illustrate the 10 basis points (bps) increase in the Annual Mortgage Insurance Premiums (loan amounts under $625,000) and a 75 basis points (bps) increase to the Upfront Mortgage Insurance Premium (UFMIP). It is anticipated that these marginal increases are affordable for nearly … (0 comments)
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loan: 15 year loan versus the 30 year loan. Which mortgage is best for your purchase or refinance? - 03/14/12 08:08 PM
Determining which mortgage term is right for you can be a challenge. With a 15 year mortgage you will pay significantly less interest, but only if you can afford the higher monthly payment. Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you. Here is a helpful calculator that shows the mortgage payoff curve...
http://www.mynwagent.com/15vs30YearMtgCalc
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loan: "No cost" refinance loan is not really a no cost. You just dont pay the costs, so the effect is the same. - 08/15/11 10:45 PM
There is a lot of confusion about the "no cost" refinance. What people need to realize is that there are always costs on a loan such as appraisal, underwriting, processing, title, escrow, and etc,. The difference is that with a "no cost" loan the rate is increased by a certain amount of basis points, depending on the loan amount, to create a credit from the lender to the borrower to cover these costs. This way the borrower does not pay the lender costs, but will pay for them in the rate.
This is great for a borrower that plans to keep the … (3 comments)
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loan: FHA loan or Conventional loan. Which purchase loan is best for my Real Estate purchase? - 06/20/11 01:31 PM
Here are some real simple basic FHA pros/cons to simply go over and compare an FHA loan to a Conventional loan...
FHA Pro: An FHA loan is designed for lower credit borrowers (640-700 range). The loan guarantee allows the government to make a guarantee to the lender against a loan default because the borrower is a more risky borrower. This allows the lower credit score borrower (640-700 range) to obtain a good interest rate loan through the lender. This does not guarantee loan approval, just against default. All loans, whether FHA or conventional must go through a similar approval process. Rates on … (0 comments)
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loan: FHA increases the monthly MI and lowers the upfront MIP. Conventional much better option, if you can manage the 5% down instead of 3.5% - 06/18/11 01:17 PM
FHA has increased their monthly MI cost and lowered the upfront MIP fee to 1%. Conventional is a better option, if you can put down 5% instead of 3.5% and if your credit is above 700. Conventional does not have an upfront funding fee and the monthly MI fee is lower too. Here are the new costs of the FHA loan...
FHA Annual Mortgage Insurance Premium Increase
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loan: FHA Annual Mortgage Insurance premium increasing April 18. Get your case number now. - 04/13/11 08:14 PM
FHA Annual Mortgage Insurance Premium Increase
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loan: Mortgage rates trends and information for February 18, 2011. (Ginnie and Fannie) - 02/18/11 01:15 PM
Good Morning... On Thursday, current coupon mortgages finished little changed versus swaps while both higher and lower coupon mortgages outperformed. At the close, FNCL (30yr) 4.5s in March were +8/32 (101-03) and the FNCI (15yr) 4.0s in March were +7/32 (102-02+). In agency swaps, Ginnie/Fannie swaps continued their move higher yesterday in response to the same dynamics that have been in play all week (limited supply and the prospect of slower prepay speeds going forward). Right now, the Ginnie/Fannie 5.0% swap is trading +44/32nds up 6/32nds from a week ago. Flows from originators totaled about $1.25bln yesterday, which is in line with the … (0 comments)
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loan: FHA changing the Annual Mortgage Insurance Premium (MI) amount again on April 18, 2011. - 02/15/11 02:40 PM
Borrowers and lenders should realize that there are new changes (an increase) coming to the FHA Annual Mortgage Insurance premium on April 18, 2011. If you recall, FHA recently made changes on October 4, 2010 and lowered the upfront MIP to 1% (from 2.25%) and raised the monthly MI to a factor of .90%. Well...this is going to change again. The upfront MIP will remain the same, but the Annual Mortgage Insurance premium (MI) will increase in most cases. Here are the current FHA UFMIP and Monthly MI amounts...
FHA MI Fees as of October 4, 2010
UFMIP = 1.00% & Monthly … (0 comments)
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loan: Non-occupant co-borrower's guidelines for conventional home loans (Fannie Mae or Freddie Mac). - 02/14/11 07:16 PM
There have been many questions regarding borrowers obtaining loans with non-occupant co-borrowers. Here some basic simple guidelines for the non-occupant co-borrower on "Conventional" (Fannie Mae or Freddie Mac) loans. These do not apply to FHA loans, as they have their own rules.
•· Minimum 5% down payment must be from the borrower's own funds;
•· Applications with occupant and non-occupant co-borrowers when the LTV is greater than 80%, the minimum required contribution must come from the occupant borrower;
•· Non-occupant Co-borrowers, the maximum LTV/CLTV is 90%. Interest Only loans are not eligible. The non-occupant co-borrower may be a relative or a person with … (7 comments)
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loan: FHA EXTENDS ‘ANTI-FLIPPING WAIVER’ TO HELP STABLIZE HOUSING MARKET - 02/01/11 10:39 PM
Measure continues effort to boost home values and accelerate resale of vacant properties
In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Federal Housing Administration (FHA) Commissioner David H. Stevens today extended FHA's temporary waiver of the agency's ‘anti-flipping rule.' The extension announced today is intended to accelerate the resale of foreclosed upon homes in neighborhoods struggling to overcome possible property abandonment and blight.
With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days. Early last year, FHA temporarily waived this regulation … (0 comments)
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loan: Guidelines for obtaining an FHA home loan after Short Sale, Bankruptcy, or Foreclosure - 06/05/10 01:36 AM
Guidelines for obtaining an FHA home loan after Short Sale, Bankruptcy, or Foreclosure
FHA (after a Short Sale) - When a previously owned property was sold for less than what was owed (short sale), borrowers are considered eligible for a FHA insured mortgage if, as of the loan application date, all mortgage and installment debt payments were made within the month due for the twelve months preceding the short sale.
Borrowers that were in default at the time of the short sale (or pre-foreclosure sale) are not eligible for three years from the date of the sale.
Borrowers who sold their … (2 comments)
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loan: Mortgage help - Foreclosure help - Save your home and/or equity! Washington - Seattle - King County - 03/13/08 11:20 AM
We want to give home owners facing foreclosure the opportunity to save their home. We have found that 99% of the families in foreclosure want to keep their home. They have no interest in selling their home and they certainly don't want the sheriff showing up with an eviction crew to kick them out.
Most families in foreclosure can afford their home, but the lenders make it virtually impossible for them to catch up. After adding late fees and legal fees to their missed payments, home owners find themselves too far behind. Many of these families have plenty of equity that … (1 comments)
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loan: Stop Foreclosure Now! Real help for home owners behind in their loan! Washington Puget Sound area. - 03/13/08 09:33 AM
Stopping Foreclosure Now! Save your home and/or your credit. Here is some basic info about Foreclosures. Read this and then call us ASAP. We deal with homes in the entire Puget Sound area. 253-315-5580
Ways to Stop Foreclosures...
Home owners who are facing foreclosure often dread dealing with the facts that got them to that place. If you think back to when you first bought that home, losing the home was probably the furthest thing from your mind. Few home owners actually plan to go into foreclosure. Reasons For Pending Foreclosure...
Job loss / unexpected unemployment Sudden illness or medical emergency Death in the … (1 comments)
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loan: Rates are lower! Should you refinance? Call us if you live in Kent, Auburn, Federal way, Renton, or any other King County area. - 10/31/07 10:00 AM
How to Take Advantage of Lower Mortgage Rates. The Fed has lowered again and you should take advantage of it!
Fixed Rate Mortgages
The reduction in interest rates by the Federal Reserve doesn't necessarily result in drastically lower rates for fixed-rate mortgages. This is because bond rates, not the fed rate, drive fixed mortgage rates. However, rates are currently at one of the lowest levels in years and you should take advantage of them now. Call me at 253-315-5580.
You've probably heard that it only makes sense to refinance your mortgage if the new interest rate is at least two percentage points lower than … (3 comments)
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loan: The laws about mortgage insurance. Lenders will be sure to add it back in. - 10/14/07 12:14 PM
Lenders had previously developed many programs that did not include mortgage insurance on loans greater than 80% LTV. I think that is about to change. Lenders have been losing money on defaulted loans and they will take that risk out of their loans. Here is the latest law regarding mortgage insurance.
Mortgage Insurance Law
When putting less than 20 percent down on a home mortgage, lenders often require you to have Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan. The Homeowners Protection Act of 1998 establishes rules for automatic termination and borrower cancellation of PMI on home … (4 comments)
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loan: In Foreclosure? We are here to help. Save your home and equity! - 10/08/07 01:24 AM
STOPPING FORECLOSURES ACROSS AMERICA! WE WORK FOR YOU, NOT YOUR LENDER. We have been Saving Homes Across America and have over 15 years of combined experience saving homes for people like you. We are experienced Foreclosure Prevention Consultants working together to help you stop the foreclosure process and save your home. We specialize in out-of-court resolutions of government and non-government mortgage delinquencies and foreclosure claims against homeowners. These can be FHA, Rural Administration, VA, Freddie Mac, Fannie Mae, or conventional loans, which have become delinquent. Are you behind on your mortgage payments? Are you being threatened with eviction from your home? … (0 comments)
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loan: I am in Foreclosure. Now what? Tips for homeowners in trouble. - 10/07/07 11:40 PM
Q: What Happens When I Miss My Mortgage Payments?
Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your combined mortgage loans, you could be liable for the remainder even if it is foreclosed and taken from you.
Q: What Should I Do?
DO NOT IGNORE THE LETTERS FROM YOUR LENDER. If you are having problems making your payments, call or write to your lender's Loss Mitigation Department without … (4 comments)
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loan: All about reverse mortgages. Read this before applying. - 10/07/07 11:34 PM
Reverse Mortgages are becoming popular in America. The U.S. Department of Housing and Urban Development (HUD) created one of the first. HUD's Reverse Mortgage is a federally-insured private loan, and it's a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements, and more. Since your home is probably your largest single investment, it's smart to know more about reverse mortgages, and decide if one is right for you!
1. What is a reverse mortgage?
A reverse mortgage is a special type of home loan that lets a … (2 comments)
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loan: What affects your credit score? Here is the breakdown..... - 10/01/07 09:19 PM
WHAT AFFECTS YOUR CREDIT SCORE? Credit scores are an important factor in mortgage loans but many consumers are unsure about what causes them to receive that score. The typical score model for mortgages are FICO Scores. They are determined by five main categories:
35% is based on your payment history. (Including all accounts)
30% is based on the amount you owe creditors. (Especially revolving accounts with high balances)
15% is based on how long you have been using credit. (The longer you have a good payment history, the better)
10% is based on your applications for new credit. (If you are loading up on credit it … (3 comments)
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loan: Back to basics! Finding the correct home mortgage for your home purchase. - 09/21/07 12:06 AM
Choosing a mortgage loan is not as easy as simply finding the lowest interest rate. There are many other factors that will determine which mortgage is right for you. Your financial picture, including your income, savings, cash reserves, and debt-to-cash ratio will determine how much you can afford to pay in monthly mortgage payments. Finding the "best" mortgage means balancing your mortgage options with your financial situation and your housing needs, now and in the future.
Since even the shortest mortgages typically last at least 15 years, you will need to project how your financial situation and your housing needs may … (0 comments)
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Jason Schweiger
Auburn,
WA
More about me…
Network Funding LP
Address: Auburn, WA, 98001
Office Phone: (253) 315-5580
Cell Phone: (253) 315-5580
Email Me
Puget Sound Mortgage Broker working hard for my clients in the entire Puget Sound region including Issaquah, Bellevue, Seattle, Redmond, Kent, Auburn, Maple Valley, Covington, Renton and more.
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