Senate approves tax credit close extension - 90%LTV without PMI - Homepath - Credit tip #3: Card balances
The Senate has approved an extension of the closing date for tax credit deals. The House has not yet. Details. /// Reminder: Fannie Mae has 93,000 REOs to sell through Homepath, and Prospect is an approved lender. See below. /// We now have up to 90%ltv available without PMI. See below. /// Make it a good week folks. - Paul
Up to 90%ltv without mortgage insurance
The FHA upftront premium is now 2.25%, up from 1.75%, which was up from 1.5% - that's up 50% total. The annual is 0.55%, up from 0.50%. Conventional is up significantly also, plus you need a 680 Fico pretty much. No PMI loans can be a good thing. Rates are a little higher, and Fico dependent. No PMI loans can be a good fit for circumstances such as:
The FHA upftront premium is now 2.25%, up from 1.75%, which was up from 1.5% - that's up 50% total. The annual is 0.55%, up from 0.50%. Conventional is up significantly also, plus you need a 680 Fico pretty much. No PMI loans can be a good thing. Rates are a little higher, and Fico dependent. No PMI loans can be a good fit for circumstances such as:
- Condos that cannot be certified for FHA or Fannie/Freddie
- Short term ownership: Avoid upfront FHA insurance premium
- Flexible borrowing: Mix of fixed rate and heloc possible
Credit tip #3: Keep your balance below 50% of the limit.
If you keep your balances below 50% of the limits at all times you will add points to your Fico. Over 50% you will start losing points. If you go over the limit: big deduction! All of this is temporary, only applicable to your current situation. Cards with small limits can be problematic because a single purchase can much faster put you over the 50% limit. Solution: Cancel the card or get a limit increase. (Note: A limit increase request will trigger an inquiry! For more credit information go here.
If you keep your balances below 50% of the limits at all times you will add points to your Fico. Over 50% you will start losing points. If you go over the limit: big deduction! All of this is temporary, only applicable to your current situation. Cards with small limits can be problematic because a single purchase can much faster put you over the 50% limit. Solution: Cancel the card or get a limit increase. (Note: A limit increase request will trigger an inquiry! For more credit information go here.
HomePath financing
We offer HomePath financing, a special home loan to finance the sale of Fannie Mae’s current real-estate owned (REO) properties across the country. Lower down payments and relaxed requirements mean more home shoppers can become homebuyers. Here are the key benefits:
We offer HomePath financing, a special home loan to finance the sale of Fannie Mae’s current real-estate owned (REO) properties across the country. Lower down payments and relaxed requirements mean more home shoppers can become homebuyers. Here are the key benefits:
- Only 3% down required on a primary residence property
- No mortgage insurance option
- No property appraisal required
- Only 10% down on 1-unit investment properties
- Allows investors to finance up to 10 properties.
Available
- Formal same day approvals (subject to verifications)
- Direct lender for FHA, Fannie, Freddy, VA, USDA, and other loans
- Direct lender for FHA, Fannie, Freddy, VA, USDA, and other loans
- Homepath lender
- No PMI financing to 90% LTV
- Helocs to 85% LTV
- Jumbo loans to $10MM
- 30-day closes (45-days for FHA)
- Condo (Fannie/FHA) certifications
- Sub 620 Fico loans
- 50-70% LTV stated income loans (600-700 Fico needed)
- 95% LTV Fannie Mae condo loans (exception basis)
- Loans for non-residents
- Rehab/renovation 203K and other loans
- Non-warrantable property loans
- Home Equity Conversion Mortgages (Reverse mortgages)
- Commercial loans
- Condo (Fannie/FHA) certifications
- Sub 620 Fico loans
- 50-70% LTV stated income loans (600-700 Fico needed)
- 95% LTV Fannie Mae condo loans (exception basis)
- Loans for non-residents
- Rehab/renovation 203K and other loans
- Non-warrantable property loans
- Home Equity Conversion Mortgages (Reverse mortgages)
- Commercial loans
Contact me for mortgage excellence: 800-405-0676 (direct), or email.
________________________________________
"There are limits to intelligence, but not to stupidity"
RE/MAX Professionals - Gillette, WY
Paul,
If you often have over 50% of your credit limit used up but pay it iff each month, does it still negatively affect your fico?
Jun 18, 2010 08:42 AM
LX Financial LLC - Jersey City, NJ
If you often have over 50% of your credit limit used up but pay it off each month, does it still negatively affect your fico?
>>>Yes, but is easily fixed. Just stay under the 50% for one billing cycle. We can also "rapid rescore" to get a retro-active improvement. http://www.lxcreditrepair.com/Rapid_rescore.html
Jun 18, 2010 08:52 AM
Real Estate Resources
Recent Posts
Real Estate Best Practices
over 11 years ago
Real Estate General Information
over 11 years ago
ActiveRain Community
almost 12 years ago
Mortgage financing news and topics, and meaningful advice for real estate professionals and consumers.
Comments(3)