Real estate blog entries tagged with fha by David Krichmar, DaveYourMortgageGuy.com (www.DaveYourMortgageGuy.com - Legend Lending)

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fha: Finance the Repairs/Improvements of the home you are buying or own with the FHA 203k Mortgage - 11/08/10 02:39 AM

While few mortgage lenders offer it, FHA has an amazing mortgage program called the 203k. It allows you to finance the repairs or improvements of the home you are buying or even the home you currently own. It allows up to $35k in repairs to be financed into your loan and has a minimum of $5k. Here is a short list of the repairs/improvements that are allowed:
Roofs Gutters Repair and replacement of your HVAC systems, heating and cooling Plumbing and electrical systems Flooring Minor remodeling, ex kitchen Appliances Painting Windows Decks, patios, porches Siding Septic system Items that are not:
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fha: Your Weekly Mortgage Rate Update for Houston, Sugar Land, Pearland, Katy, The Woodlands or anywhere in Texas. 11/3. 3.875% on a 30yr - 11/04/10 07:57 AM

Here is your weekly interest rate update:
Conventional 30 year Mortgage: 3.875%
Credit score:740
LTV:80%
Loan Amount:$200k
APR: 4.45%
FHA 30 year:3.875%
Credit Score:680
LTV:96.5%
loan amount:$200k
APR:4.475%
Conventional 15 year:3.5%
Credit score:740
LTV:80%
Loan Amount:$200k
APR:4.05%

Call me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible.

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fha: Your Weekly Mortgage Rate Update for Fort Bend, Harris, Brazoria, Montgomery County or anywhere in Texas. 11/3. 3.875% 30 year - 11/04/10 07:49 AM

fha: Know your Appraisal options. Appraisal Form 1004, 2055, 2075 - 10/28/10 07:43 AM

When doing a mortgage you need to pay for an appraisal. This is part of the mortgage process. But, there are times where you can choose to use different appraisal forms. These different forms offer different information that the lender requires and there are different costs for these different appraisals. Here is an explanation of the major appraisal forms and their benefits:

1004- this is the complete full appraisal. It uses comparable sales to decide a value. It will include the appraiser coming out to your home and doing interior and exterior photos. The majority of mortgages require this appraisal. 2055- … (1 comments)

fha: Your Weekly Mortgage Rate Update for Fort Bend, Harris, Brazoria, Montgomery County or anywhere in texas. 10/27 - 10/27/10 04:37 AM

Here is your weekly interest rate update:
Conventional 30 year Mortgage: 4.125%
Credit score:740
LTV:80%
Loan Amount:$200k
APR: 4.5%
FHA 30 year:4%
Credit Score:680
LTV:96.5%
loan amount:$200k
APR:4.5%
Conventional 15 year:3.5%
Credit score:740
LTV:80%
Loan Amount:$200k
APR:4.05%

Call me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible.

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fha: Your Weekly Mortgage Rate Update for Sugar Land, Katy, The Woodlands, Pearland, Houston or anywhere in Texas. 10/27 - 10/27/10 04:33 AM

fha: Your Weekly Mortgage Rate Update for Fort Bend, Harris, Montgomery, Brazoria County or anywhere in Texas. 10/20. 3.875% on a FHA 30yr - 10/20/10 08:24 AM

Here is your weekly interest rate update:
Conventional 30 year Mortgage: 3.875%
Credit score:740
LTV:80%
Loan Amount:$200k
APR: 4.125%
FHA 30 year:3.875%
Credit Score:680
LTV:96.5%
loan amount:$200k
APR:4.375%
Conventional 15 year:3.5%
Credit score:740
LTV:80%
Loan Amount:$200k
APR:4.05%

Call me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible.

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fha: Your Weekly Mortgage Rate Update for Sugar Land, Katy, The Woodlands, Pearland, Houston or anywhere in Texas. 10/20. 3.875% on a 30yr FHA - 10/20/10 08:20 AM

fha: When will the appraisal HVCC process expire or be terminated??? - 10/14/10 02:43 AM

I get this question quite frequently so I thought it prudent to issue the following answer:

The new Consumer Protection Agency created by the Dodd-Frank bill stipulated that the agency must "rewrite" (not eliminate) the Appraisal Independence Standards within 90 days of the President signing the bill into law.

Upon its effective date, the new standards will replace HVCC and its provisions supersede those created by HVCC . However, many misunderstand this to mean since HVCC is being terminated, none of its provisions will survive. That is not the case. As I understand it, the intent of rewriting the … (2 comments)

fha: Your Weekly Mortgage Rate Update for Fort Bend, Montgomery, Brazoria, Harris County, or anywhere in Texas. 10/13. 3.5% on a 15yr - 10/13/10 05:01 AM

Here is your weekly interest rate update:
Conventional 30 year Mortgage: 3.875%
Credit score:740
LTV:80%
Loan Amount:$200k
APR: 4.125%
FHA 30 year:4%
Credit Score:640
LTV:96.5%
loan amount:$200k
APR:4.375%
Conventional 15 year:3.5%
Credit score:740
LTV:80%
Loan Amount:$200k
APR:4.05%

Call me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible.

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fha: Your Weekly Mortgage Rate Update for Sugar Land, The Woodlands, Katy, Pearland, Houston or anywhere in Texas. 10/13. 4% on a FHA - 10/13/10 04:57 AM

fha: If Your Credit Score is Under a 640 You May Still be able to get a FHA Mortgage! - 10/11/10 07:18 AM

Many mortgage lenders and banks have recently gone to a minimum score of 640 for FHA loans(down to 620). At Schmidt mortgage we are still doing mortgages for clients who have under a 640 credit score. Obviously, these loans are done on a case by case example. On these loans an underwriter wants to make sure the borrower is a strong client even thou their scores maybe lower. Here are the requirements needed to help you get approved for your mortgage with a score under 640:
A Debt to Income Ratio of 45% of less. This is a calculation of your … (0 comments)

fha: Your Weekly Mortgage Rate Update for Fort Bend, Harris, Montgomery, Brazoria County or anywhere in Texas. 9/29. 3.875% on a 30yr mortgage - 09/29/10 06:51 AM

Here is your weekly interest rate update:
Conventional 30 year Mortgage: 3.875%
Credit score:740
LTV:80%
Loan Amount:$200k
APR: 4.125%
FHA 30 year:4.25%
Credit Score:640
LTV:96.5%
loan amount:$200k
APR:4.875%
Conventional 15 year:3.75%
Credit score:740
LTV:80%
Loan Amount:$200k
APR:4.25%

Call me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible.

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fha: Your Weekly Mortgage Rate Update for Sugar Land, The Woodlands, Katy, Pearland, Houston or anywhere in Texas. 9/29. 3.875% on a 30yr - 09/29/10 06:43 AM

fha: USDA has FUNDS!!!!! - 09/23/10 05:47 AM

Finally, USDA has funding again. I have confirmed this with The USDA office that handles Fort Bend and Montgomery County. This is an amazing mortgage program:

You will not need a down payment. That's right 0%!!! FHA loans require a down payment of 3.5% and a conventional can require 5% or more. And the seller can pay all or some of your closing costs. This would allow you to get in the home with the least amount of money possible. You will not have any monthly mortgage insurance. This will give you an even lower monthly mortgage payment then a … (3 comments)

fha: USDA has FUNDS!!!!! - 09/23/10 05:46 AM

fha: Your Weekly Mortgage Rate Update for Sugar Land, Houston, Pearland, Katy, The Woodlands or anywhere in Texas. 9/22 - 09/22/10 04:56 AM

Here is your weekly interest rate update:
Conventional 30 year Mortgage: 4%
Credit score:740
LTV:80%
Loan Amount:$200k
APR: 4.475%
FHA 30 year:4.25%
Credit Score:640
LTV:96.5%
loan amount:$200k
APR:4.875%
Conventional 15 year:3.75%
Credit score:740
LTV:80%
Loan Amount:$200k
APR:4.25%

Call me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible.

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fha: Your Weekly Mortgage Rate Update for Fort Bend, Harris, Montgomery, Brazoria county or anywhere in Texas. 9/22 - 09/22/10 04:53 AM

fha: Reminder: FHA monthly Mortgage Insurance is Increasing Oct 4th. - 09/21/10 02:51 AM

Any loan that is started on or after Oct 4th, will have the new mortgage insurance changes. These changes are:
Monthly Mortgage Insurance will go up from .55% to 85-90%. Any LTV 95%+ will have .90% monthly mortgage insurance The Up Front Mortgage Insurance will go down from 2.25% to 1% In order to not have these changes affect someone's loan, the FHA case number must be ordered before Oct 4th. Depending on the speed of your mortgage lender this could take a couple days to do. While the up front mortgage insurance going down is good news. The monthly mortgage … (0 comments)

fha: Sugar Land Mortgage Video - 09/13/10 05:23 AM

If you are looking for a mortgage in Sugar Land or Fort Bend County, you are in the right place. I am approved to do VA, FHA, USDA and conventional mortgages. I am also approved to do the MCC tax credit. If are you not familiar with this tax credit, please contact me. Call me today, to make sure you are getting the best mortgage possible.
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