change: Buying a New Construction Home and what to know about your Taxes - 04/16/13 03:13 AM
Buying a newly built home is an awesome experience.  You can pick out colors, fixtures, finishes, floorings and the list goes on.  But there is one major thing you must be pay attention to and that is the real estate taxes of the home.  Here are a couple things you MUST know about the taxes for your new home:
 
1.      What are the current taxes?- Many times when a home is newly built the taxes are only based on the land.  This amount is much less than what your taxes will be once the home is appraised by the county.  … (0 comments)

change: MAJOR ANNOUCEMENT: Conventional loans now need 7yrs from a Finished Foreclosure to get Approved - 01/11/12 07:37 AM
In a recent move, Fannie Mae and Freddie Mac changed their guidelines in regards to foreclosure history.  Now on all conventional loans no matter the loan to value or down payment amount, the borrower must be 7 years removed from a foreclosure.  This changed from the 4yrs that were needed based on a 20% down payment and longer time periods needed for lower down payments.  This does not affect FHA loans, luckily.  As they only require 3yrs removed from a foreclosure. 
Keep in mind this can affect clients who had a short sale transaction in their past.  As many short … (0 comments)

change: USDA Loans in Texas are Changing 10/1/11, Monthly Mortgage Insurance will increase - 03/10/11 05:58 AM
It has just been announced that USDA loans monthly Mortgage Insurance will be increasing on 10/1/11.  These changes apply to any case number ordered on 10/1/11 and after.  Currently USDA loans have no monthly mortgage insurance, but after 10/1/11 that will be increasing to .30.  On a $100,000 loan that will equal to a $25 increase in the borrowers payment.
On a positive note the upfront Mortgage Insurance Premium will decrease from 3.5% to 2%.  This move in by itself would decrease the payment by $8 a month. 
In the end,  on and after 10/1/11 USDA loans with have an increase … (0 comments)

change: FHA Mortgage Insurance is Changing. A MUST READ - 08/07/10 04:32 AM
As of August 5, 2010 Congress passed bill H.R. 5981, this bill effectively changes the upfront mortgage insurance premium (MIP) and monthly mortgage insurance for FHA loans.  The good news is the upfront mortgage Insurance is being reduced to 1.00%.  This is down from a high of 2.25%.  This mortgage insurance was usually rolled into the mortgage, not affecting the clients all that much.  This is good news, thou.
 
Now the bad news.  The monthly mortgage insurance is going from .55% to .85%-.90%.  This change is for 30year mortgages only.  If the loan to value(LTV)  is over 95%(max 96.5%) the … (0 comments)

 
David Krichmar, DaveYourMortgageGuy.com (www.DaveYourMortgageGuy.com - Legend Lending) Rainmaker large

David Krichmar

DaveYourMortgageGuy.com

Sugar Land, TX

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www.DaveYourMortgageGuy.com - Legend Lending

Address: Serving Harris, Fort Bend, Montgomery, Brazoria County, Houston, Katy, Sugar Land, Pearland, The Woodlands or anywhere in Texas!

Office: (832) 689-6012

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