insurance: CANCELED!! FHA MORTGAGE INSURANCE IS NOT GOING DOWN IN 2017 - 01/20/17 01:47 PM
HUD HAS SUSPENDED THIS CHANGE!  Here is the link from HUD
 Here is the prior change that has been cancelled:
The government(HUD) just made a huge announcement on FHA loans, the monthly mortgage insurance is going down. This is great news as this allows more buying power to those looking to purchasing a home.  Here are the specifics:
 
For those loans with a loan to value of over 95% the monthly MI goes from .85% to .60% on a 30yr mortgage. This would benefit any home buyers who use the usual min down payment of 3.5%. On a home purchase of $250k this would … (0 comments)

insurance: FHA Mortgage Insurance is going down by .5% soon! - 01/08/15 03:01 AM
 
HUD(the govt) just announced that they are lowering the FHA annual mortgage insurance to .85%.  This is lowering the monthly MI from 1.35% to .85%, that is a savings of .5%.  On a $200k loan amount this is a monthly savings of $86!  This was just announced so I will update you with all the specifics and the date this goes into affect once it is formally announced. This is fantastic news!
 
UPDATE- The lower mortgage insurance goes into affect for all FHA case numbers ordered on or after 1/26/15
(0 comments)

insurance: When it comes to Mortgages, what does PITI mean? - 05/09/14 03:06 AM
 
The mortgage process can sometimes be confusing.  And it does not help when your lender uses words or abbreviations that you do not know.  This can also be known as “Mortgage Lingo”.  One abbreviation that can come up is PITI.  This is an abbreviation for your total mortgage payment.  Here is a breakdown of what each letter stands for:
 
P- Principal.  Your Principal is how much of your payment each month that actually goes toward paying down your mortgage balance.  Any additional money you send in each month would go toward your principal and help you pay your mortgage … (2 comments)

insurance: The Top 3 Benefits of a 20% Down Payment when Buying a Home - 11/13/13 02:34 AM
 
Many of us have heard when buying a home that it is best to put down 20% of the home’s price.  While this is not possible for everyone, if you can do it there are huge benefits.  Here are the top 3 benefits to putting down a 20% down payment when buying a home:
 
 
1. The Evil Mortgage Insurance- Some of us have heard that Mortgage Insurance is EVIL.  It’s not really evil as it is something that is required when you are putting down less than a 20% down payment when getting a conventional loan.  Mortgage insurance is … (0 comments)

insurance: FHA Monthly Mortgage Insurance Rules are Changing 4/1/13 and 6/3/13 - 02/03/13 11:05 PM
HUD has just come out with two minor changes to the Monthly Mortgage Insurance on FHA loans.  And they go into effect April 1st, 2013 and June 3rd, 2013.  Here are the changes and an explanation of them.
Monthly Mortgage Insurance Amount
On all FHA loans with case numbers ordered on or after April 1st 2013, the monthly mortgage insurance will increase .10, for loan amounts under $625,000.  Keep in mind in the Houston Texas Area the max FHA loan amount is $272,550.  As an example, on a loan amount of $270,000 this would be a monthly payment  increase of about $23.  … (0 comments)

insurance: 4 Reasons Why a 2nd Mortgage Maybe The Best Option For You When Buying a Home - 03/20/12 12:31 AM
When getting a mortgage you will want to know all your options?  And of course you want to make sure you are choosing the best mortgage for your needs.  Many times I hear that other banks do not offer 2nd mortgages or that they do not exist.  I am here to say they do exist and to explain when getting a 2nd mortgage could be best for you. 
Jumbo Loan
A jumbo loan is considered any conventional loan with a loan amount over $417k.  So what do you do if you loan amount is over $417k?  You could get a Jumbo … (0 comments)

insurance: Conventional Loans with NO Mortgage Insurance. A Great Mortgage Option to Know! - 12/03/11 11:14 AM
Many times, Mortgage Insurance can be a necessary evil.  You will have mortgage insurance if you get a conventional loan and are putting less than 20% down payment.  And also if you go with a  FHA loan.  But, there is actually another option.  And it is the No Mortgage Insurance loan, otherwise known as Lender Paid Mortgage Insurance(LPMI).  To off set the lack of mortgage insurance the lender increases the rate(usually around .25% higher).  This program is based on guidelines of a regular conventional loan.  So you will need higher credit scores(680+). 
There are many benefits to this program, here … (4 comments)

insurance: FHA Monthly Mortgage Insurance is Increasing April 18th, 2011 - 02/15/11 03:17 AM
FHA has just announced that their Monthly Mortgage Insurance will be increasing on all loans on April 18th.  It will be a .25% increase across the board.  This means any loan that has a FHA case number on or after April 18, 2011 will have the new higher monthly mortgage insurance.  Here are the changes: 
30 year    LTV > 95%.  was .90  will be 1.15
30 yr    LTV = or < 95% was .85  will be 1.10
15 yr   LTV > 90%  was .25  will be .50
15 yr   LTV < 90%  was 0  will be .25 
This is not great news, … (1 comments)

insurance: When is getting a Second Mortgage the best option for you? - 01/17/11 05:55 AM
When getting a mortgage you will want to know all your options?  And of course you want to make sure you are choosing the best mortgage for your needs.  Many times I hear that other banks do not offer 2nd mortgages or that they do not exist.  I am here to say they do exist and to explain when getting a 2nd mortgage could be best for you. 
Jumbo Loan
A jumbo loan is considered any conventional loan with a loan amount over $417k.  So what do you do if you loan amount is over $417k?  You could get a Jumbo … (3 comments)

insurance: 3% down payment For Conventional loans up to $417k - 12/28/10 06:04 AM
You can now get a conventional loan with a minimum down payment of 3%.   This program is called FLEX 97%.  This is a great program for a couple reasons:
You only need a down payment of 3% vs 3.5% required by a FHA loan The max loan is $417k vs a max loan amount of $271k with a FHA loan  This program does not require the spouse's credit report.  Unlike a FHA loan that requires the spouse's debts be included in the total debts for calculating purposes.  If you currently have a FHA mortgage you can qualify for this loan.  While … (5 comments)

insurance: How do you know if your roof has been damaged by a storm? - 12/08/10 04:09 AM
How do you know if your roof has been damaged by a storm?  Well, I recently posed this question to Fred Reinwald of Acumen Contracting, they specialize in roof replacement by insurance claims.  These are the obvious signs that your roof has been damaged possibly by a storm
Coffee or Tea looking stains on your ceiling or wall area. Hail Damage Curling of shingles Buckling of shingles Blistering Rotting shingles Lifted shingles Granular loss Fred also went on to give his thoughts on storm damage and the process of having your roof replaced:
"Even in the absence of hail in strong … (0 comments)

insurance: Will Insurance pay for the Replacement of my Roof? Ask Fred - 12/03/10 02:03 AM
I recently had to replace my roof.  I know many times that insurance companies will pay to replace your roof.  But I had no idea how to go about it.  As we all know dealing with Insurance companies is scary and when asked I cant tell if my roof was damaged by a storm.  And for that matter, what date it was damaged.  Luckily I had Fred Reinwald to help me with this.  He was able to point out that my roof was damaged by a storm.  Fred works for Acumen Contracting, a roof company.  But, they go an extra step … (0 comments)

insurance: 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)

insurance: You Need to Refinance Your FHA Mortgage Before October 4th! - 08/23/10 03:14 AM
Right now rates are at an all time low.  By its self is a great reason to be refinancing your mortgage.  But on top of that, HUD( the government) has just recently announced that the monthly mortgage insurance will be going up to .85%-.90%.  On a 30yr mortgage of $100k, this will be an increase of $29+ a month.  So even if rates a really low, this change will keep you from saving more money.  Here are the important reasons to refinance your FHA now:
 
FHA rolls into their loan, the upfront mortgage insurance.  If you refinance within 5yrs after … (1 comments)

insurance: 8 Great Reasons to Refinance Your Mortgage - 08/17/10 02:05 PM
Currently mortgage rates are at the lowest they have ever been, since mortgage rates have been monitored.  Many people are looking to refinance and I wanted to point out 8 great reasons to do it.
 
Cut the Length of your Mortgage- With 15 year mortgages being at an all time low of 3.75%(at the time of writing) now is the best time to reduce the term of your mortgage.  If you have a 30 year mortgage it is worth looking into reducing your term to a 10, 15 or 20 year mortgage.  You may be able to reduce your length … (1 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

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