pmi: How Much Do You Have to Put Down on a First Home in NC?
- 10/05/18 07:32 AM
Many home buyers in NC are trying to figure out just how much cash they are going to need to buy a house. Two years ago, it wasn’t as big a question, because you could use no down payment programs (literally not needing any money for a down payment) and then you could get the Seller to pay closing costs… but now folks want to know: How Much Do You Have to Put Down on a First Home in NC? The Real Estate Market’s changed in past year across North Carolina. Not only are we seeing the Boomers compete with Millennial’s for … (7 comments)
pmi: What is in the House Stimulus Bill 01/28/2009
- 01/29/09 01:23 AM
This is only part of what the Homebuilders and NAR were looking for - but having the FHA limits here going back up will help... especially when you look at the new PMI guidelines that are coming out. (For information on the Genworth changes announced yesterday, click here going to minimum credit score of 700 in many markets)
Last night, the U.S. House of Representative passed H.R. 1, the Economic Recovery Package, by a 244 to 188 vote. The bill contains a number of issues critical to REALTORS® and the industry, including the extension, until the end of 2009, of all … (5 comments)
pmi: We Have So Much To Unlearn!
- 04/16/08 09:08 AM
The Times They Are A Changin'... Again. Seems like every time I think I've figured out what the "rules" are for making a mortgage loan, I have to re-learn them! There's no getting free from this!! Mortgage Insurance Companies Announced Sweeping Changes, and more are on the way. Standard A Paper Underwriting Guides: LTV's > 97% are no longer eligible for MI regardless of FICO score or AUS decision. LTV's > 80% and FICO < 620 are no longer available for MI regardless of AUS decision. Investment propertis with LTV > 90% are no longer eligible for MI. Recent Additions for … (7 comments)
pmi: Getting the Lowest Payment
- 04/14/08 05:46 AM
When clients contact us they are usually looking for the lowest monthly payment - or the easiest way to get into the property with the least amount of money tied up in the transaction. Most prospects only ask one question... "What's your rate???" In truth, there are MANY other questions to ask! One of the variables consumers should ask more about it Mortgage Insurance. There are multiple forms of Conventional Mortgage Insurance - running from Lender Paid, to Financed to Monthly. If you are purchasing in NC Conventional lending currrently requires PMI if you have less than 20% equity in … (4 comments)
pmi: Where's FHA when You Need It?!?
- 10/31/07 03:38 AM
According to a recent report- The PMI companies will soon be dropping like MORTGAGE COMPANIES! 3Q Earnings: PMI's Outlook Unclear; Worst of 2/28 Resets OverAmerican Banker (10/31/07) P. 13; Terris, HarryFollowing the announcement of a $372 million third-quarter loss by rival MGIC Investment Corp. earlier this month, mortgage insurer PMI Group Inc. confirms that it lost $86.8 million during the period after reporting earnings of $104.2 million during the same three months of 2006. The company blames 2/28 hybrid adjustable-rate mortgages and home loans with loan-to-value ratios exceeding 97 percent, but it notes that it decreased the number of 2/28 hybrid ARMs … (2 comments)
Many home buyers in NC are trying to figure out just how much cash they are going to need to buy a house. Two years ago, it wasn’t as big a question, because you could use no down payment programs (literally not needing any money for a down payment) and then you could get the Seller to pay closing costs… but now folks want to know: How Much Do You Have to Put Down on a First Home in NC?
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