How quaint! Money down, good credit and some mortgage insurance and YOU could own a home.
FHA Mortgage Insurance May Change! by Chris Scheer, Branch Manager, Cornerstone Mortgage, O'Fallon, Missouri
HUD has announced a proposal to change the cost of both upfront and monthly mortgage insurance for purchases and refinances. This change is based upon loan to value and credit score. Their reasoning is that they want to be able to serve more borrowers and keep the opportunity for home ownership accessible to as many as possible. They have imitated a rate system that has been in place in the private mortgage insurance sector for years. Depending on how good your credit is and how much you put down or how much equity you have, your cost of the mortgage insurance will go down.
Why is this good? Continue Reading
Comments (0)Subscribe to CommentsComment