FHA loans will no longer have mortgage insurance premiums based on a combination of loan-to-value ratios and credit scores. This actually starts today, October 1, 2008, and rescinds Mortgagee Letter 2008-16. This is for all FHA mortgages that have FHA case number assignments as of today. So, what does this mean? Well, we won't have a chart of like 18 different options, which was tedious at times, depending on the borrowers credit scores. It's now pretty simple and basic. Overall, this is in effect through September 30th, 2009. It will be revisted prior to that to decide whether changes … (13 comments)
A quick glimpse of the different meanings : FHA -- MIP = Mortgage Insurance Premium (These are all for refinances & purchases - there are a few different things to know when it comes to streamline refinances) FHA Streamline Refinances -- knowing your options -- Part 2 of 2 I will break down the MI and MIP on streamlines at another time. You have upfront … (7 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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